Waterstone Defeasance, LLC Closes on a $5.1 Million CMBS Loan
CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $5.1 million CMBS loan, secured by a retail property in Tinley Park, IL. 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 were pleased the owner, who was selling the CVS in Tinley Park, chose to work with Waterstone on the defeasance. We worked diligently for months to keep him informed of his options and the cost as treasury yields fluctuated. Waterstone also appreciates the broker’s recommendation of our firm to assist with the defeasance.” – Carol Tillman, COO with Waterstone
“Big thanks to Carol and the rest of the Waterstone team for all their help in this transaction. They handled everything and it couldn’t have been a smoother process.” – Matt E., Sales Broker
“We were very thankful for the level of service that Waterstone provided to us for our defeasance transaction. They demonstrated a keen knowledge of the market and a strong desire to help us with our needs. We would welcome the opportunity to work with them again.” – Peter T., 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 quote.