"The closing of this non-recourse secured debt financing is a significant accomplishment, as we have now addressed virtually all of our 2009 maturing debt and a substantial portion of our debt maturing in 2010," says Steven Grimes, CEO of Inland Western, in a statement issued late Tuesday afternoon.
The 55 properties are part of a joint venture owned by Inland Western and principals with the Inland Real Estate Group Inc.
This loan, is part of a concerted effort on the part of Inland Western to refinance, pay down or extinguish debt. So far in 2009,the company has done so with $1.3 billion of debt; including successfully extending $401 million in loans and reducing overall leverage by $490 million. According to the company, Inland Western now has "cash and available credit of approximately $223 million."
Grimes is pleased at the progress Inland Western has made this year. "We have continued to demonstrate steady progress in addressing our maturing debt and reducing our overall leverage," he says.
Inland Western's portfolio totals 299 wholly owned properties and two consolidated joint venture properties, totaling more than 49 million square feet of multi-tenant shopping centers across the US. In October, Michael O'Hanlon resigned as the company's CEO. The Board of Directors immediately named Grimes CEO.
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