DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) announced today it has been engaged by
Inland Western Retail Real Estate Trust, Inc. (“Inland Western”) to assist the REIT with outstanding debt maturities for retail properties nationwide.
A team of HFF professionals has been working with Inland Western since fourth quarter 2008 to secure a combination of new financing and extensions.
To date in 2009, HFF and Inland Western have closed 10 loan transactions through a variety of life companies and banks totaling approximately $120 million.
Examples of the financed assets include: Preston Trail Village in Dallas, Texas; Southlake Town Square Block 22 in Southlake, Texas (middle right photo); The Shops at Park Place in Plano, Texas (above centered photo); The Village Shoppes at Simonton in Lawrenceville, Georgia; Shoppes of New Hope in Dallas, Georgia; and Hickory Ridge in Hickory, North Carolina.
In addition to the $120 million in loans closed year-to-date, HFF has utilized a network of life companies, banks and other balance sheet lenders to secure approximately $75 million in committed financing, which is anticipated to close within the next 30 to 60 days.
Additionally, nearly $300 million of debt is in various stages of negotiation for refinance and long-term extensions.
“Given the current capital markets environment, it is a testament to the quality of both the sponsorship and the assets that HFF is able to attract solid support and negotiate nearly $500 million in financing for Inland Western,” said HFF managing director Kevin MacKenzie (bottom right photo).
“Inland Western’s management team is very highly regarded and is focused on handling their debt maturities in a thoughtful manner, including building long term relationships with the lenders involved. The lenders that are actively engaged appreciate the quality of the assets, the realistic underwriting assumptions being used and the opportunity to make strong fundamental loans to a best-in-class sponsor.”
“HFF has an outstanding reputation, and our refinancing efforts were strengthened by enlisting HFF to work with us on our maturing debt,” commented Steve P. Grimes, (bottom left photo) chief financial officer of Inland Western.
“We have developed a tailored, systematic approach to our maturing debt utilizing their extensive network and deep knowledge of the debt marketplace. Their ability to capitalize on existing relationships has been demonstrated by the traction they have gained for us in this challenging environment.”
Inland Western Retail Real Estate Trust, Inc. is a self-managed real estate investment trust focused on the acquisition, development and management of retail properties, including lifestyle, power, community and neighborhood centers, in addition to single-user net lease properties in locations demonstrating solid demographics.
As of March 31, 2009, the portfolio consisted of 334 properties nationally, which the company owned or had interests in, totaling in excess of 51 million square feet.
