Waterstone Defeasance LLC Closed the Defeasance on a $9.8 Million Retail Portfolio
CHARLOTTE, NC: Waterstone Defeasance recently closed on multiple defeasance transactions totaling $9.8 million, secured by retail properties located in Indiana and Georgia. Waterstone guided the owners through the defeasance process coinciding with the owners’ refinance of their loans.
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.
“We thoroughly enjoyed assisting our client in this refinance transaction. The loans being defeased were a part of a much larger transaction and we were able to coordinate with all parties to ensure a smooth closing. The borrower was pleasantly surprised with the ease of the defeasance piece of this transaction. We appreciate the opportunity and look forward to being a resource for them in the future.” – Addison McMillan, Director with Waterstone
About Waterstone Defeasance
Waterstone Defeasance, LLC 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 Charlotte, North Carolina, the company also has offices in New York, Dallas, and Irvine.
Please contact us today with any questions regarding defeasance or to request a quote.