Waterstone Defeasance, LLC Closes on a $4.4 Million Freddie Mac Loan
CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $4.4 million Freddie Mac loan, secured by a multifamily property located in Norcross, GA. 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 a 172-unit multifamily complex drove the defeasance. The property is in Norcross, GA and the sale retired the Freddie Mac debt placed on the property in 2015. We enjoyed working with the borrower and look forward to their next transaction as they restructure their portfolio” – Carol Tillman, COO with Waterstone
“Thank you Waterstone for making this an informative and pleasant defeasance experience. You proved to be experts in the field and were very attentive to my needs. Job well done!” – Tom G., 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.