CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $41.3 million CMBS loan, secured by a multifamily property located in Glen Burnie, MD. 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.
“The defeasance was driven by the refinance of an agency loan placed in 2013 on a 316-unit multifamily property located in Glen Burnie, Maryland. The mortgage banker group refers their clients to Waterstone due to our exceptional customer service and our ability to meet the strict closing guidelines. We appreciate the opportunity and look forward to working with the group and their clients.”– Carol Tillman, COO with Waterstone
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.