Waterstone Closes on the Defeasance of Multiple CMBS Loans Totaling $8.6 Million
CHARLOTTE, NC: Waterstone Defeasance recently closed two defeasance transactions totaling $8.6 million secured by retail properties located in New Jersey and Texas. Waterstone guided the owners through the defeasance process coinciding with the owners’ transactions, one through a refinance, and the other through a sale.
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 close CVS transactions frequently and are always happy to work with these groups,” – Carol Tillman, COO 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.
Carol Tillman, COO – 704.926.6508