Waterstone Closes on the Defeasance of a $6.7 Million CMBS Loan
CHARLOTTE, NC: Waterstone Defeasance recently closed on a multi loan defeasance transaction which included both a refinance and sale of a $6.7 million CMBS loan, secured by mobile home parks. Waterstone guided the owners through the defeasance process coinciding with the owners’ sale of one of their properties and the refinance of a loan on the other.
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.
“This transaction had many moving parts and details, but all went smoothly and our client was very pleased,” said Carol Tillman, COO at Waterstone Defeasance.
“Waterstone did an excellent job handling our defeasance transaction. We were very satisfied with the level of service they provided to us throughout the entire defeasance process. Thank you for a job well done,” said Mike Conlon of ACG Birmingham, LLC.
“We recommend our clients use Waterstone as their defeasance consultants. They are knowledgeable, dependable, efficient, and a pleasure to work with. Definitely a great firm to work with,” said John Richards of CBRE.
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, COO – 704.926.6508
Brian Pedersen, Director – 704.926.6533