CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $3.0 million CMBS loan, secured by a mobile home property located in Merritt Island, FL. 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.
“The borrower was a very knowledgeable group with a good understanding of the defeasance process. Their attention to detail as well as ability to maintain a macro view allowed this transaction to flow smoothy. We very much appreciated the opportunity to work with them.” – John Felter, Director with Waterstone.
“I was very pleased with our defeasance closing coordinated by Waterstone. Their expertise and understanding of the market made this transaction move quickly and efficiently.” – Robert B., 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.