This industry research can help give you a better understanding of defeasance.
U.S. CMBS Defeasance Activity 2015
CMBS defeasance activity increased in 2015, rising to $22.4 billion, a 7% increase over 2014 and a 70% increase over $13.2 billion in 2013. The $22.4 billion 2015 defeasance figure represents the highest level since the market’s peak at $32.4 billion in 2007.
U.S. CMBS Defeasance Activity 2014
CMBS defeasance activity increased substantially in 2014, rising to $20.9 billion, a 58% increase over 2013. Defeasance activity increased significantly during the past two years and 2014 activity was in-line with the 2005 level.
U.S. CMBS Defeasance Activity 2012
In 2012, defeasance increased significantly over 2011, rising to its highest level since its peak in 2007. The increase was due to several factors.
U.S. CMBS Defeasance Activity 2011
In 2011, defeasance improved significantly over 2010, rising to its highest level since its peak in 2007.
U.S. CMBS Defeasance Activity 2008
The dramatic increase in defeasance of loans in commercial mortgage- backed securities (CMBS) transactions since 2005 came to an abrupt halt in 2008 due to declines in commercial real estate values and lack of liquidity in the financial markets.
U.S. CMBS Defeasance Activity 2007
Real estate appreciation continued to be strong in 2007, leading to a surge of defeasance in the first half of the year.
Defeasance and 1031 Exchanges
The defeasance of loans that have been included in “pools” of commercial mortgage-backed securities has become increasingly common over the last several years.
U.S. CMBS Defeasance Activity 2005
The use of defeasance to unlock borrowers' equity embedded in real estate assets has grown at an unprecedented rate over the past several years.
Defeasance: Now a Viable Option in New York State
Until recently, New York title companies and real estate lawyers feared that New York State would charge a second mortgage recording tax in connection with any “defeasance” of a mortgage.
Defeasance by Design Update 2001
In May 1999, Fitch published a report that explained the major features of defeasance, a type of call protection that was becoming more prominent in commercial mortgage-backed securities (CMBS).