Waterstone Recently Defeased a $2.6 Million CMBS Loan
CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $2.6 million CMBS loan, secured by a retail property in Apex, NC. 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.
“We continue to see a lot of activity around NNN assets trading and needing to be defeased. We have facilitated a few transactions now for this team, and it is always meaningful and a solid indication of a happy client when you receive repeat business. We are expecting to remain active in this sector through year end and especially hope to work with this group again.” – Addison McMillan, Director with Waterstone
“I was extremely satisfied with the services that Waterstone provided on this transaction. They were well organized and very attentive to my needs.” – Borrower
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.