Waterstone Capital Advisors LLC, a defeasance consulting firm, has written a check for over $1.1 million to a West Coast client.
‘Waterstone's transparent approach to the residual value in defeasance transactions was obviously a huge windfall to the borrower,’ says Mike Schoenstein, a principal of the firm.
Defeasance is a process commercial real estate borrowers may need to go through if they are selling their property encumbered by conduit or refinancing a commercial mortgage-backed securities loan, the company explains. Defeasance releases the mortgage from the loan and allows the borrower to close the related sale or refinance the transaction.
Source: Waterstone Capital Advisors
