Waterstone closed on a $10.4 Million CMBS Loan
CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $10.4 million CMBS loan, secured by a multifamily property located in Albuquerque, NM. Waterstone guided the owners through the defeasance process coinciding with the owners’ refinance of their loan.
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.
“We have managed to maintain a great working relationship with this borrower group. It is a great compliment to our services when we can receive repeat business and know our clients trusts that we will facilitate their transaction successfully and smoothly. The original plan for this property was to sell, but after further consideration and strong fundamentals in the multifamily sector, the borrowers decided to refinance and hold the asset. Great team all around and we hope to work together more in the future.”- Addison McMillan, Director with 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.
Please contact us today with any questions regarding defeasance or to request a free quote.