Waterstone Defeasance, LLC Closes on the Defeasance of a $5.75 Million CMBS Loan
CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $5.75 million CMBS loan, secured by a retail property in Albuquerque, NM. 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 defeasance and sale were the result of the new buyer’s 1031 exchange requirements. All parties were very aware of the timeline needed to close pertaining to the exchange and worked diligently to deliver a smooth transaction and closing. We continue to see a lot of activity in the retail sector and anticipate that to continue through 2017.” – Addison McMillian, 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 – 949.468.2337
Brian Pedersen, Director – 704.926.6533