Waterstone Defeasance, LLC recently closed on a $1.2 Million CMBS Loan
CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $1.2 million CMBS loan, secured by a retail property located in Douglasville, GA. 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.
“Due to rates continuing to be favorable, the borrower chose to refinance their current debt on the IHop located in Douglasville, GA. The current debt with a coupon of 7.75% was placed in 1998. Counsel for the borrower has been a long-standing client and we appreciate his confidence in our ability to take care of his borrowers. We look forward to working with him again in the near future.” – Carol Tillman, COO with 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.
Please contact us today with any questions regarding defeasance or to request a free quote.