Waterstone Defeased a $2.4 Million CMBS Loan
CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $2.4 million CMBS loan, secured by multifamily property located in Augusta, GA. 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.
“Waterstone did a very good job of explaining the defeasance process and providing a reliable time table for achieving the benchmarks involved and in staying contact throughout the entire process.” – Borrower’s Counsel.
“Waterstone worked with the seller to facilitate the defeasance closing on their 188 unit, over 90% occupied apartment complex built in the 60’s. The buyer secured a Fannie Mae loan through Arbor Commercial Funding. The defeasance replaced the original debt placed by C-III Commercial Mortgage. We enjoyed working with this new client and look forward to working with them again.” – 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!
Carol Tillman, COO