CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $111 million CMBS loan, secured by multiple Industrial properties located throughout the U.S. Waterstone guided the owners through the defeasance process coinciding with the owners’ sale and refinance of their 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.
“Our client was able to partner with another firm to complete this complex commercial real estate transaction involving four industrial type properties encumbered by one CMBS loan. The properties all have strong performing tenants and are all located in the Northeastern United States. There was a combination of selling and refinancing the properties, so there were a lot of moving parts, and a lot of great folks came together to ensure this was a smooth transaction. Each sale/refinance of the properties had to occur simultaneously to successfully defease the underlying CMBS loan. We are happy to have been a part of this one and appreciate the trust our clients continue to have in our business.” – 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.