Benchmark 2023-V3 Mortgage Trust filed a Current Report on Form 8-K on September 1, 2026, regarding a change in the special servicer for the Heritage Plaza Mortgage Loan. The filing details the transfer of special servicing responsibilities from Greystone Servicing Company LLC to C-IV Asset Management LLC.
Under the BANK5 2023-5YR3 pooling and servicing agreement, C-IV Asset Management will assume the role of special servicer. The transition is effective September 1, 2026, following the closing of a Sale Transaction in which C-IV Asset Management acquired substantially all assets of Greystone’s special servicing division. Key employees from Greystone’s division have been retained by C-IV Asset Management or its affiliate to continue performing special servicing duties.
C-IV Asset Management is a wholly-owned subsidiary of C-IV Capital Partners LLC. The company has 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.
As of June 30, 2026, Greystone was the named special servicer for approximately 60 transactions representing approximately 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 portfolio includes multifamily, office, retail, hospitality, and industrial properties.
The filing includes a table detailing the portfolio of specially serviced loans acquired by C-IV Asset Management. As of June 30, 2026, the actively specially serviced portfolio had an aggregate unpaid principal balance of approximately $2.1 billion. Since its inception in 2002 through June 30, 2026, C-IV Asset Management has resolved or participated in the resolution of 6,017 assets with an aggregate principal balance of approximately $60.7 billion.
C-IV Asset Management stated that 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. The company also noted that it does not have any material advancing rights or obligations with respect to the CMBS pools for which it acts as special servicer, though it may make property-related servicing advances in emergency situations.
