Waterstone Defeasance Closes on $13 Million CMBS Loan
Waterstone Defeasance closed a defeasance transaction on a $13 million FreddieMac loan, secured by a multifamily property in Waterloo, IL. Waterstone guided the owners through the defeasance process coinciding with the owners’ refinance of their property.
“This Assisted Living property was approaching the open period; we had the benefit of working with a sophisticated asset manager that wanted to lock in refinancing rates and remove the uncertainty.”
– 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.
John Felter
Managing Director
561.352.6551
John@WaterstoneDefeasance.com
DefeasanceServices.com
