Waterstone Defeasance closes on a $14 million Retail Property
Waterstone Defeasance recently closed a defeasance transaction for a $14 million CMBS loan, secured by an retail property in Modesto, CA. Waterstone guided the owners through the defeasance process coinciding with the owners’ sale of their property.
“Retail properties continue to trade during these challenging times, location, location, location. Owners continue to reposition retail properties to attract customers with a focus on services.” 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.