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 retail property in Kissimmee, Florida. 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.
“We would like to acknowledge the wonderful job Waterstone did with our transaction. Their hard work and attention to detail really paid off, resulting in a smooth and timely closing.” – Jason Obenhaus with TriGate Capital, LLC.
“We enjoyed working with all the parties in this transaction to close the defeasance in coordination with the sale of the property.” – Carol Tillman, COO with Waterstone Defeasance.
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.
Carol Tillman, COO at Waterstone – 704.926.6508