Waterstone Defeasance, LLC Closes on a $1.5 Million CMBS Loan
CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $1.5 million CMBS loan, secured by a mobile home property in Greensboro, NC. Waterstone guided the owners through the defeasance process coinciding with the owners’ refinance of their loan.
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.
“Thanks to the Waterstone team for their promptness and effort in closing our transaction. We appreciated all their hard work!” – Steve Mayfield, Bedford Cost Segregation
“We were very pleased with Waterstone’s service and availability. They worked diligently to close our defeasance transaction in a timely matter.” – Charles Michaux
“The borrower wanted to take advantage of current low rates and refinanced his loan. We appreciate the opportunity to work with him on this transaction.” – 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.