Waterstone Defeases two CMBS Loans totaling $10.7 Million
CHARLOTTE, NC: Waterstone Defeasance recently closed on two CMBS Loans totaling $10.7 million, secured by multifamily properties located in Jacksonville, Florida. Waterstone guided the owners through the defeasance process coinciding with the owners’ sale of their properties.
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.
“The Eagle Property Capital Group was a pleasure to deal with. They are knowledgeable owners and they are very committed to their operation. Even though their office in Miami was evacuated the week of hurricane Irma and the subject properties were brushed by the hurricane in Jacksonville, they kept a calm outlook, assessed any damage and moved ahead with only a slight delay.” – John Felter, Managing 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.