Waterstone Defeasance, LLC Just Closed on a $7.1 Million Freddie Mac Loan
CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $7.1 million Freddie Mac loan, secured by a multifamily property in Chapel Hill, NC. 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 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 chose to sell their 154-unit multifamily student housing property in Chapel Hill, NC. The sale retired agency debt placed on the property in 2013 for $7.1MM. We appreciate the borrower’s continued interest in working with Waterstone as they reevaluate their portfolio and look forward to working with them 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.