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CHARLOTTE, N.C., March 29, 2018 -- Waterstone Defeasance recently closed a defeasance transaction for a $28.5 million CMBS loan, secured by a multifamily property in Hyattsville, MD. 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.
“Like many of our clients, the borrower took advantage of higher yields and lower interest rates to refinance their Freddie Mac debt. The loan was secured by a 247-unit multifamily property in Maryland. The borrower was very pleased with Waterstone’s service and worked with us on their next transaction as well.” - 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.
Additional Multifamily Property Closings:
Heritage Apartments: http://www.defeasanceservices.com/2018/02/waterstone-defeased-2-4-million-cmbs-loan/
Woodmont Crossing: http://www.defeasanceservices.com/2018/03/waterstone-defeasance-llc-closes-10-3-million-cmbs-loan/
Marquise Forest Apartments: http://www.defeasanceservices.com/2018/02/waterstone-defeasance-llc-closes-8-1-million-cmbs-loan/
Bluffs of Lakewood: http://www.defeasanceservices.com/2018/02/waterstone-defeasance-closed-5-7-million-cmbs-loan-transaction/
Please contact us today with any questions regarding defeasance or to request a free quote.
Carol Tillman
COO
704.926.6508
DefeasanceServices.com
