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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.”
Since 2000, the company has facilitated defeasance transactions nationwide for all property types; however, Dawn Reinhardt, the Commercial Defeasance deal manager who worked on the transaction noted that “the defeasance of the GM Building was one of the largest defeasance transactions closed to date, which made it a complex and challenging assignment. The fact that the defeasance and refinancing closed on time in this market is a real testament to how well all of the parties to the transaction worked together.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
