Waterstone Closes on the Defeasance of a $35.6 Million Mobile Home Portfolio
CHARLOTTE, NC: Waterstone Defeasance recently closed on the defeasance of three CMBS loans totaling $35.6 Million. The loans were secured by a portfolio consisting of mobile home properties located in Georgia. Waterstone guided the owners through the defeasance process coinciding with the owners’ sale of their properties.
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 defeasance of three of the client’s mobile home parks was a small part of a larger transaction. We appreciate their confidence in our ability to work with all the parties on such an involved closing.” – Carol Tillman, COO with Waterstone
“The Waterstone team provided a very high level of service for our multiple defeasance transactions. I found them to be very knowledgeable, efficient, and attentive to my needs. I look forward to working with them again.” – Sami H., 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 free quote: