The recent benign refinancing environment for European real estate borrowers has proved so attractive that the prepayment of loans in CMBS pools has become a real problem. Between 40% and 50% of loans backing CMBS prepaid last year, and there is little sign of a slowdown so far in 2006. NM Rothschild’s £366 million ($654 million) Real Estate Capital 2 deal paid down in full at the end of April (having had an expected maturity of 2011) and...
