CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $2.0 million CMBS loan, secured by a mobile home property in Sheridan, Wyoming. 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 were very fortunate to have the opportunity to facilitate this defeasance for a first time client. It was their first experience with defeasance and we were able to assist and guide them through the process to ensure a smooth closing for all. They appreciated our availability and willingness to answer questions throughout. We look forward to an opportunity to work with them again.” – Addison McMillan, Director with Waterstone
“Waterstone provided excellent service for this closing. Their expertise and understanding of the market made this transaction move quickly and efficiently.” – Dwayne D., 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.