Waterstone Defeasance LLC Closes on a $13.4 Million CMBS Loan
CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $13.4 million CMBS loan, secured by a multifamily property located in Albuquerque, NM. 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.
“Our client was able to refinance their current loan to take advantage of the existing lending environment. We helped them initially with their first defeasance refinancing this property in 2018. They have continued to improve their position and we are honored to continue representing them on defeasance related matters throughout their progress. The multifamily sector continues to thrive in current markets, and we are happy to continue to see activity in this space.” – 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.
Please contact us today with any questions regarding defeasance or to request a quote.