Inland Western Retail Real Estate Trust Inc. obtained a new $625 million, non-recourse, 10 year secured loan from JPMorgan Chase Bank N.A. The loan is secured by a portfolio of 55 retail properties in a joint venture owned by Inland Western and principals of The Inland Real Estate Group Inc.
JPMorgan is slated to convert the $500 million first mortgage in the deal into a CMBS offering. It will sell $125 million in mezzanine debt through private placements.
“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,” Inland Western CEO Steven Grimes said in a statement.
Equity One Sells $250M in Senior Unsecured Notes
Equity One Inc. (NYSE: EQY) priced the sale of $250 million principal amount of 6.25 percent senior unsecured notes due December 15, 2014. The notes were offered to investors at a price of 99.136 percent with a yield to maturity of 6.454 percent, representing a spread at the time of pricing of 4.375 percent to the November 30, 2014 Treasury note.
Net proceeds of the offering will be used to repay existing indebtedness under the Equity One’s unsecured revolving credit facility, to repay or reduce other debts, including mortgages, and for other general corporate purposes.
All securities in the offering are expected to be rated Baa3 by Moody’s Investors Service and BBB- by Standard & Poor’s. The joint book-running managers for the offering are Banc of America Securities LLC, J.P. Morgan Securities Inc. and Wells Fargo Securities LLC. The co-managers are SunTrust Robinson Humphrey Inc., PNC Capital Markets LLC, Raymond James & Associates Inc. and BB&T Capital Markets.
Regency Centers Announces Common Stock Offering
Regency Centers Corp. (NYSE: REG) plans to commence an offering of 8 million shares of its common stock at $30.75 per share in an underwritten public offering.
In conjunction with this offering, Regency will grant the underwriters a 30-day option to purchase up to 1.2 million shares of its common stock to cover any over-allotments, which shares will not be subject to the forward sale agreement. J.P.Morgan and Wells Fargo Securities are acting as joint book-running managers for the offering.
Regency intends to use any proceeds, which are expected to be $235.8 million net of underwriters’ discount and expenses, to repay or refinance maturing 2010 debt, which includes its pro rata share of the existing debt of and for general corporate purposes.
Other Notable Deals
Cohen Financial secured a $10.8 million refinancing for UrbanAmerica on the Northside Shopping Center in Miami. The fixed-rate loan from Ocean Bank has a 15-year term with a 60 percent loan-to-value and a 25-year amortization schedule.
The San Diego office of Cushman & Wakefield announced that Appreciated Property Holdings LLC purchased a 2,500-square-foot retail building in the city’s Gaslamp Quarter for $1.6 million from Joseph Filippi Jr. Trust.
RealtyLink LLC announced the sale of a 3,737-square-foot Arby’s in Starke, Fla. for $1.4 million. Arby’s is on a 20-year NNN lease with $7,654 rent bumps every 5 years and 4 options. Wendy’s/Arby’s Group Inc sold the property to a private 1031 exchange investor.
(To have your deals included in our weekly roundup, please email releases to David Bodamer or Elaine Misonzhnik.)