Chatham Completes Defeasance Of $76.91M CMBS Debt Portfolio

m Financial says it has advised Primus Capital on the defeasance of $76.9 million in debt secured by 12 properties held in two commercial mortgage-backed securitizations. The defeasance of the loans, which are scheduled to mature in 2018, facilitated the sale of the 12 movie theater properties. Chatham Financial managed the defeasance process from start to finish, coordinating the efforts of servicers, ratings agencies and other third parties to ensure the defeasance closed simultaneously with the underlying real estate transaction. ‘We were able to utilize the favorable terms of the original loan agreements to return significant value to Primus at closing,’ says Jodi Eppler, director of defeasance services at Chatham Financial. ‘It is important for borrowers to consider their defeasance terms at origination in order to position themselves for an agreeable result in the event that they need to defease in the future.’ SOURCE: [link=http://www.chathamfinancial.com/chatham-financial-completes-the-defeasance-of-76-91-million-portfolio-of-cmbs-debt-for-primus-capital/]Chatham Financial

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