Waterstone Defeasance, LLC Closes on a $11.0 Million CMBS Loan
CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $11.0 million CMBS loan, secured by a retail property in Amarillo, TX. 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 was pleased to work with our new client on the defeasance needed for the sale of their retail property located in Amarillo, TX. As they continue to restructure their portfolio we look forward to the next transaction.” – Carol Tillman, COO with Waterstone
“Can’t say enough about Waterstone. Our transaction was delayed for two months, but throughout Waterstone kept everyone informed and updated, and when closing finally occurred, the defeasance was closed efficiently and as originally quoted. I greatly appreciate their professionalism and patience.” – David K., 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.