Waterstone Defeasance LLC Closes on a $6.0 Million CMBS Loan
CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $6.0 million CMBS loan, secured by an industrial property located in Phoenix, AZ. 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.
“Our client was a seasoned commercial real estate vet, but this was the first time going through a defeasance. We were able to guide them step by step through the process, so they felt comfortable the entire way. They were very exciting that the execution of the actual defeasance was very smooth due to preparation and our execution. Industrial properties are the current darling of real estate, and we are going to continue to pick up steam defeasing similar loans into 2022.” – 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.