Waterstone Defeasance Closes on $140 Million Office Property
Waterstone Defeasance recently closed a defeasance transaction for a $140 million CMBS loan, secured by an office property located in Chicago, IL. Waterstone guided the owners through the defeasance process coinciding with the owners’ refinance of their property.
“Waterstone continues to deliver a high level of expertise for our clients, office properties continue to see challenges in the CBD of the big metros, however we are seeing defeasance volumes continuing uptrends as clients are expediting their timeline in executing their exit strategy “. – 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.