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Midland Loan Services - Special Servicer

Providing comprehensive servicing solutions, Midland specializes in managing CMBS portfolios and maximizing asset value. We are tracking 23 CMBS deals from this servicer's portfolio.

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Recent Deals

BANK5 2024-5YR11

CMBS
2024-10-29

BANK5 2024-5YR9

CMBS
2024-08-14

BMO 2024-5C3

CMBS
2024-01-22

BANK 2021-BNK38

CMBS
2021-12-07

BMARK 2021-B24

CMBS
2021-03-01

BANK 2020-BNK30

CMBS
2020-12-08

Servicer Metrics

Key performance indicators and workout statistics for Midland Loan Services.

Workout Statistics

Modifications
6
Foreclosures
6
Bankruptcies
2
Extensions
0
Note Sales
0
DPOs
0
REOs
2
Deed in Lieu
0
Full Payoffs
0

Current Status

Active Deals
22
Resolved
57
Returned
56
Pending Return
1
Most Recent Transfer
2/19/2025
Most Recent Return
1/27/2025

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 Midland Loan Services, highlighting their approach to managing distressed CMBS assets.

3/6/2025 - The loan recently transferred to the Special Servicer for Imminent Monetary Default. The Largest tenant CFTC will be vacating. PNL has been executed and negotiations are in process with the Borrower. The loan remains current at this time. Borrower and Lender are discussing a possible consensual receivership and leasing opportunities with current and new tenants. Lender is working on a lease review for tenant, MedStar.

GSMS 2017-GS6
2025-03-25
Lafayette Centre
None

Loan transferred to special servicing in August 2023 and a pre-negotiation letter was sent to Borrower and subsequently executed. Borrower requested to turn keys over to lender and a foreclosure was finalized in September 2024. SS is expecting to pursue a lease-up strategy prior to disposition in an effort to capture tenant demand within the submarket.

GSMS 2017-GS5
2025-03-25
604 Mission Street
Robert Oppenheim

The loan recently transferred to the Special Servicer for Imminent Monetary Default. The Largest tenant CFTC will be vacating. PNL has been executed and negotiations are in process with the Borrower. The loan remains current at this time. Borrower and Lender are discussing a possible consensual receivership and leasing opportunities with current and new tenants. Lender is working on a lease review for tenant, MedStar.

GSMS 2017-GS5
2025-03-25
Lafayette Centre
None

The loan transferred to special servicing following the filing of a lis pendens against the property. Additionally, the loan is in payment default, among other non-monetary defaults. Special servicer has filed a foreclosure complaint and receiver motion. Lender’s motion for a receiver was granted on 9/16/2024. Lender has filed its motion for summary judgment and a response from the court is pending.

GSMS 2017-GS5
2025-03-25
20 West 37th Street
Northern Estates Corp.

The Loan in Special Servicing due to Non-Compliance with Cash Management due to failed DSCR Trigger. The Borrower failed to close previously approved reinstatement agreement which included a potential Master Lease with the Borrower to increase property-level NOI/Cash Flow to cure the DSCR Trigger Event. Special Servicing has reached out numerous times to reengage with the Borrower on a potential reinstatement of the Loan. Borrower remains unresponsive to recent

GSMS 2017-GS5
2025-03-25
Writer Square
KW Two Partnership L.P.

The loan transferred to special servicing on 10/31/2024 for imminent monetary default. A pre-negotiation letter has been executed and discussions remain ongoing with the borrower parties, however, lender is currently evaluating a loan

GSMS 2017-GS5
2025-03-25
700 Broadway
Bradford Allen Enterprises LLC

3/6/2025 - The Loan transferred to special servicing effective 7/21/2023 for imminent monetary default. Interest paid to 1/6/24. The collateral is a +/- 150k SF office building on a partial ground lease in San Francisco, CA. Legal counsel has been engaged and formal demand and acceleration sent. PNA executed. Recent leasing has been approved by the special servicer and completed by Borrower. Special servicer implementing dual track strategy with Notice of Default filed 4/1/24. Foreclosure expected in Q2 2 025. Negotiations with Borrower have effectively ceased.

GSMS 2019-GC42
2025-03-25
222 Kearny St
GEM Realty Evergreen Fund PF-NM L.P.

3/6/2025 - Portfolio was foreclosed on February 4, 2025 after efforts to sell out of receivership did not materialize. The portfolio is currently 57% occupied. Special Servicer continues to work with tenants to renew leases and sign new leases at all

GSMS 2019-GC42
2025-03-25
Portfolio (5 Office properties)
Franklin Mountain Investments Limited Partnership

3/6/2025 - Loan transferred SS on 2/15/24 due to Delinquent Payments. Loan is currently due for 6/6/24. Collateral consists of a ~61K SF office building (''Property''), including 4K SF of ground floor retail, located in the Greenwich Village neighborhood of New York City. WeWork (exp. 10/31/34) occupied 100% of the Property and stopped paying rent in October 2023. On 11/6/23, WeWork filed Chapter 11 bankruptcy and subsequently filed a motion to reject its lease at the Property on 11/7/23. Local counsel w as retained to file for foreclosure and/or receivership. Foreclosure was filed on 8/7/24, and the motion for summary judgment was filed on 12/26/24. On 2/7/25, the court issued a decision granting Lender''s motion for summary judgment. Lender will dual tr ack the foreclosure process while discussing workout alternatives with Borrower.

GSMS 2019-GC40
2025-03-25
57 East 11th Street
Winter Properties LLC

3/6/2025 - The SS transfer date was 4/15/2021 due to Imminent Default. The Loan is paid through March 2023. The collateral is a 9,287 sf, two-story retail storefront Property located in Union Square at 166 Geary in San Francisco, CA. The Property is 42% occupied by one tenant on the 2nd floor of the collateral. Special Servicer is dual tracking this Loan with a receiver in place since July 2022. Noteholder is evaluating resolution options.

CD 2017-CD3
2025-03-25
166 Geary Street
Gabriel J. Chehebar
* 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.

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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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