Waterstone Defeasance, LLC Closes on a $5.0 Million CMBS Loan
CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $5.0 million CMBS loan, secured by a hotel property in Brooklyn, NY. Waterstone guided the owners through the defeasance process coinciding with the owners’ refinance of their loan.
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.
“Thanks to the Waterstone team for their promptness and effort in closing our transaction. Their attentiveness and hard work really stood out, resulting in a smooth defeasance.” – Alec Shtromandel with Greenwich Street Equities.
“This transaction was challenging because the market was very volatile that week, however with a high degree of customer communication there were no surprises when the deal closed.” – John Felter, Managing Director 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.
John Felter, Managing Director – 561.352.6551