Waterstone Defeasance LLC Closes on a $6.2 Million CMBS Loan
CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $6.2 million CMBS loan, secured by an industrial property located in Naples, Fl. 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.
“This customer was a pleasure to work with because of their understanding of the defeasance process. It enabled the transaction to flow smoothly in a climate of changing interest rates. We also continue to see strength and deal flow in the Industrial sector.” – John Felter, Director with Waterstone.
“It was a pleasure doing business with Waterstone. They demonstrated a keen knowledge of the market and a strong desire to help with our defeasance needs. We would welcome the opportunity to work with them again.” – Dean A., 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.