Cannon Bridge loan in Hercules CMBS extended by 3.5 years after lease vacated

The round of CMBS restructurings continued this week with a 3.5 year extension to the Cannon Bridge loan in Hercules (Eclipse 2006-4). The £155m loan forms 19.4% of the Hercules portfolio and is due to mature in July 2011. The London office property backing the loan was hit when Standard Bank, which provided 25.3% of the rent roll, vacated its lease.

  • 05 Mar 2010
This week the special servicer, Barclays Capital Mortgage Services, announced that it had agreed an extension of the loan until January 2015. A "noteworthy" tenant has agreed to occupy the space vacated by Standard Bank, but the lease has yet to be signed. The restructuring is conditional on ...

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