CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $2.9 million CMBS loan, secured by a retail property in Chicago, IL. 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.
“We continue to see a lot of activity in the CVS market. The sale of this Chicago store drove the defeasance. We appreciate the sales broker’s confidence in Waterstone’s services to recommend us to his clients.” – Carol Tillman, COO with Waterstone
“It was a pleasure working with Waterstone on this defeasance transaction. Their guidance and expertise were greatly appreciated, and I would welcome the opportunity to work with them again.”- Sales Broker
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.