Flawless execution results in successful multi-property defeasance for Hometown America Corp
Charlotte, NC – Defease With Ease®, headquartered in Charlotte, North Carolina, recently facilitated a $160 million defeasance transaction for Hometown America Corporation in connection with the sale of ten properties located in Texas, Arizona and Colorado.
The defeasance, a substitution of government securities for the real estate collateral securing the loan, required simultaneous closings of partial and full defeasances with three different loan servicers across eight different CMBS securitizations. Defease With Ease managed the entire defeasance process from start to finish, including structuring the $160 million securities portfolio and coordinating approvals from three major statistical rating agencies: Moody’s, Fitch Ratings and Standard & Poor’s. Defease With Ease continues its 12 year track record of successful closings across the United States and Canada while providing unmatched customer service, knowledge and experience. Defease With Ease also guarantees the most efficient securities portfolio and best execution available in the market. Get more information at www.defeasewithease.com
Deal manager Emily Bumgardner said “with multiple properties, rating agencies, servicers, law firms, and lenders involved, the process can get complicated. Our goal is to simplify the defeasance, so buyers and sellers are able to concentrate on their purchase and sale transactions with complete confidence that the defeasance will close on time.”
Pat Zilis, co-President and CFO of Hometown America, responded “Jon Davis, Emily Bumgardner and the rest of the Defease With Ease team did an outstanding job. This was a complex transaction that closed in three different tranches and involved multiple servicers. The team did an excellent job adhering to shifting closing dates within relatively tight timeframes. Their coordination of the many parties involved and the securities execution were also flawless. Knowing that the defeasance process was in good hands allowed me to focus my efforts elsewhere in the overall execution of the transaction.”