Waterstone Defeasance, LLC Closes on a $14.6 Million Freddie Mac Loan
CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $14.6 million Freddie Mac loan, secured by a multifamily property in Mobile, Alabama. 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.
“The sale of this multifamily 252-unit garden complex located in Mobile, AL drove the defeasance. With the sale of the property, the borrower retired $14MM in agency debt. The borrower continues to restructure their multifamily portfolio.”– Carol Tillman, COO 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.