Key Takeaways

• According to Mortgage Bankers Association (MBA), the largest commercial/multifamily named special servicers in the US in 2021 were CWCapital Asset Management LLC, PNC, and KeyBank.
• In 2021, CWCapital Asset Management provided special servicing in the Commercial/Multifamily category for 10,701 loans worth a total of $218.8 billion.
• In 2021, PNC Real Estate / Midland Loan Services provided special servicing in the Commercial/Multifamily category for 6,758 loans worth a total of $204.3 billion.

Introduction

CWCapital Asset Management, LLC

• The link to the website can be found here.
• CWCapital is a commercial real estate services company based on technology and data analytics. They have one of the largest special servicing platforms, and they offer deep market experience in Commercial Mortage Backed Securities (CMBS) research, acquisition services, bond analytics, underwriting, dispositions, due diligence and investment management.
• CWCapital makes use of technology to support a loan's complete life cycle, including special servicing. It has over $221 billion unpaid principal balance (UPB) of named special servicing. It has "some of the most sophisticated resolution strategies in special servicing" and experience that covers all major asset types such as industrial, retail, office, hospitality, mixed-use and multifamily.
• According to MBA, in 2021, CWCapital Asset Management provided special servicing in the Commercial/Multifamily category for 10,701 loans worth a total of $218.8 billion.

PNC Real Estate / Midland Loan Services

• The link to the website can be found here.
• PNC Real Estate is a "leading provider of banking, financing and servicing solutions for commercial real estate clients" in the US. Their offerings include construction, acquisition and permanent financing for private and public investors and developers; equity and debt capital for the affordable housing industry; and agency financing for seniors housing and multifamily properties.
• Through Midland Loan Services, PNC Real Estate offers third-party loan servicing, technology and asset management solutions. Midland is a top independent third-party special servicer, with offerings such as "providing non-performing loan resolution, workout and loss mitigation services for CMBS and non-securitized real estate and commercial assets."
• According to MBA, in 2021, PNC Real Estate / Midland Loan Services provided special servicing in the Commercial/Multifamily category for 6,758 loans worth a total of $204.3 billion.

KeyBank National Association

• The link to the website can be found here.
• Headquartered in Cleveland, Ohio, KeyCorp is one of the US's largest bank-based financial services companies, with $186 billion in assets.
• KeyBank Real Estate Capital provides special servicing for all types of commercial real estate and has been ranked by MBA as a "top master, primary, and special servicing Provider"
• According to MBA, in 2021, KeyBank provided special servicing in the Commercial/Multifamily category for 16,079 loans worth a total of $178.9 billion.

Wells Fargo

• The link to the website can be found here.

• Headquartered in San Francisco, Wells Fargo provides banking, investment, consumer and commercial finance, and mortgage products and services through over 7,200 locations, 13,000 ATMs, the internet (wellsfargo.com), and mobile banking. It has offices in 31 countries.
• For non-performing loans, Wells Fargo offers special servicing such as asset management and loan workout expertise.
• According to MBA, in 2021, Wells Fargo provided special servicing in the Commercial/Multifamily category for 3,596 loans worth a total of $114.8 billion. 

Rialto Capital Advisors, LLC

• The link to the website can be found here.
• Rialto Capital Management, LLC is an investment management firm. It specializes in real estate investment, private equity, underwriting, and capital structuring. It serves clients globally.
• Rialto Capital has a dedicated special servicer. Since 2011, it has been a rated CMBS special servicer, managing a portfolio of more than $120 billion in pool balance across 120 trusts.
• According to MBA, in 2021, Rialto Capital Advisors provided special servicing in the Commercial/Multifamily category for 6,963 loans worth a total of $111.7 billion.

LNR Partners, LLC

• The link to the website can be found here.

• LNR Partners LLC was a subsidiary of LNR Property LLC which was then acquired by Starwood property trust in April 2013.

• Starwood Property Trust is a leading, diversified real estate finance company with a current market capitalization of approximately $7 billion. Since its inception, it has deployed over $83 billion in total capital. It is one of the oldest commercial mortgage special servicing companies in the United States.
• By active balance in special servicing, LNR is the world's largest commercial mortgage special servicer. It has handled over 6,500 non-performing assets with a total principal balance of $73.2 billion spanning all main property types since its inception. LNR's special servicing platform aids REIS and other third-party investment operations with underwriting and due diligence.
• According to MBA, LNR Partners provided special servicing in the Commercial/Multifamily category for 6,133 loans worth a total of $97.4 billion in 2021.

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