Argentic Services Company LP - Special Servicer
Offering expertise in structured finance, Argentic provides specialized servicing solutions for CMBS transactions. We are tracking 44 CMBS deals from this servicer's portfolio.
Servicer Metrics
Key performance indicators and workout statistics for Argentic Services Company LP.Workout Statistics
Current Status
Recent Commentary
Special servicers provide regular updates on troubled loans through SEC filings, offering valuable insights into workout strategies and asset performance. Below are recent comments from Argentic Services Company LP, highlighting their approach to managing distressed CMBS assets.6/11/2025- Loan was transferred to Special Servicing effective April 4, 2025 due to Payment Default (excluding Balloon/Maturity). The loan is currently past due for the February payment. On the introductory call, the borrower indicated a desire to bring t he loan current, but talks have since stalled on reinstatement terms. The borrower filed for a declaratory judgment that argues the lender should be required to use cash collateral to resolve the payment default. Lender intends to aggressively defend against these claims. Additionally, SS has filed the foreclosure complaint and is pursuing all remedies available under the loan documents.
6/11/2025- The Loan transferred to Special Servicing effective 4/11/23 due to Payment Default. An executed PNA is in place. The property was placed under receivership, effective June 2023 and the receiver employed a broker to market and sell the asset in September 2023. In February 2025, the receiver and a third-party buyer executed a purchase and sale contract, with Lender''s approval. The court has approved the sale. Buyer will have 30 days to close upon expiration of the ongoing due diligence period. Th e special servicer initiated a guarantor lawsuit and a final judgement was entered in April 24. ASC is coordinating with counsel on implementing the best strategy to collect on the judgment.
6/11/2025 - The loan transferred to the Special Servicer on 6/16/23. The loan is secured by an office property in Cincinnati, OH and the capital stack includes a mezzanine loan. The property generated $4.1M of NOI as of YE24 and was 56% occupied as of 12/ 2024. Lender has engaged counsel and will dual track foreclosure with workout discussions. Foreclosure was filed. Receiver was appointed, who has the authority to market and sell the property. The property is on the market
6/11/2025- The Loan was transferred to Special Servicing effective April 8, 2025 due to Imminent Monetary Default. The Loan remains current and is due for the June 2025 monthly payment. A receiver was appointed in May and is coordinating with the Borrower on transitioning property operations. Once the transition is completed, SS will work with receiver on putting together a strategy in efforts to maximize recovery on the loan.
6/11/2025- Special servicing transferred from LNR to ASC effective 9/16/24. The receiver was appointed in February 2024 and continues to operate and lease the property. SS visited the asset in October 2024. In May 2025, the judge entered an order approving Lender''s motion for judgement of foreclosure and sale. The foreclosure sale date is expected to be scheduled for July 2025. SS is simultaneously negotiating mod terms with Borrower rep.
6/11/2025- Loan transferred to special servicing effective 11/20/24 due to Monetary Default. SS and Borrower documented a reinstatement agreement at the end of February and is pending a return to MS. Borrower agreed to bring the loan current and setup cash management, which is in place for the succeeding 12 months following reinstatement.
6/11/2025- Loan transferred to special servicing effective 11/20/24 due to Monetary Default. SS and Borrower documented a reinstatement agreement at the end of February and is pending a return to MS. Borrower agreed to bring the loan current and setup cash manage approved the receivership motion, however, Borrower filed bankruptcy shortly thereafter to prevent the receiver from taking over operations of the property. The bankruptcy case is in the early stages and SS is working with counsel to implement the best strategy to maximize recovery on the loan.
Asset transferred to special servicing, effective 12/11/24, due to Imminent Monetary Default, however, the loan remains payment current. Borrower indicated that due to the low occupancy at the Property, there is not sufficient cash flow to cover the opera ting expenses after debt service and conducted an initial capital call with their equity partners to address immediate outstanding accounts payable issues. Borrower and SS are working on documenting a modification agreement based
Loan transferred to special servicing effective 3/21/2025 due to Imminent Monetary Default related to the bankruptcy and closure of multiple of the single-tenant properties that make up the portfolio. The Loan remains due for the March 2025 payment. Rite Aid filed Chapter 11 Bankruptcy on 10/15/2023. As such, three portfolio tenants subsequently ceased to pay rent and vacated their respective properties. Two of the leases were rejected in bankruptcy while one lease was assumed. Borrower has stated that they will assign the resulting claims to Lender. ASC has determined that only 3 of the 8 portfolio properties are open and operating. The Borrower proposed a deed-in-lieu of foreclosure conditioned upon Lender remitting cash reserves. The Special Servicer has determined there are past due taxes owed for multiple collateral properties. The Borrower was sent a default notice, and the loan has been accelerated. A federal complaint for receiver
The Loan transferred to special servicing on 2/19/2025 due to payment default. At ASC's direction, counsel filed a foreclosure complaint, a motion for the appointment of a receiver and initiated a lawsuit against the guarantor. In May 2025, the jud ge approved the receivership motion, however, Borrower filed bankruptcy shortly thereafter to prevent the receiver from taking over operations of the property. The bankruptcy case is in the early stages and SS is working with counsel to
* Commentary dates (asof) represent when the special servicer made the comment.
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CMBS Special Servicing Commentary
Special servicing commentary extracted from sec.gov Form 10-D filing servicer reports.