Waterstone Defeasance Closes on a $26 Million Transaction
CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction on a $26.0 million CMBS loan, secured by a multifamily property in Greensboro, NC. Waterstone guided the owners through the defeasance process coinciding with the owners’ refinance of their loan.
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.
“We view both the borrower and the mortgage banker as our clients, and work hard to ensure the defeasance transaction goes smoothly while they focus on the other aspects of the deal,” said Steve Hall, Managing Director at 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.
Steve Hall, Managing Director – 704.926.6509
Brian Pedersen, Director – 704.926.6533