Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28 has filed an -K report indicating a change in its special servicer. C-IV Asset Management LLC (C-IV AM) has been selected to act as the special servicer for the trust, replacing Greystone Servicing Company LLC. The transition is set to take place on September 1, 2026.
The change is the result of a sale transaction in which Greystone sold and conveyed substantially all of the assets of its special servicing division to C-IV AM. As part of this transfer, C-IV AM has assumed all duties, responsibilities, and liabilities associated with the special servicing role. The filing notes that key employees from Greystone’s special servicing division have moved to C-IV AM or its affiliate and will continue to perform the same duties.
C-IV AM is a wholly-owned subsidiary of C-IV Capital Partners LLC. Its principal office is located in Irving, Texas. The company 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.”
The filing provides details on the portfolio being transferred. As of June 30, 2026, Greystone was the special servicer for approximately 60 transactions, representing about 1,928 first-lien mortgage loans with an aggregate principal balance of approximately $20.7 billion. This portfolio includes 33 CMBS transactions valued at about $14.2 billion, as well as securitizations from Freddie Mac and other entities. Approximately 108 assets with a balance of about $2.1 billion were in active special servicing as of that date.
C-IV AM has a history of resolving assets, having participated in the resolution of 6,017 total assets since 2002, with an aggregate principal balance of approximately $60.7 billion. The filing states that C-IV AM has detailed policies and procedures for servicing and a formal business continuity plan. It also notes that C-IV AM is an affiliate of C-III High Yield Real Estate Debt Fund IV TIER Holdings Inc., which has purchased bonds in the transaction and serves as a directing certificateholder.
