Friday, January 11, 2013

DRA/Colonial ($742mm) receives extension modification

Barclays put out a loan report today on this loan, which is has pari passu pieces in three CMBS deals. The mod is a positive for investors as it doesn't change the rate, doesn't reduce interest cash flow, and requires deposits, and some effort to sell properties and pay down principal. The extension is for two years, with an additional year possible but dependent on a 50% principal reduction from sales (new max extension = July 2017).

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