CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $4.3 million CMBS loan, secured by a retail property in Woodbridge, IL. 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.
“Waterstone has become the industry expert in the defeasance closings for this particular retail product. These are complex transactions that require a higher level of understanding in order to meet the requirements set by the servicer. We appreciate all the borrowers that continue to rely on our services.” – Carol Tillman, COO with Waterstone
“This closing was very well executed by Waterstone. Their expertise and understanding of the market made this transaction move quickly and efficiently.” – Peter S., 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.