Addison McMillan

Waterstone Defeasance, LLC

Why Waterstone? ➤ Substantial experience defeasing CMBS, Freddie Mac and other securitized debt since inception in 2004 ➤ Defeased over $20 Billion in original loan balances ➤ A Dedicated Defeasance Coordinator is assigned to each transaction to ensure each client receives "white glove" service and all transactions consistently close on time ➤ We advocate for the borrower during the securities purchase by bidding the portfolio to primary and secondary broker dealers ensuring best available pricing ➤ Deep industry relationships with servicers, counsel and all related teams involved in the defeasance closing ➤ We are an independent firm that represents the borrower rather than the servicer and big banks. There is no conflict of interest for our clients. ➤ Quick Response Time and always available with nationwide coverage In commercial real estate, defeasance is a process a borrower may need to go through when selling property or refinancing a loan encumbered by CMBS debt. Defeasance is a substitution of collateral activity where a portfolio of government securities are purchased from new loan proceeds, and the cash flow from these securities are used to satisfy the remaining debt service of the existing CMBS loan. The CMBS loan is subsequently assumed by a Successor Borrower, which is an entity created to hold the securities and make the future ongoing monthly loan payments. The professionals at Waterstone Defeasance will make sure that all of the details are covered for you, so the defeasance will go smoothly and closes on time. Waterstone coordinates with the various parties such as the servicer, servicer's counsel, verification accountant, securities broker/dealer, securities custodian, rating agencies, title company, and successor borrower to ensure the defeasance is completed within your closing schedule. ➤ Contact us anytime to request a quote or get your questions answered at: sales@waterstonedefeasance.com or 855.347.3695