Waterstone Defeasance LLC Closes on a $59 Million CMBS Loan
CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $59 million CMBS loan, secured by a retail property located in Las Vegas, NV. 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 take advantage of the current interest rate environment to defease their existing CMBS loan and refinance into new long term, low-rate debt. It is great to see activity from retail properties. This is a great outdoor center with a lot of high credit tenants that have continued to perform well despite the challenges faced through the pandemic. This was our clients first defeasance, so we were very excited to be able to represent them through this process.” – Addison McMillan, Director with Waterstone
“I was very satisfied with the level of service that Waterstone provided during this closing. They demonstrated a keen knowledge of the market and a strong desire to help us with our needs.” – John S., Borrower
“It was such a pleasure doing business with Waterstone. They executed this closing in an efficient and timely manner and kept an open line of communication throughout the process. I look forward to working with them again.” – Christian D., Mortgage Banker
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.