Waterstone Defeasance, LLC Closes on the Defeasance of a $19.1 Million CMBS Loan
CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $19.1 million CMBS loan, secured by a retail property in Lodi, New Jersey. 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.
“It was a pleasure working with Waterstone on this defeasance transaction. The entire process ran smoothly and efficiently from beginning to end.” – Doug Kantor with Statewide Properties.
“We have been fortunate enough to work with this client on numerous defeasance transactions. This particular one was a simple refinance in order to lock in a low rate on a grocery anchored center. We continue to see a lot of activity around these retail centers.”- Addison McMillan, Director at 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.
Addison McMillan, Director at Waterstone – 949.468.2337
Brian Pedersen, Director at Waterstone – 704.926.6533