SOURCE: Waterstone Defeasance

Waterstone Defeasance

November 30, 2016 08:00 ET

Waterstone Defeases a $5.07 Million CMBS Loan on a Self-Storage Property

CHARLOTTE, NC--(Marketwired - November 30, 2016) - Waterstone Defeasance closed a defeasance transaction for a $5.07 million CMBS loan, secured by a self-storage property in Las Vegas, NV. 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.

"Brian Pedersen of Waterstone has repeatedly done a first-rate job." - Joel Herz with Law Offices of Joel L. Herz.

"We have worked with this client before and were pleased to work with them again. Everything went smoothly and we look forward to the next one." - Brian Pedersen, Director with Waterstone Defeasance.

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.

Contact Information

  • Contacts:

    Carol Tillman
    COO
    704.926.6508

    Brian Pedersen
    Director
    704.926.6533

    DefeasanceServices.com