Waterstone Closes on Two Defeasance Transactions totaling $8.0 Million in CMBS loans
CHARLOTTE, NC: Waterstone Defeasance recently closed two defeasance transactions totaling $8.0 million in CMBS loans. One of the loans was secured by a self-storage property in Grand Prairie, TX and the other by a retail property located in Amarillo, TX. 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 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.
“It was a pleasure doing business with the Waterstone team on this closing. They did a great job coordinating all of the parties involved with this transaction and keeping everything on track.” – Ramsey Soliman, Atlas Commercial Advisors
“We’ve worked with this group on numerous occasions to assist with their refinancing. The borrower is very active in the self-storage industry, so I feel certain we will work together 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.