KeyBank National Association - Special Servicer
With a strong presence in commercial real estate finance, KeyBank provides specialized servicing solutions to meet the needs of CMBS investors. We are tracking 31 CMBS deals from this servicer's portfolio.Servicer Metrics
Key performance indicators and workout statistics for KeyBank National Association.Workout Statistics
Modifications
1Foreclosures
5Bankruptcies
0Extensions
0Note Sales
0DPOs
1REOs
0Deed in Lieu
0Full Payoffs
0Current Status
Active Deals
7Resolved
1Returned
1Pending Return
2Most Recent Transfer
5/15/2026Most Recent Return
9/13/2024Recent 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 KeyBank National Association, highlighting their approach to managing distressed CMBS assets.💬 Servicer Commentary
2026-06-30
1019 Market Street
DWS Grundbesitz GmbH
6/11/2026 - A foreclosure sale occurred 9/18/2025 in which the Lender was the successful bidder. The REO property has 81,722 SF of NRA and is currently 0% occupied. Colliers has been engaged to market spaces within the REO property for
💬 Servicer Commentary
2026-06-26
One Jackson Place
Hertz Group Realty Operating Partnership LP
5/1/2026 Loan transferred to SS as Imminent Non-Monetary Default as Loan Guarantor did not want to replace roof for tenant who has sent Default Notice with intent to vacate. A receiver has been appointed and is working to improve property
💬 Servicer Commentary
2026-05-29
181 West Madison Street
HNA Group North America LLC
5/11/2026 - The Loan was transferred to the Special Servicer on 1/22/26 due to an imminent default. This loan is part of a $240.0MM first mortgage loan that is secured by the fee interest of 181 West Madison, a Class A, 50-story, 946,099 SF, located at 18 1 West Madison in downtown Chicago, Illinois. The $240.0MM mortgage loan consists of the two Trust Notes ($1.0MM Trust A Note & $132.1MM Trust B Note), which both in the JPMCC 2020-LOOP Trust, and the Non-Trust $106.9MM A Note. Notes have a 12/1/26 maturi ty. The HNA sponsored initial Brwr. filed bankruptcy in 2021. BK plan auctioned property''s equity in 2Q23, which produced a winning bidder, an HNA affiliate, that assumed the subject Loan effective 9/23. During the BK, a 2-yr. ext. was approved for ancho r tenant, Northern Trust. NT occupied 400M SF and the ext. pushed their lease expiration from 12/31/25 to 12/31/27. The extension also allowed NT to contract from 400M SF to 225M SF effective 1/1/26. The Brwr''s 2026 budget indicates negative cashflow in 2026 due to the 1/1/26 contraction of space & initiation of 4-month free rent period by anchor tenant Northern Trust. There was a cash shortfall for the March payment cycle. The Lender initiated foreclosure and a receiver was granted 4/24/26.
💬 Servicer Commentary
2026-05-28
5/11/2026 The Loan transferred to Special Servicing on 2/7/25 due to payment default, dating back to December 2024. An Order Appointing Receiver was granted on 10/7/25 and the court subsequently denied the Defendant's motion to vacate the order on 11/1 3/25. There is a hearing scheduled to occur in early June to determine entry of Receiver's Motion to Compel / Contempt of Defendant, to allow Receiver entry to the property and to oversee the asset. In February 2026, 3650 Servicing was appointed and assum edthe special servicing responsibilities for the Loan. Currently the special servicer is dual tracking discussions with the Defendant through outside counsel while proceeding with enforcement remedies in order
💬 Servicer Commentary
2026-05-28
Portfolio (3 Multifamily properties)
Moshe Horn
5/11/2026 - Loan was transferred to Special Servicing on 10/14/2025 due to payment default. Property consists of 3 properties: Residence at Patriot Place located in Columbus, GA (18 buildings with total of 257 units and built in 1978); Retreat at Ragan Park located in Macon, GA (15 buildings with a total 144 units and built in 1974); and Magnolia Manor located in Birmingham, AL (11 buildings with a total 122 units built in 1987). Borrower has not made timely payments since August 2025, haven''t p rovided compliant insurance, and has not provided any reporting since YE 2024. Legal Counsel has been engaged and sent a default letter for all current defaults and have commenced enforcement.
