Waterstone Defeasance Closes on $1.2 Million CVS -Pharmacy
Waterstone Defeasance recently closed a defeasance transaction of an original $1.2 Million NNN loan, secured by a CVS-Pharmacy in Leonia, NJ. Waterstone guided the owners through the defeasance process coinciding with the owners’ sale of their property.
“Waterstone continues to deliver a high level of expertise for our clients, retail properties continue to challenge the status quo, our client’s location, location, Pharmacy strategy allowed for a smooth exit.” – John Felter, Managing Director with Waterstone
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.
Please contact us today with any questions regarding defeasance or to request a quote.