CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction totaling $16.8 million, secured by multiple Hampton Inn properties located in Indiana, Michigan and Iowa. Waterstone guided the owners through the defeasance process coinciding with the owners’ refinance of their loans.
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 was pleased to work with this borrower to assist in the restructuring of a portion of their lodging portfolio. The defeasance retired CMBS debt of over $10M placed on the 3 hotels in 2012. The borrowers chose to work with a local bank to secure new financing. We look forward to working with this group on their next transaction.” – 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.