CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $8.9 million CMBS loan, secured by a retail property in Lemont, Illinois. 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.
“The sale of our client’s 60,000 sqft retail anchored center drove the defeasance. The sale of the Illinois property retired $7,000,000 of CMBS debt originated in 2013. Waterstone was pleased the borrower chose us for his first defeasance transaction. It was a pleasure working with this group. We look forward to their next transaction.” – Carol Tillman, COO with Waterstone
“I was extremely satisfied with the defeasance services provided by Waterstone. They were very knowledgeable, professional and attentive to my needs. I would welcome the opportunity to work with them again.” – Anthony 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.