Commercial Defeasance LLC has facilitated a $29.3 million defeasance transaction on a premier high-rise office building in Beverly Hills, Calif.
A defeasance usually takes 30-45 days to complete, but this transaction was completed in just five days (including rating agency review), the company says. The transaction allowed the Beverly Hills company to refinance the 99,904 square-foot property with Washington Mutual Bank. The owners were represented by Parklane Investments and George Smith Partners.
‘This transaction was a clear example of how the current economic turmoil can impact the timing of a defeasance transaction,’ notes Adam Coleman, deal manager at Commercial Defeasance. ‘Everyone working on this deal knew that if we weren't able to get everything closed in less than a week, the refinance might fall through.’
Source: Commercial Defeasance
