CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $16 million CMBS loan, secured by a multifamily property located in Sacramento, CA. 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.
“This deal came together during the final days of 2020. Even though it was the clients first defeasance, we were able to work quickly with them to complete it in a very expedited timeframe so that they were able to close out their refinance prior to year-end. Their team was very hands-on and knowledgeable which made everything run smoothly.” – Addison McMillan, Director 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.