Waterstone Defeasance LLC Closes on a $14.2 Million CMBS Loan
CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $14.2 million CMBS loan, secured by a multifamily property in Rocklin, CA. 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 are continuing to see much of the defeasance industry in 2019 dominated by multifamily. This was a sale transaction, but refinancing is equally as active. Of course, with the surplus of capital still available, and multifamily continuing to trend upward, we expect multifamily defeasance activity to remain hot.” – Addison McMillan, Director with Waterstone
“Waterstone provided excellent service for this closing. their expertise and understanding of the market made this transaction move quickly and efficiently.” – Reece H., Borrowers Counsel
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.