Wells Fargo Commercial Mortgage Trust 2019-C51 filed a Current Report on Form 8-K on September 1, 2026, to disclose a change in its special servicer. The filing states that C-IV Asset Management LLC, a Delaware limited liability company, will act as the special servicer under the pooling and servicing agreement for the trust.
The transition is the result of a sale transaction in which Greystone Servicing Company LLC sold and conveyed substantially all of the assets of its special servicing division to C-IV AM. As of the closing of this transaction, C-IV AM assumed all duties and liabilities of the special servicer. The filing notes that key employees from Greystone’s special servicing division have transferred to C-IV AM or its affiliate and will continue performing their duties.
C-IV AM 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.
The filing provides background on the scale of the Greystone portfolio being transferred. As of June 30, 2026, 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 remaining transactions included securitizations backed by Freddie Mac, single-asset single-borrower securitizations, and other non-securitized deals.
C-IV AM has detailed policies and operating procedures to maintain compliance with servicing obligations. The company states 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. Additionally, C-IV AM has resolved or participated in the resolution of 6,017 total assets since its inception in 2002 through June 30, 2026, with an aggregate principal balance of approximately $60.7 billion.
The filing includes a table detailing the portfolio of specially serviced loans acquired by C-IV AM. As of June 30, 2026, the named specially serviced portfolio had an aggregate unpaid principal balance of approximately $20,697.8 million, while the actively specially serviced portfolio stood at approximately $2,106.5 million.
