Waterstone Recently Defeased a $50 Million CMBS Loan Involving a Retail Property in Oregon
CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $50 million CMBS loan, secured by a retail property in Bend, Oregon. Waterstone guided the owners through the defeasance process coinciding with the owners’ refinance of their loan.
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 transaction had a tight timeline which all parties really came together in order to meet. The borrower and the mortgage brokers involved were familiar with Waterstone and our process which ensured a smooth closing.” – Addison McMillan, Director with 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.
Addison McMillan, Director – 949.468.2337