Waterstone Defeasance, LLC Defeases a $10 Million CMBS Loan on Mixed Use Property
CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $10 million CMBS loan, secured by a mixed use property in California. 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.
“This was a particularly interesting defeasance transaction to facilitate. The client was faced with an urgent need to grow their current facility. In order to make the necessary building modifications, they needed to exit their CMBS loan and take on new construction financing. This was a unique situation that I am glad we were able to assist with, allowing their company to expand,” said Addison McMillan, Director at Waterstone Defeasance.
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.
Addison McMillan, Director – 949.468.2337
Brian Pedersen, Director – 704.926.6533