CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $6.0 million CMBS loan, secured by a multifamily property in Thomasville, 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.
“Because of a tight deadline this transaction was all hands-on deck, with assistance from the borrower, advisor and traders, this deal was put together and completed in 3 business days. We are very grateful for a team effort and successful completion.” – John Felter, Director with Waterstone
“Thank you Waterstone for making this a pleasant defeasance experience. You worked diligently to make this closing run smoothly and efficiently from beginning to the end.”– Kurt K., 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.