Waterstone Defeasance, LLC closes on a $28.5 Million CMBS Loan

May 11, 2018

 Hyattsville, MD — Waterstone Defeasance recently closed a defeasance transaction for a $28.5 million CMBS loan, secured by a multifamily property in Hyattsville. 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.

Waterstone recently closed a defeasance transaction for a $2.4 million CMBS loan, secured by multifamily property located in Augusta, GA. Waterstone guided the owners through the defeasance process coinciding with the owners’ sale of their property.

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.

“Waterstone worked with the seller to facilitate the defeasance closing on their 188 unit, over 90% occupied apartment complex built in the 60’s. The buyer secured a Fannie Mae loan through Arbor Commercial Funding. The defeasance replaced the original debt placed by C-III Commercial Mortgage. We enjoyed working with this new client and look forward to working with them again,” said Tillman.

Waterstone Defeasance recently closed a defeasance transaction for a $10.3 million CMBS loan, secured by a multifamily property in Washington, DC. Waterstone guided the owners through the defeasance process coinciding with the owners’ sale of their property.

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 sale of this 176-unit multifamily property built in 2001 drove the defeasance transaction. The borrower is currently restructuring their portfolio and chose Waterstone to assist with their defeasance transactions to refinance and sell certain properties. We appreciate their confidence in our services,” said Tillman. 

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