CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $5.7 million CMBS loan, secured by a retail property in Wheaton, 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.
“Waterstone appreciates the broker’s referral of their client to facilitate the defeasance for the loan. The sale of the CVS in Wheaton, IL drove the defeasance. This was the borrower’s first defeasance transaction, and he was extremely pleased with our closing team and the ease of getting his transaction to the goal line. We look forward to working with the group again.” – 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.