Waterstone Asset Management, a subsidiary of Waterstone Capital Advisors, says it has recently received a commercial mortgage special servicer rating from Standard & Poor's.
‘The present marketplace for commercial mortgages and commercial mortgage-backed securities (CMBS) is a space in need of additional capacity for workouts of distressed debt as more and more commercial mortgage loans in default or at risk of imminent default are being transferred to special servicers,’ says John Church, CEO of Waterstone Capital Advisors. ‘One of our competitive advantages is the fact that we are not burdened by legacy assets. We are bringing a team of seasoned commercial real estate professionals to the special servicing market, ready to pick up business and address the growing volume of distressed loans on behalf of investors."
While prepared to handle loans owned by CMBS trusts, Waterstone Asset Management says it also is pursuing the servicing and asset management of loan pools from failed banks being sold by the Federal Deposit Insurance Corp. and from other financial institutions seeking to dispose of certain loans on their balance sheets.
‘We are working with a number of debt funds and investors that are bidding on distressed-loan sales in the market and need servicing and asset management capacity once they win the deal,’ adds Steve Hall, managing director with the company.
Waterstone has recently installed Cassiopae's loan servicing technology – a scalable Web-based commercial loan servicing platform that manages any asset type with a cashflow component, including all types of real estate debt.
‘One of the unique features we offer is customizable dashboard-oriented reporting, providing a valuable asset management tool critical to our clients' success,’ Halle explains.
Waterstone was formed in 2004 by a core group of senior Wachovia Securities professionals, initially entering the commercial real estate capital markets as a CMBS defeasance advisor. More recently, Waterstone has expanded into a wider range of business lines, including primary servicing, special servicing, real estate owned asset management, due diligence, underwriting and consulting.
SOURCE: Waterstone Asset Management