CMBS loans are notorious for their rigid and “mystical” restrictions on what can and can’t be done with loan terms and collateral after the loan closes. Since securitized loans serve as the collateral for investment grade bonds, the U.S. Treasury has issued very strict guidelines, governing allowable transactions, known as “REMIC” statutes. To further confuse the situation, the Treasury, in 2010, issued revised rules that changed what is and is not allowable ...

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