Waterstone Defeasance closes on a $28.5 million CMBS Loan
Hyattsville, MD — 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,” said Carol Tillman, COO with Waterstone.