Waterstone Defeasance, LLC Just Closed on a $6.0 Million Freddie Mac Loan
CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $6.0 million Freddie Mac loan, secured by a multifamily property in Clemson, SC. 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 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 defeasance transaction was driven by the refinance of an agency loan on a 178-unit student housing property located in Clemson, SC. The mortgage banker works as a referral partner with Waterstone to get their transactions closed on time and efficiently. The refinance retired $5MM in agency debt placed on the property in 2012. We look forward to working with this group again.” – Carol Tillman, COO 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.