Waterstone Defeasance LLC Closed the Defeasance on a $98 Million Multifamily Portfolio
CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $98 million CMBS loan, secured by multifamily properties located in California. Waterstone guided the owners through the defeasance process coinciding with the owners’ sale of their properties.
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 have been working with this client for quite some time now as they continue to modify their portfolio. It is always a pleasure to earn client’s continued trust in our business and process. Their experience and expertise are always appreciated, and it helps make for a seamless transaction.” – 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.