CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $3.5 million CMBS loan, secured by a retail property in Duck, NC. 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.
“Servicers require at least a 30-day notice of a borrower’s intent to defease based on the loan documents. Our client was involved in the sale of his retail property located in Duck, NC when he was made aware the current debt had to be defeased. He immediately reached out to Waterstone to get the transaction closed in the quickest possible timeframe. Our closing team responded and efficiently closed the deal in less than a week. All parties were extremely pleased with Waterstone’s closing team and customer service. If our clients get in a bind, we deliver.” – 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.