Waterstone Defeasance LLC Closes on a $5.3 Million CMBS Loan
CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $5.3 million CMBS loan, secured by an industrial property in Campbell, CA. 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.
“We were very excited to assist our client with closing this transaction, especially during these unprecedented times. It is unclear how the market will look in a few months, and which property types will continue to suffer, but I believe it is safe to say industrial will continue to hold strong and be a great investment. We look forward to the continued relationship and working with all parties again soon.” – Addison McMillan, Director with Waterstone
“My experience with Waterstone was excellent. They were very attentive to my needs and extremely knowledgeable and professional. I would certainly recommend their defeasance services.” – Nancy B., Borrower’s Counsel.
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.