BBCMS Mortgage Trust 2023-C21 filed an 8-K on September 1, 2026, reporting a change in the special servicer for a specific loan within its portfolio. The filing indicates that C-IV Asset Management LLC will act as the special servicer for the 11 West 42nd Street Mortgage Loan pursuant to the BANK5 2023-5YR3 pooling and servicing agreement.
The change in servicer is the result of a transaction completed on September 1, 2026, where Greystone Servicing Company LLC sold and conveyed substantially all of the assets of its special servicing division to C-IV AM. Following this transfer, C-IV AM assumed all duties, responsibilities, and liabilities of the special servicer under the related agreement.
The filing provides background on C-IV Asset Management, noting that it is a wholly-owned subsidiary of C-IV Capital Partners LLC. The company states that substantially all key employees from Greystone’s special servicing division have transferred to C-IV AM or its affiliate and continue to perform the same duties. C-IV AM’s principal office is located in Irving, Texas.
The company reports that it holds a special servicer rating of “MOR CS2” from Morningstar DBRS and “CSS2” from Fitch. It is also listed on S&P’s Select Servicer list as a U.S. Commercial Mortgage Special Servicer, ranked “Average; Ranking Watch Positive” by the agency.
As of June 30, 2026, C-IV AM states that Greystone was the named special servicer for approximately 60 transactions, representing about 1,928 first-lien mortgage loans with an aggregate stated principal balance of approximately $20.7 billion. Of these, 33 were CMBS transactions with a balance of approximately $14.2 billion. The filing notes that C-IV AM has resolved or participated in the resolution of 6,017 total assets since its inception in 2002, with an aggregate principal balance of approximately $60.7 billion.
The filing further details the company’s policies and procedures for special servicing, which include strategies such as liquidation, note sales, discounted payoffs, and borrower negotiation. C-IV AM states it does not have primary responsibility for custody services of original mortgage documents but may maintain custody for specific enforcement actions. The company asserts it has not been the subject of a servicer event of default or termination event in any securitization transaction for which it acted as special servicer.
