BOSTON-Beacon Capital Partners has completed the restructuring of its $2.7 billion CMBS mortgage, which it used for the acquisition of the 9.9-million-square-foot, 20-building office portfolio in Washington, DC and Seattle from Blackstone Group in 2007.
As per the restructuring deal, Beacon has earned a loan extension for five years to 2017 with reduction in interest rate from 5.797% to 3%. The firm must also put in a new security worth $200 million. For the full story, go to Wall Street Journal.
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