Waterstone Defeasance Closes on $16.3 Million CMBS Loan
Waterstone Defeasance recently closed on a defeasance transaction for a $16.3 Million CMBS loan, secured by a self-storage property located in Houston, TX. 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, self-storage properties continue to pick-up steam as they are now an extension on multi-family apartment storage enhancements. We are seeing defeasance volumes continuing uptrends as clients are expediting their timeline in executing their exit strategies “.
– 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.