Waterstone Defeasance LLC Closed the Defeasance on a $84 Million Multifamily Portfolio
CHARLOTTE, NC: Waterstone Defeasance recently closed on multiple defeasance transactions totaling $84 million, secured by multifamily properties located in Arizona, Colorado, and New Mexico. 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 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’s always a pleasure to work with this borrower on their portfolio. The defeasance transactions were needed to refinance three agency loans totaling over $83M. The properties encumbered with the debt were a 212-unit apartment complex located in Denver, a 300-unit complex in Albuquerque and a 292-unit complex in Phoenix. We look forward to working with them again in the future.” – Carol Tillman, COO 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.