Waterstone Defeasance LLC Closes on a $8.6 Million CMBS Loan
CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $8.6 million CMBS loan, secured by a self-storage property located in Fort Myers, FL. 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.
“This organization is a sophisticated ownership group who asked very pointed questions which allowed the defeasance process to flow smoothly.” – John Felter, Director with Waterstone
“Waterstone did an excellent job with this closing. They were well organized, knowledgeable and very efficient which allowed this transaction to run smoothly from beginning to end.”- Doug W., Borrower
“It was a pleasure doing business with Waterstone Defeasance. They were efficient, well organized and client oriented. I would welcome the opportunity to work with them again.”– Hans B., 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.