Apollo inks $264M refinancing

New York-based Apollo Commercial Real Estate Finance has replaced $298.6 million of commercial mortgage-backed securities debt with a $264.4 million refinancing from Wells Fargo Bank, Citybizlist.com reported. The refinancing maneuver, which comes with expanded capacity of its master repurchase agreement with the lender, will generate about $14 million of additional capital and lower the borrowing cost, said Stuart Rothstein, Apollo’s CFO. Prior to the refinance, Apollo’s term asset-backed securities loan facility borrowing totaled $250.3 million.The new expiration is August 2013. [CityBizList]