CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $9.4 million CMBS loan, secured by a multifamily property in Clarkston, GA. Waterstone guided the owners through the defeasance process coinciding with the owners’ sale of their property.
As the defeasance consultant, Waterstone managed the activities of the numerous parties involved with the transaction in order to meet the borrower’s closing schedule. Parties associated with a defeasance transaction typically include the servicer, servicer’s counsel, borrower, borrower’s counsel, securities broker, custodian, accountant, rating agencies, and the successor borrower.
“Our client continues to restructure their multifamily and retail portfolio. The sale of this 290-unit multifamily property in GA drove the defeasance transaction. We appreciate their continued confidence in Waterstone’s ability to close their transactions.”– Carol Tillman, COO with Waterstone Defeasance.
“We greatly appreciated working with Waterstone on this defeasance. They did an excellent job at coordinating all of the necessary requirements and keeping an open line of communication which resulted in a smooth and timely closing.” – Kathy T., Borrower
About Waterstone Defeasance
Waterstone Defeasance, LLC is an independent consulting firm specializing in assisting commercial real estate borrowers through the defeasance process. Since 2005, Waterstone has assisted owners and their advisors achieve the lowest possible defeasance costs. Waterstone has developed an industry-leading online defeasance calculator so clients can get a quick defeasance estimate on their website (defeasanceservices.com). Headquartered in Charlotte, North Carolina, the company also has offices in New York, Dallas, and Irvine.
Please contact us today with any questions regarding defeasance or to request a quote.