Waterstone Defeasance closes on a $7 Million Self-Storage Property
Raleigh, NC: Waterstone Defeasance recently closed a defeasance transaction of an original $7 Million CMBS loan, secured by a self-storage property in Panama City Beach, FL. Waterstone guided the owners through the defeasance process coinciding with the owners’ sale of their property.
“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 “. – John Felter, Managing 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.