Waterstone Defeasance Closes on a $5.3 Million CMBS Loan
Waterstone Defeasance Closes on a $5.3 Million CMBS Loan
Waterstone Defeasance Closes on a $5.3 Million CMBS Loan
Raleigh, NC: Waterstone Defeasance recently closed a defeasance transaction for a $5.3 million CMBS loan, secured by a limited-service hospitality property located in Palm Springs, CA. Waterstone guided the owners through the defeasance process coinciding with the owners’ refinance of their loan.
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 were very excited to be representing our client on their first defeasance transaction. Their hotel loan was coming due in a few years and they decided to take advantage of the current interest rate environment through a refinance. This is a beautiful property located in Palm Springs CA. We are all happy to see hotels getting back into the market strong post pandemic. Waterstone was able to guide them through the defeasance process to ensure a seamless closing for all” – Addison McMillan, Director with Waterstone
About Waterstone Defeasance
Waterstone Defeasance 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 Raleigh, North Carolina, the company also has offices in New York, Dallas, and Anaheim.
Please contact us today with any questions regarding defeasance or to request a quote.
Addison McMillan
910-734-8402
Addison@WaterstoneDefeasance.com
