CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $24.5 million CMBS loan, secured by an office property in Encino, CA. 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 are very happy that our client was able to complete the sale of this property. We have worked together for a long time, exploring both options of refinancing and selling. They were a pleasure to work with through the defeasance process and congratulations to them for successfully completing the transaction.”– Addison McMillan, Director with Waterstone
“This defeasance closing ran smoothly and efficiently from beginning to end. Waterstone was very knowledgable and attentive to my needs. Job well done!” – Mary B., 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.