Prepayment of CMBS conduit loans, primarily through defeasance, hit $20.9 billion in 2014, driven largely by refinancing that allowed borrowers to pocket cash well in excess of the defeasance cost. The majority of CMBS conduit loans are prepayable with a penalty after an initial lock-out period, … [Read more...] about 3.6.15: CMBS Prepayments on the Rise
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