Waterstone Defeases a $7.650 Million CMBS Loan
CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $7.650 million CMBS loan, secured by an office property in Milwaukee, WI. 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.
“We found working with Waterstone to be a pleasant experience. Their knowledge, hard work, and attention to detail resulted in a smooth defeasance transaction. We would welcome the opportunity to work with Waterstone again.” – Spenser Sotolongo, Van Buren Management.
“Our defeasance transaction went extremely well thanks to the combined efforts of the Waterstone Team. They were very attentive to my needs and kept an open line of communication from beginning to end.” – Dan Lee, Van Buren Management.
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.
Carol Tillman, COO – 704.926.6508
Brian Pedersen, Director – 704.926.6533