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CHARLOTTE, N.C., July 09, 2018 (GLOBE NEWSWIRE) -- Waterstone Defeasance recently closed a defeasance transaction for a $103 million CMBS loan, secured by a multifamily property located in Los Angeles, 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 are always grateful when one of our previous customers uses us on a current deal. We were able to add significant value on this transaction because the deal was larger than 100 million, our approach to buying the bonds allows the client to reap savings with each basis point.” - John Felter, Managing Director 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:
Please contact us today with any questions regarding defeasance or to request a free quote.