Waterstone Defeases Hotel Property – 204 Keys
Waterstone Defeasance recently closed a defeasance transaction of an original $17.8 Million CMBS loan, secured by a Hotel in Traverse City, MI. Waterstone guided the owners through the defeasance process coinciding with the owners’ refinance of their loan.
“Waterstone continues to deliver a high level of expertise for our clients, hotel properties continue to be the new darling in destination spots with pent-up demand for travel at an all-time high, we are seeing defeasance volumes continuing uptrends as clients are expediting their timeline in executing their exit strategy “.
– John Felter, Managing Director with Waterstone
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.
Please contact us today with any questions regarding defeasance or to request a quote.