Bank of America Announces Change in Special Servicer for Herald Center Mortgage Loan

Strategic Insights -

Bank of America, National Association has filed a Form 8-K with the Securities and Exchange Commission, announcing a change in special servicer for the Herald Center mortgage loan. Effective March 9, 2022, LNR Partners, LLC, a subsidiary of Starwood Property Trust, Inc., will take over as special servicer for the loan, replacing Midland Loan Services. LNR Partners will be responsible for servicing and administering the loan if it becomes specially serviced and will process and perform certain reviews of material actions.

Key Takeaways:

  • LNR Partners, LLC, a subsidiary of Starwood Property Trust, Inc., has been appointed as the new special servicer for the Herald Center mortgage loan, replacing Midland Loan Services.
  • The change in special servicer is effective as of March 9, 2022, and will be governed by the MSBAM 2015-C25 Pooling and Servicing Agreement.
  • LNR Partners will be responsible for servicing and administering the loan if it becomes specially serviced and will process and perform certain reviews of material actions.
  • The servicing of the Herald Center Non-Serviced Loan Combination will continue to be governed by the MSBAM 2015-C25 Pooling and Servicing Agreement.
  • LNR Partners is also the special servicer under the pooling and servicing agreement for the MSBAM 2015-C24 securitization.

Statistics:

  • Date of report: March 9, 2022
  • Number of days since report: Not specified
  • Number of securities affected: 1 (Herald Center mortgage loan)

Sources:

  • UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Form 8-K filing date: March 9, 2022)
  • Starwood Property Trust, Inc. Home Page (as of 2022)