Waterstone Defeasance Closes on a $5 Million CMBS Loan
Raleigh, NC: Waterstone Defeasance recently closed a defeasance transaction for a $5 million CMBS loan, secured by student apartments located in Champaign, IL. Waterstone guided the owners through the defeasance process coinciding with the owners’ sale of their property, terms undisclosed.
“Waterstone continues to deliver a high level of expertise for our clients, student housing properties continue to trade at compressed cap rates, we are seeing defeasance volumes continuing uptrends as clients are expediting their timeline in executing their exit strategy “. John Felter – Managing Director of Waterstone.
As the defeasance consultant, Waterstone managed the activities of the numerous parties involved with the transaction in order to meet the borrower’s aggressive 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.