Waterstone Defeasance, LLC Just Closed on a $32 Million CMBS Loan
CHARLOTTE, NC: Waterstone Defeasance recently closed a defeasance transaction for a $32 million CMBS loan, secured by multiple hotel properties located in Utah and Arizona. Waterstone guided the owners through the defeasance process coinciding with the owners’ sale of their properties.
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.
“We are very happy for the seller and all parties involved to see this transaction successfully close. It was an interesting transaction as it was 5 properties under 1 CMBS loan to be defeased. We worked with the seller and brokers for quite some time evaluating different scenarios and strategies from buyers and new lenders. They all were a pleasure to work with and we hope to do more in the future.” – Addison McMillan, Director with Waterstone Defeasance
“We appreciated everything Waterstone did for this closing. They were knowledgeable, well organized and overall just a great group to work with.” – David Byrd, Borrower.
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.
Please contact us today with any questions regarding defeasance or to request a free quote.
Addison McMillan
Director
909.493.3267
Addison@waterstonedefeasance.com
DefeasanceServices.com
