Commercial real estate refinancing is on the upswing.
Thomas Grillo
Real Estate Editor – Boston Business Journal
Following years of tight lending practices, commercial lenders are loosening up the financial strings in Greater Boston allowing big landlords to refinance mortgages and spur investor interest in buying trophy properties.
Last year, the commercial mortgage-backed securities (CMBS) market, which allows commercial mortgages to be bundled and sold off as securities, reached $32.7 billion — a vast improvement from the $2.7 billion in CMBS issuances in 2009 and nearly three times more issuances than in 2010.
While that number is nowhere near its pre-recession high of $228 billion in 2007, the improvement has already allowed retail property owners in eastern Massachusetts to refinance old loans, taking advantage of lower interest rates and reducing mortgage payments in the process, according to industry data.
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