Waterstone Defeases Two CMBS Loans

The firm closed on the defeasance of a $11 million CMBS loan in Columbia, Mo., and another $8 million CMBS loan in Milwaukee.

by Laura Calugar

Charlotte, N.C.Waterstone Defeasance recently completed two defeasance transactions for two CMBS loans totaling $18.3 million. One was secured by a multifamily property in Columbia, Mo., and the other one by an office property in Milwaukee.

Waterstone Defeasance
Waterstone Defeasance

Waterstone guided the owners through the defeasance process. In Columbia, it coincided with the owners’ sale of the property, while in Milwaukee, it concurred with owners’ refinance of the loan.

“This client was great to work with and were excellent partners in completing this defeasance transaction,” Brian Pedersen, director at Waterstone, said in a prepared statement.

As a defeasance consultant, Waterstone managed the activities of the various parties involved in the transaction in order to convene with the borrower’s closing schedule. Parties associated with a defeasance transaction usually include the servicer, servicer’s counsel, borrower, borrower’s counsel, securities broker, custodian, accountant, rating agencies and the successor borrower.

“Our defeasance transaction went extremely well thanks to the combined efforts of the Waterstone Team. They were very attentive to my needs and kept an open line of communication from beginning to end,” stated Dan Lee from Van Buren Management.

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. Headquartered in Charlotte, N.C., the company also has offices in New York, Dallas and Irvine.

Image courtesy of Sean Busher via Waterstone Defeasance