Waterstone Defeasance Closes on the Defeasance for a $8.0 Million CMBS Loan
CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction on a $8 Million CMBS loan, secured by a multifamily property in Los Angeles, CA. 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 have worked on multiple defeasance transactions for this broker team and have developed a great, dependable relationship. This particular situation needed to be addressed quickly, so we were able to act fast and reduce the typical timeframe to close the defeasance in order to meet their client’s need,” said 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 – 949.468.2337
Brian Pedersen, Director – 704.926.6533