CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $5.2 million CMBS loan, secured by a multifamily property in Jacksonville, Florida. 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 had the pleasure of working with this client again to defease another one of their CMBS loans. They were very knowledgeable and involved in the process which helped make the process flow very smoothly. This transaction involved a multifamily property which continues to be the bulk of all defeasance transaction heading into 2019.” – Addison McMillan, Director with Waterstone
“Addison did a great job: He was responsive, competent, courteous, and delivered in crunch time.” – Kevin B., 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.