Waterstone Defeasance, LLC Closes on a $6.7 Million CMBS Loan
CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $6.7 million CMBS loan, secured by a mobile home property in Madison, WI. 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.
“Waterstone did an excellent job on this closing. Their team was knowledgeable, professional and very attentive to our needs. We look forward to working with Waterstone again.” – Mike Conlon, Borrower
“The borrower’s decision to restructure their mobile home park portfolio has driven their recent transactions. This most recent closing was for a 169 unit park located in Madison, WI. We appreciate their continuing to choose Waterstone to facilitate the defeasance process. It has been a pleasure working with them.” – Carol Tillman, COO 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.
Please contact us today with any questions regarding defeasance or to request a free quote.