Waterstone Defeasance Closes on $150 Million Hotel Property
Waterstone Defeasance recently closed a defeasance transaction of an original $150 Million CMBS loan, secured by a Hotel in Tucson, AZ. Waterstone guided the owners through the defeasance process coinciding with the owners’ sale of their loan.
“Waterstone continues to deliver a high level of expertise for our clients, hotel properties continue to be the new darling in destination spots with pent-up demand for travel at an all-time high, we are seeing defeasance volumes continuing uptrends as clients are expediting their timeline in executing their exit strategy “.
– Carol Tillman, COO 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.
Waterstone Defeasance, 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 Raleigh, North Carolina, the company also has offices in Charlotte, New York, Dallas, and Anaheim.
Please contact us today with any questions regarding defeasance or to request a quote.