CHARLOTTE, NC: Waterstone Defeasance recently closed two defeasance transactions totaling $10.1 million, secured by CVS properties located in Minnesota. Waterstone guided the owners through the defeasance process coinciding with the owners’ sale of the properties.
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 pleased to work with our new client on the sale of his two CVS stores located in Minnesota. As the borrower continues to restructure his portfolio through sales and acquisitions, we look forward to working with him to close his next defeasance transactions.” – Carol Tillman, COO with Waterstone
“Carol was extremely responsive and professional from Point A to Point Z. I look forward to working with her again.” – Joe R., 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.