Waterstone Closes on the Defeasance of a $6.75 Million CMBS Loan
CHARLOTTE, NC: Waterstone recently closed a defeasance transaction for a $6.75 million CMBS loan, involving a Medical Office property in Virginia. 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.
“I appreciated all the work Waterstone did on this transaction. I have never done a defeasance before; it is a complicated process with many players involved and they made it all go so smoothly. Their good work really helped us to focus on the deal part of the transaction with the buyers and so made my job a lot easier.” – Andrew Dracopoli, Worrell Investment Company.
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