Waterstone Closes on the Defeasance of a $171 Million Multifamily Portfolio
CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $171 million Freddie Mac loan, secured by a portfolio of multifamily properties in Arlington, VA. Waterstone guided the owners through the defeasance process coinciding with the owners’ refinance 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.
“This large multifamily owner continues to restructure their portfolio through refinancing loans that require defeasance. The two transactions involved refinancing of agency debt north of $150M. The largest portion of the debt was placed on a 399-unit multifamily property in Arlington, VA. Waterstone looks forward to working with them again soon.”– Carol Tillman, COO with Waterstone
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 quote.