X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

OAK BROOK, IL-Inland Western Retail Real Estate Trust Inc. secured a $625 million, non-recourse, ten-year loan for its 55-retail-property portfolio. JPMorgan Chase Bank NA provided Inland Western with the loan.

“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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.