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 30 CMBS deals from this servicer's portfolio.
Servicer Metrics
Key performance indicators and workout statistics for KeyBank National Association.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 KeyBank National Association, highlighting their approach to managing distressed CMBS assets.4/11/2025 Loan was transferred to Special Servicing effective March 10, 2025 due to Imminent Monetary Default. Borrower requested the transfer to evaluate a potential forbearance agreement. The loan remains past due for the March 2025 payment. Borrower has recently submitted a forbearance agreement proposal which the Lender has declined. Borrower is considering a cooperative transfer of title to Lender.
4/11/2025 The Loan transferred to Special Servicing on 11/22/2024. Special Servicer has entered into Pre-Negotiation Letters with the borrower and with all four mezzanine lenders. We have received a workout proposal from borrower and are negotiating. Also, all of the mezzanines have expressed an interest in negotiating cure scenarios.
3/27/2025 The Loan transferred to Special Servicing for payment default in March 2025. The Loan is secured by 3 suburban office buildings in Baskin Ridge, NJ and New Providence, NJ totaling 448,372 sf. The Special Servicer has established
The Loan transferred to special servicing effective 2/7/2024 due to payment default. The loan is secured by a 15-unit multifamily property in the Park Slope neighborhood of Brooklyn, NY. The loan is currently due for the 8/6/2024 payment. Other amounts (i ncluding costs/expenses/default interest/late charges) have not been paid. Special Servicer was seeking to resume reinstatement discussions, though the loan has remained delinquent. Legal counsel has been engaged and the debt formally demanded and acceler ated. Foreclosure complaint filed December 2024. Special Servicer continuing to evaluate available rights and remedies. Updated appraisal is being finalized.
Loan transferred to SS on 1/31/2024 as a result of Monetary Default. The Loan is secured by a 100 key limited-service hotel located in Hesperia, CA. Legal counsel was engaged and the notice of default was sent. The Loan is performing pursuant to theterms of the executed Reinstatement Agreement. Borrower marketed the hotel for sale and executed a PSA with a party that would also assume the debt. SS is monitoring the loan in anticipation of returning this loan to the
The Loan transferred to special servicing effective 2/7/2024 due to payment default. The loan is currently due for the 9/6/2024 payment. Other amounts (including costs/expenses/default interest/late charges)) have not been paid. The loan is secured by a f ive-building multifamily portfolio in Philadelphia, PA totaling 28-units (and one retail space). Special Servicer was seeking to resume reinstatement discussions, though the loan has remained delinquent. Legal counsel has been engaged and the debt formall y demanded and accelerated. Foreclosure filed January 2025. Special Servicer continuing to evaluate available rights and remedies. Updated appraisal is being finalized.
The Loan transferred to special servicing effective 2/7/2024 due to payment default. The loan is currently due for the 8/6/2024 payment. Other amounts (including costs/expenses/default interest/late charges) have not been paid. The Loan is secured bytwo a partment buildings totaling 16-units in Brooklyn, NY. Special Servicer was seeking to resume reinstatement discussions, though the loan has remained delinquent. Legal counsel has been engaged and the debt formally demanded and accelerated. Foreclosure com plaint filed December 2024. Special Servicer continuing to evaluate available rights and remedies. Updated appraisal is being finalized.
The Loan transferred to special servicing effective 1/18/24 due to various ongoing issues with the loan/collateral (including payment default). Interest is currently paid to 6/6/2024 (debt has been accelerated). The property experienced a casualty loss in Q2 2023. Cash flows at the property decreased in recent months and were not sufficient to satisfy all waterfall obligations. One of the parking structures was closed by the municipality. Foreclosure complaint and motion for receiver filed earlyJune 2024. Receiver appointed 7/12/2024. Receiver evaluation of the asset remains ongoing, though several projects (HVAC, parking garage, road repairs) are in process. Special Servicer commencing pre-foreclosure due diligence while
The Loan transferred to special servicing effective 1/9/2025 due to payment default. The loan is currently due for the 11/6/2024 payment Other amounts (including costs/expenses/default interest/late charges) have not been paid. The loan is secured bya 6-u nit multifamily building in Brooklyn, NY. Contact has been made with Borrower and PNA executed. Legal counsel has been engaged. Special Servicer continuing evaluating available rights and remedies. Appraisal is being
4/11/2025 Loan recently transferred to Special Servicing and Special Servicer reaching out to Borrower. Pre-negotiation letter has been signed and Lender has been in touch with Borrower. Special Servicer has received approval to appoint a receiver to the Property and counsel has prepared the draft pleadings. Borrower has indicated recent leasing interest. Special Servicer will dual track appointment of a receiver and the Borrower's leasing efforts at the Property.
* 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.