Waterstone Defeases MixedUse SS Property
Waterstone Defeasance LLC Closes on a $4 Million CMBS Loan
Raleigh, NC: Waterstone Defeasance recently closed a defeasance transaction for a $4 million CMBS loan, secured by a mixed-use business park property located in Houston, TX. 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.
“Waterstone continues to deliver a high level of expertise for our clients, mixed use – self storage continue to expand in the CBD of the big metros, thereby we are seeing defeasance volumes continuing uptrends as clients are expediting their timeline in executing their exit strategy “. – 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 Raleigh, North Carolina, the company also has offices in New York, Dallas, and Anaheim.
Please contact us today with any questions regarding defeasance or to request a quote.