CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $9.1 million CMBS loan, secured by a multifamily property in Virginia Beach, VA. 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.
“Our repeat client continues to restructure their multifamily portfolio. The sale of the Virginia Beach, 197-unit garden apartments was the reason for the defeasance. Treasury yields fluctuated frequently during the timeframe, however, with Waterstone’s consistent communications and updates the client was not “surprised” with the closing results. We look forward to their next transaction.” – Carol Tillman, COO with Waterstone
“This was a smooth and timely closing executed by Waterstone. They were efficient, knowledgeable of the process and kept an open line of communication with all of the necessary parties.” – Judy O., 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.