(Read more on the debt and equitymarkets.)
NEW YORK CITY-Charlotte, NC-headquartered Commercial DefeasanceLLC, which opened a local office Aug. 30, has coordinated the$800-million defeasance of the General MotorsBuilding. The need to defease the existing loan encumberingthe property, located in Midtown at 767 Fifth Ave., was triggeredby a refinancing of the existing fixed-rate CMBS debt by DeutscheBank.
Chuck Spencer, director of marketing for the company, tellsGlobeSt.com that the current market turmoil has affected defeasancethe way it has affected many companies. “Since there are fewerloans, there are therefore fewer loans to defease. Therefore,completing a large transaction such as this, due to the size of theproperty, is something we are proud of accomplishing.”
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