CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction on a $2.1 million CMBS loan, secured by a retail property located in Pilot Mountain, NC. 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.
“This client has been a pleasure to work with as they have been selling some of their retail assets. We continue to see a lot of movement in this space and expect that to continue into 2019. This transaction involved a previous client which helped us to expedite the process and close ahead of schedule.”- Addison McMillan, Director with Waterstone Defeasance
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 free quote.