CHARLOTTE, NC: Waterstone Defeasance recently closed two defeasance transactions totaling $116 million, secured by two multifamily properties located in Virginia. 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.
“The sale of the borrower’s multifamily properties located in Virginia drove the defeasance. The 289-unit in Reston and the 202-unit in Herndon were encumbered with agency debt. The borrower will continue to work with Waterstone as they evaluate their portfolio.” – 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.