CHARLOTTE, NC: Waterstone Defeasance recently closed on the defeasance of multiple CMBS loans totaling $7.1 million. The loans were secured by a portfolio of self-storage properties in Las Vegas, NV. Waterstone guided the owners through the defeasance process coinciding with the owners’ refinancing of their loans.
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 customer was a pleasure to deal with, they knew what they wanted and were very focused on getting the deals done. These also came in at very favorable rates and we were able to avoid servicer expediting fees.” – John Felter, 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.