Wells Fargo Bank Files Form 8-K: Appointment of New Special Servicer for Holiday Inn and Hilton Garden Inn Mortgage Loans

Strategic Insights -

Wells Fargo Bank, National Association, filed a Current Report on Form 8-K with the Securities and Exchange Commission on May 20, 2022, noting a change in the special servicer for two mortgage loans, effective May 2, 2022. The appointments are related to the Holiday Inn Express Austin North Mortgage Loan and the Hilton Garden Inn Bothell Mortgage Loan, which are part of the Wells Fargo Commercial Mortgage Trust 2016-LC24.

Key Takeaways:

  • Wells Fargo Bank, National Association, filed a Current Report on Form 8-K with the Securities and Exchange Commission on May 20, 2022, announcing a change in the special servicer for two mortgage loans.
  • The appointments were made in accordance with Section 7.01(d) of the pooling and servicing agreement, dated September 1, 2016.
  • LNR Partners, LLC, was appointed as the successor general special servicer for the Holiday Inn Express Austin North Mortgage Loan and the Hilton Garden Inn Bothell Mortgage Loan, effective May 2, 2022.
  • LNR Partners will be responsible for the servicing and administration of the Holiday Inn Express Austin North Mortgage Loan and the Hilton Garden Inn Bothell Mortgage Loan.
  • The principal executive offices of LNR Partners are located at 2340 Collins Avenue, Suite 700, Miami Beach, Florida 33139, and its telephone number is (305) 695-5600.
  • The appointments are in line with the Pooling and Servicing Agreement, which was filed as Exhibit 4.1 to the Current Report on Form 8-K/A filed by the Issuing Entity with the Securities and Exchange Commission on January 23, 2017.

Statistics:

  • The effective date for the appointment of LNR Partners as successor general special servicer is May 2, 2022.
  • The appointments were made in accordance with Section 7.01(d) of the pooling and servicing agreement, dated September 1, 2016.
  • The Pooling and Servicing Agreement was filed as Exhibit 4.1 to the Current Report on Form 8-K/A filed by the Issuing Entity with the Securities and Exchange Commission on January 23, 2017.
  • The principal executive offices of LNR Partners are located at 2340 Collins Avenue, Suite 700, Miami Beach, Florida 33139.

Sources:

  • UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549
  • Form 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
  • Wells Fargo Commercial Mortgage Trust 2016-LC24 (Exact name of issuing entity)
  • LNR Partners, LLC (Exact name of successor general special servicer)