Waterstone Defeasance, LLC Closes on a $15.5 Million CMBS Loan
CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $15.5 million CMBS loan, secured by an urban office property in Atlanta, GA. 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.
“The sale of the 197,357 sqft office complex in Atlanta drove the closing of the defeasance. Our repeat client continues to restructure their portfolio of office and retail properties. We appreciate their confidence in our ability to close their transactions.”– Carol Tillman, COO with Waterstone Defeasance.
“Your team did a fantastic job with the defeasance closing. Not having been through it before personally, I was grateful for your expertise – and your patience.”- Kenneth K., Borrowers Council
“We greatly appreciated working with Waterstone on this defeasance. They did an excellent job at coordinating all of the necessary requirements and keeping an open line of communication which resulted in a smooth and timely closing.”- John B., Borrower
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 free quote.