The $625 million in 10-year financing is backed by 55 retail stores owned by Inland throughout the country, and represents 75% of the property's value. The loan-to-value ratio is higher than the 50% of the Developers Diversified offering, which was collateralized by 28 shopping centers. Despite the relative high leverage, the Inland debt was underwritten based on factors including current property values, rent rolls and the potential for more downward pressures on cash flow as the health of commercial real estate typically lags behind that of the overall economy by a year or two.
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