Waterstone Defeasance LLC Closed the Defeasance on a $8.2 Million Self-Storage Portfolio
CHARLOTTE, NC: Waterstone Defeasance recently closed on multiple defeasance transactions totaling $8.2 million, secured by self-storage properties located in Pennsylvania and New Jersey. Waterstone guided the owners through the defeasance process coinciding with the owners’ sale of their property.
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.
“It was a pleasure working with the SSCP Mont and SSCP Atlas’s ownership group, they are a very experienced real estate group and these deals were able to close on time in a challenging market.”- John Felter, 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.