Waterstone Just Closed on a $12.3 Million CMBS Loan Transaction
CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $12.3 million CMBS loan, secured by a multifamily property in Albuquerque, NM. 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.
“This closing for a 200 unit apartment complex in Albuquerque is one of five closings the borrower is working with Waterstone to defease. The borrower is restructuring a 19 property portfolio which includes the 5 loans encumbered with Freddie Mac debt. We look forward to working with them on these transactions.” – 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.