C-IV Asset Management LLC has been appointed as the special servicer for the BANK5 2023-5YR3 commercial mortgage-backed securities (CMBS) transaction. The change is effective September 1, 2026, following the sale of Greystone Servicing Company LLC’s special servicing division to C-IV AM.
C-IV AM, a wholly-owned subsidiary of C-IV Capital Partners LLC, assumed all duties, responsibilities, and liabilities of the special servicer on that date. The transfer includes substantially all of Greystone’s key employees, who will continue to perform their duties for C-IV AM at its principal office in Irving, Texas.
As of June 30, 2026, Greystone managed a portfolio of approximately 60 transactions with an aggregate principal balance of about $20.7 billion. This portfolio includes 33 CMBS transactions valued at roughly $14.2 billion, as well as securitizations backed by Freddie Mac, single-asset loans, and other income-producing property types. Approximately 108 assets with a principal balance of about $2.1 billion were actively specially serviced at the time of the transfer.
C-IV AM 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 with a ranking of “Average; Ranking Watch Positive.” Since its inception in 2002, the firm has resolved or participated in the resolution of 6,017 assets with an aggregate principal balance of approximately $60.7 billion.
The filing details C-IV AM’s policies for managing problem loans, which include strategies such as liquidation, note sales, and borrower negotiations. The company stated it does not have material advancing rights or obligations with respect to the CMBS pools, though it may make emergency property-related advances. C-IV AM also noted that it has not been the subject of a servicer event of default or termination event in any previous transaction.
