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Manhattan Office Loan Set to Be Defeased

It appears that the $65 million 75 Rockefeller Plaza loan will show up as defeased soon.
According to a Commercial Real Estate Direct piece, MassMutual has refinanced the note with a new 40 year loan. The existing loan makes up over 50% of COMM 2003-LB1A. The loan matures in August 2014, but the note may be prepaid four months earlier. When trading this deal, make sure you account for the upcoming jump in the defeasance percentage and the likelihood that the loan will payoff once the open period begins.

Announcement compliments of Trepp, LLC