Investors eyeing $557 million of commercial mortgage bonds offered by JPMorgan Chase last month had to consider an unusual risk: the 103 office and industrial buildings that ultimately served as collateral might, at some point in the future, be encumbered by additional debt.

The loan on the portfolio gives the property owner, Workspace Property Trust, the right to incur Property Assessed Clean Energy (PACE) loans to pay for energy efficiency upgrades.

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