CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $3.3 million CMBS loan, secured by a retail property in Riverdale, IL. 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.
“This was the seller’s second defeasance transaction for a CVS property. The defeasance retired debt that was placed on the property in 2005. Waterstone is pleased the seller chose to work with us on this important transaction.” – Carol Tillman, COO with Waterstone
“Waterstone provided excellent service with our defeasance transaction. Their expertise and understanding of the market made this transaction movie quickly and efficiently. I certainly look forward to working with them again.” – Robert D., 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.