Waterstone Defeasance Closes on a CMBS Loan Totaling $6.8 Million
CHARLOTTE, NC: Waterstone recently closed on the defeasance of a CMBS Loan totaling $6.8 million, secured by a multifamily property located in Albuquerque, NM. 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.
“This transaction involved a beautiful multifamily property near a college town in New Mexico. The units are primarily one-bedroom and it speaks to some trends we have seen with millennials desiring their own personal space, while having plenty of communal space to connect with peers. The seller and their counsel were outstanding to work with and we hope to continue working with them in the future.” – Addison McMillan, 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.
Addison McMillan, Director