CHARLOTTE, N.C., June 01, 2018 (GLOBE NEWSWIRE) -- Waterstone Defeasance recently closed on the defeasance of 6 CMBS loans totaling $144 Million. The loans were secured by a portfolio consisting of multifamily properties located in Nevada, Colorado and New Mexico. Waterstone guided the owners through the defeasance process coinciding with the owners’ sale of four of the properties and the refinancing of the loans for the remaining two 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.
“The client has been working the last several months to restructure their multifamily portfolio. The restructuring included 19 properties of which 6 were encumbered with CMBS debt. We enjoyed working with their team to complete the defeasance transactions.” - Carol Tillman, COO with Waterstone
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:
Carol Tillman
COO
Carol@waterstonedefeasance.com
704.926.6508
DefeasanceServices.com