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NEW YORK CITY-Charlotte, NC-headquartered Commercial Defeasance LLC, which opened a local office Aug. 30, has coordinated the $800-million defeasance of the General Motors Building. The need to defease the existing loan encumbering the property, located in Midtown at 767 Fifth Ave., was triggered by a refinancing of the existing fixed-rate CMBS debt by Deutsche Bank.
Chuck Spencer, director of marketing for the company, tells GlobeSt.com that the current market turmoil has affected defeasance the way it has affected many companies. “Since there are fewer loans, there are therefore fewer loans to defease. Therefore, completing a large transaction such as this, due to the size of the property, is something we are proud of accomplishing.”
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