Commercial Defeasance Closes $500K Defeasance
The existing debt was not set to mature until 2018, but with a current interest rate of 5.75% and principal balance of $450,000, the buyer recognized the opportunity to extend the term and re-leverage the asset at current rates.
While CMBS loans vary in size, rate and term, the defeasance requirements are very similar for all loans. The seller engaged Commercial Defeasance to facilitate the defeasance, because we bring the same level of service, experience and expertise on every deal, large or small.
For details on this loan, please visit Commercial Defeasance’s full blog post.