Waterstone Defeases a $22.5 Million CMBS Loan on a Retail Center in Temple City, California
CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $22.5 million CMBS loan, secured by a retail property in Temple City, California. 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.
“It was such a pleasure working with such an organized group. The Waterstone team handled all of the details regarding this transaction in a very efficient and professional manner. We would welcome the opportunity to work with Waterstone again.” – Gordon Eng, Law Office of Gordon K. Eng.
“The refinance of this retail center was driven by the notion that rates were going to continue to rise in 2017. We have been very active in recent months with the spike in interest rates. As short term rates rise, the cost to defease decreases and this has helped our client’s deals make sense. We were referred to handle this transaction by a previous client and look forward to working with all parties again.” – Addison McMillan, Director at 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.
Addison McMillan, Director – 949.468.2337
Brian Pedersen, Director – 704.926.6533