Waterstone Defeasance, LLC Closes on a $10.3 Million CMBS Loan
CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $10.3 million CMBS loan, secured by a multifamily property in Washington, DC. 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.
“I have to say, credit goes to Waterstone, they really did a fantastic job managing the process today. Congrats everyone.” – Ashley Menser
“Thank you all for doing a terrific job on this defeasance. I know it wasn’t the easiest!” – Leslie F.
“The sale of this 176-unit multifamily property built in 2001 drove the defeasance transaction. The borrower is currently restructuring their portfolio and chose Waterstone to assist with their defeasance transactions to refinance and sell certain properties. We appreciate their confidence in our services.” – 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.