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OAK BROOK, IL-Inland American Real Estate Trust Inc. has secured a total of $684 million to address nearly all of its 2010 debt maturities. Throughout the year, the REIT has done this by retiring, refinancing or signing new lending commitments on its debt load.

“We are pleased to announce that we’ve addressed virtually all of our 2010 debt maturities before the start of the year,” says Lori Foust, CFO of Inland American Business Manager & Advisor Inc. “This achievement is indicative of the high quality of Inland American’s real estate assets, and the strong interest of lenders in our portfolio. With approximately $500 million in available cash on hand, we obviously have much more liquidity than we need to retire the remaining $90 million with or without financing.”

Overall, Inland American has paid down $65 million in mortgage debt, refinanced $100 million in mortgage debt, signed $199 million in new financing contracts and secured $200 million in extensions. The locally-based company is currently in talks to extend another $120 million. With all these deals, $90 million of debt maturities remain; these will mature in the second half of 2010.

In one of the largest deals Inland American secured this year, Wells Fargo & Co. closed on a $125 million senior secured loan to refinance the IDS Center in Minneapolis. The 1.4-million-square-foot, class A office building sits between South 8th Street on the south, South 7th Street on the north, Nicollet Avenue on the west and Marquette Avenue on the east, and is a premier property in the central business district.

Chicago-based Scott Solis and Michael Svets of the Real Estate Banking Group originated the refinancing deal.

“Wells Fargo has always focused on building strong, long-term relationships with our customers and the success of this refinance with Inland is a true demonstration of that,” Solis says.

Other recent deals Inland has secured include a $100 million loan for 10 lodging assets and $38 million of new loans for four neighborhood shopping centers.

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