Chatham Financial says it has advised Education Realty Trust Inc. in the defeasance of $185 million in loans, which were secured by 10 properties. The defeasance of these loans played an important role in Education Realty's refinancing of debt that was due to mature in 2009, Chatham Financial says.
Chatham Financial managed the defeasance process from start to finish, and in 10 business days, met Education Realty's goal of closing the transactions before year-end.
Education Realty also leveraged Chatham's expertise in the field of interest-rate hedging to place a lender-required interest-rate cap on the floating-rate portion of the new financing.
‘This is a great example of how Chatham's multiple services complement one another to add efficiency and convenience to commercial real estate transactions,’ says Regan Campbell, Chatham Financial.
SOURCE: Chatham Financial