Stabilisation is a milestone, not a signal. Lease maturity profile decides the timing.
Owners often refinance the moment occupancy stabilises. Lenders, meanwhile, price on the weighted average lease term ahead of them.
Refinancing with a cluster of expiries eighteen months out invites a conservative valuation and tighter covenants.
Renew the leases first, then refinance. The extra quarter of preparation typically pays for itself several times over.
