CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $6.2 million CMBS loan, secured by a multifamily property in Gainesville, FL. Waterstone guided the owners through the defeasance process coinciding with the owners’ refinance of their loan.
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 repeat customer was a pleasure to work with, there were a couple of challenges with the paperwork, but once it was approved and with the clients support, we were able to close this transaction in just a few days.” – John Felter, Director with Waterstone
“The Waterstone team did an excellent job with this closing. They were well organized and very easy to communicate with which allowed this transaction to run smoothly from beginning to end.” – Joseph H., Borrowers Counsel
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.