💬 Servicer Commentary
2026-05-28
5/11/2026 - Loan transferred to Special Servicing on 1/8/2026 due to payment default. Loan is collateralized by a 126-room hotel located in Kansas City, MO. According to the December 2025 STAR report, the property was 47.1% occupied with an ADR of $104.52 and RevPAR of $49.22. Negotiations are ongoing with the Borrower.
💬 Servicer Commentary
2026-05-28
5/4/26: The OPI portfolio loans transferred to Midland as SS on 12/30/25 due to the bankruptcy filing of the loan guarantor Office Properties Income Trust on 10/30/25. Counsel is engaged and EOD has been sent to the borrower. Proof of claims were f iled in the case on behalf of lender. The debtor obtained approval for a DIP loan. The guarantor debtor filed a Ch. 11 plan of reorganization and disclosure statement that was confirmed by the court on 4/22/26. The loan is secured by two office properties : Waco is a 138,608 sf Class B property 100% occupied by Veteran Affairs with lease expiration 12/2035 and Duluth is a 344,476 sf Class A property 100% occupied by Primerica Life Insurance with lease expiration 12/2035. Midland and the borrower entered in to a waiver agreement on 5/1/26 to allow the loan to transition to a performing status and cash management is in place for the remaining term of the loan. Midland plans to transfer this loan back to Master
💬 Servicer Commentary
2026-05-28
5/4/26: The OPI portfolio loans transferred to Midland as SS on 12/30/25 due to the bankruptcy filing of the loan guarantor Office Properties Income Trust on 10/30/25. Counsel is engaged and EOD has been sent to the borrower. Proof of claims were f iled in the case on behalf of lender. The debtor obtained approval for a DIP loan. The guarantor debtor filed a Ch. 11 plan of reorganization and disclosure statement that was confirmed by the court on 4/22/26. The loan is secured by two office properties : Waco is a 138,608 sf Class B property 100% occupied by Veteran Affairs with lease expiration 12/2035 and Duluth is a 344,476 sf Class A property 100% occupied by Primerica Life Insurance with lease expiration 12/2035. Midland and the borrower entered in to a waiver agreement on 5/1/26 to allow the loan to transition to a performing status and cash management is in place for the remaining term of the loan. Midland plans to transfer this loan back to Master
💬 Servicer Commentary
2026-05-28
Holiday Inn Kansas City
Larry Patel
5/11/2026 - Loan transferred to Special Servicing on 1/8/2026 due to payment default. Loan is collateralized by a 126-room hotel located in Kansas City, MO.According to the December 2025 STAR report, the property was 47.1% occupied with an ADR of $104.52 and RevPAR of $49.22. Negotiations are ongoing with the Borrower.
💬 Servicer Commentary
2026-03-03
650 Madison Avenue
Vornado Realty L.P.
12/10/2025- The loan was transferred to Special Servicing on September 17, 2025, due to a payment default (waterfall shortfall not funded by the Borrower). The Borrower also formally requested the transfer at that time. A Pre-Negotiation Agreement was executed with both the Borrower and Guarantor. The asset is currently 74% leased. An updated appraisal was recently completed, and the Appraisal Reduction Amount (ARA) calculation was submitted to the Master Servicer in accordance with the Trust and Servicing Agreement. The Borrower has funded a reinstatement payment to bring the loan current, along with reserves to cover projected shortfalls over the next 12 months. In addition, the Borrower funded $1.5 million into a new leasing reserve account. With these actions completed, the Special Servicer will return the loan to the Master Servicer. No modification or workout fee will be charged in connection with this Corrected loan.
* This list shows only a few of the most recent special servicing commentaries. We are continuously updating our coverage!
* Commentary dates (asof) represent when the special servicer made the comment.
* For full disclosures, please visit our disclosures page.
* Commentary dates (asof) represent when the special servicer made the comment.
* For full disclosures, please visit our disclosures page.
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CMBS Special Servicing Commentary
Special servicing commentary extracted from sec.gov Form 10-D filing servicer reports.
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