Waterstone Defeasance closed on a $5.7 Million CMBS Loan Transaction
CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $5.7 million CMBS loan, secured by multifamily property located in Dallas, TX. 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.
“It was great working with Waterstone on this transaction. They are very knowledgeable about the defeasance process which allowed this closing to be executed efficiently and on time.” – Pete Dunn, Mortgage Broker
“We worked with the seller to defease the loan on their multi-family property located in Dallas, TX. The 233 unit apartment complex, built in 1983, was close to 100% occupied. The defeasance replaced the original debt placed by Rialto Mortgage in 2014. It was a pleasure working with this borrower on their first defeasance.” – 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.
Please contact us today with any questions regarding defeasance or to request a free quote!
Carol Tillman, COO