Waterstone Defeasance Closed the Defeasance on a $12.4 Mobile Home Portfolio
CHARLOTTE, NC: Waterstone Defeasance recently closed on defeasance transactions totaling $12.4 million, secured by multiple mobile home properties located in Florida. Waterstone guided the owners through the defeasance process coinciding with the owners’ sale of their properties.
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.
“This customer was a pleasure to deal with, during a challenging time we were able to defease these notes, which were multiple assets with multiple servicers. The customer understood the defeasance process and the impact of changing interest rates enabling us to smoothly move thru the close.” – John Felter, Managing Director with Waterstone
“Waterstone was great to work with. The Waterstone team was quick to respond, informative, organized and very helpful in closing a number of defeasance transactions in a short time period. I would welcome the opportunity to work with Waterstone in the future.” – Craig H., Borrowers Counsel
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.