Waterstone Defeasance LLC Closes on a $33.5 Million CMBS Loan
CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $33.5 million CMBS loan, secured by an industrial property located in Middletown, PA. 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.
“Due to a change in the ownership structure for the borrower, defeasance was necessary to facilitate the changes. The large industrial service center in Middletown, PA was the collateral for the original loan. We enjoyed working with the borrower and wish them the best.”– Carol Tillman, COO with Waterstone
“Waterstone did an excellent job executing this defeasance transaction. Their expertise and knowledge of the process made this closing run smoothly and efficiently.”– Brandon M., Sales Broker
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.