Waterstone Defeasance closes on a $10.5 Million Industrial Property
Raleigh, NC: Waterstone Defeasance recently closed on a defeasance transaction for a $10.5 million CMBS loan, secured by industrial property located in Lysander, NY. Waterstone guided the owners through the defeasance process coinciding with the owners’ sale of their property, terms were undisclosed.
“Waterstone continues to deliver a high level of expertise for our clients, industrial/flex space properties continue to pick-up steam as storage and flex space are getting closer to the last mile. We are seeing defeasance volumes continuing uptrends as clients are expediting their timeline in executing their exit strategies “. – Addison McMillan, Director with Waterstone
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.
Please contact us today with any questions regarding defeasance or to request a quote.