Waterstone Just Defeased a $5.5 Million CMBS Loan
CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $5.5 million CMBS loan, secured by a multifamily property in Buford, GA. 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.
“Waterstone is an excellent company to do business with. They were very knowledgeable about the entire defeasance process and kept us informed every step of the way.” – Brooke Anderson, PEM Real Estate Group.
“As can occur in sales transactions, there were a few hiccups on the buyer’s side, however, we were able to work through them with our client and closed the defeasance as requested. We look forward to working with this client again.” – Carol Tillman, COO at 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.
Carol Tillman, COO – 704.926.6508