Waterstone Defeasance, LLC Closes on multiple CMBS loans totaling $3.4 Million
CHARLOTTE, NC: Waterstone Defeasance recently closed on multiple defeasance transactions totaling $3.4 million, secured by retail properties located in Ohio. 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 holder of these CVS properties was new to the defeasance process and did not feel comfortable trusting the loan servicer to handle their transactions and represent their best interest. They opted to hire Waterstone to ensure their defeasance was handled fairly and they received excellent execution and service. These had to be closed before year end and we were able to rally all parties together to ensure their closing schedule was met. The client was extremely happy to close both of these sales.” – 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.