Waterstone Defeasance, LLC Closes on the Defeasance of a $31.2 Million CMBS Loan
CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $31.2 million CMBS loan, secured by a hotel property in Walnut Creek, CA. 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.
“I was extremely satisfied with the services that Waterstone provided. They were very professional, knowledgeable and attentive to my needs.” – Neil Cohen with Windsor Capital Group.
“All parties on this transaction were exceptional to work with and we hope we will be able to do so again in the future. The defeasance was a small but necessary part of a much larger transaction. There were a lot of moving parts which make this a very interesting transaction to be involved with and we are grateful we were hired to assist. Our client really understood the benefit of having an independent third party defeasance consultant to ensure they received the best outcome.” – Addison McMillan, Director 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.
Addison McMillan, Director