Waterstone Defeasance Closes 5 CMBS Loan Defeasance, Totaling $64 Million
CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction involving five conduit loans totaling $64.1 million, secured by five multifamily properties in Georgia and Florida. Waterstone guided the owners through the defeasance process coinciding with the owners’ refinance 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. These 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.
“It was a pleasure working with Brian Pedersen and the Waterstone team on this transaction. The entire defeasance process ran smoothly and efficiently from beginning to end without a glitch. Thank you for your hard work,” said Seth Zimmerman, with the ECI Group.
“Working with Seth and the ECI Group was a pleasure. We look forward to continuing our relationship,” said Julia Gilbert of Waterstone Defeasance.
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.
Carol Tillman Brian Pedersen