Waterstone Closes on the Defeasance of a $15.8 Million Mobile Home Portfolio
CHARLOTTE, NC: Waterstone Defeasance recently closed on the defeasance of multiple CMBS loans totaling $15.8 million. The loans were secured by a portfolio of mobile home properties located in NC and GA. Waterstone guided the owners through the defeasance process coinciding with the owners’ refinancing of their loans.
As the defeasance consultant, Waterstone managed the activities of the numerous parties involved with the transaction 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.
“Our client chose to take advantage of current interest rates to refinance loans for six properties, retiring close to $6MM in CMBS debt. Many of our clients are seeing the advantage of moving forward with defeasance in this current environment. We look forward to working with this group on their next transaction.” – Carol Tillman, COO with Waterstone
“It is always a pleasure doing business with the Waterstone team. They continue to provide us with excellent service and support regarding our defeasance needs. These multiple closings ran smoothly and efficiently from beginning to end.” – Mike C., 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: