Waterstone Defeasance, LLC Closes on a $8.1 Million CMBS Loan
CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $8.1 million CMBS loan, secured by a multifamily property in Decatur, 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.
“Waterstone handled our defeasance transaction in a professional and timely manner. We would welcome the opportunity to work with them again.” – K. Tucker
“We enjoyed working with this borrower again to close on the sale of their 373 unit multifamily property in GA. The closing was delayed due to an unfortunate incident on the property, however, we were able to close the transaction without additional cost to the client.” – 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.