The remaining $65 million is syndicated to Boston-based Fleet Bank and Frankfurt,Germany-based Dresdner Bank.
The transaction, at undisclosed terms, is underwritten by KeyCRE's institutional client segment group and syndicated by its real estate syndication group. It is structured as an unsecured line of credit that is not governed by an unencumbered pool of assets.
According to a printed statement, the deal was made possible because of well-balanced corporate covenants on the participating lenders' behalf along with the high-level quality of Inland's existing assets.
Inland owns more than 122 retail properties encompassing more than 10 millionsf of retail space.
"We are actively looking to add quality properties to our portfolio," says Joseph Cosenza, vice chairman of Inland Group, in a statement. "This credit facility enables us to continue to pursue our acquisition and growth strategy."
This year, Inland's acquisitions have been focused primarily on class-A,grocery-anchored retail centers throughout the Southeast.
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