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Situs Holdings - Special Servicer

A global leader in commercial real estate services, Situs delivers expert servicing solutions tailored to the needs of CMBS investors. We are tracking 6 CMBS deals from this servicer's portfolio.
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Recent Deals

UBSCM 2018-C9

CMBS
2018-03-14

UBSCM 2017-C4

CMBS
2017-09-22

Servicer Metrics

Key performance indicators and workout statistics for Situs Holdings.

Workout Statistics

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

Current Status

Active Deals
0
Resolved
0
Returned
0
Pending Return
0
Most Recent Transfer
N/A
Most Recent Return
N/A

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 Situs Holdings, highlighting their approach to managing distressed CMBS assets.

💬 Servicer Commentary

2026-06-30
6/11/2026 - Aspen Lake Office Portfolio consists of three separate buildings: Tower of the Hills, Tower Point, and Aspen Lake One totaling 381,588 SF. The Loan transferred to Special Servicing on 2/5/2025 due to imminent monetary default. Subsequen tly, the properties were foreclosed on August 5, 2025. Aspen Lake, Tower of The Hills and Tower Pointe are currently 18.94%, 65.42% 25.55% occupied respectively. Special Servicer is in active negotiations with new tenants and continues to focus on stabili zing the assets. Special Servicer will determine best timing to dispose of the assets.
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💬 Servicer Commentary

2026-06-30
6/11/2026 - In May 2026, Special Servicer received approval for the Receiver Sale of 7/8 properties through CREXI and to pursue the Guarantor for the deficiency in the event a settlement cannot be reached.Special Servicer is now seeking approval to amend the previously approved Receiver Sale memorandum due to one hotel falling out of contract; Special Servicer is engaging with other bidders.
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💬 Servicer Commentary

2026-06-30
06/08/26: Loan transferred to Special Servicing on 12/19/25 due to imminent monetary default. The loan is a $62.5MM fixed-rate loan secured by a 361,454 sf suburban office park in Florham Park, NJ. Borrower advised that the DSCR has dropped belo w 1.00x due to the recent loss of a 25,000 sf tenant and that they are not in a position to fund operating expense shortfalls going forward. Workout proposal has been received which is under review.
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💬 Servicer Commentary

2026-06-29
Portfolio (2 Retail properties)
John Boone
6/11/2026 - The Loan transferred to the Special Servicer in February 2023 for non-monetary defaults. Receivership in place as of Nov-24. McAdory building was sold out of receivership in Aug-25. Foreclosure sale took place in Feb-26 and the recorded deed was obtained in Mar-26. Colliers was retained for leasing and management. Special Servicer is still in the process of evaluating the leasing and disposition strategy for the two remaining properties.
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💬 Servicer Commentary

2026-06-26
444 West Ocean
KSLB Holding Company, LLC
The loan transferred to LNR on 7/9/2024 for Imminent Default. The loan is secured by a 187K SF office property in Long Beach, CA. DSCR has dropped below 1.0x on NCF as Borrower advised they are unable to fund shortfalls. Parties did not ultimately agree on the modification terms and borrower stipulated to the appointment of a receiver, who was appointed in 7/2025 and is focused on leasing. Lender is proceeding with the foreclosure.
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💬 Servicer Commentary

2026-06-26
Portfolio (3 Retail properties)
Philip Nicozisis
The loan transferred for imminent default due to cash flow issues.  As of 5/30/26, two of the three single tenant buildings are vacant and the third is open and operating as Dollar General. Receiver is overseeing the properties. The Lender was the successful bidder at the foreclosure sale, waiting on the sheriff to sign the deed. Management and leasing teams are ready to be engaged once title transfers.
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💬 Servicer Commentary

2026-06-26
Portfolio (65 Hotel properties)
SCG Hotel Investors Holdings L.P.
Loan transferred to Special Servicing effective 2/24/25 due to imminent default. Hello Letter was noticed and PNA has been executed. Collateral consists of a 65 mixed service hotels, totaling 6,366 keys. Loan is paid through 6/1/2026. A Modification Agreement was signed on 9/25/2025 which provides for the expedited sale of underperforming assets along with modifications to certain release provisions, cash-management terms and other terms to improve funding towards operations at remaining portfolio. As of 5/31/2026, twenty-nine (29) collateral assets have been released for a cumulative paydown of $172.2MM.
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💬 Servicer Commentary

2026-02-26
02/04/2026 - The collateral is a single tenant high-rise office building in Brooklyn, NY. The tenant is NYC DCAS and the building houses the NYC Housing Court. The loan transferred to special servicing on 10/7/24, due to payment default. Borrower faile d to pay required reserve payments triggered due to the tenant not executing a five-year lease extension. Counsel has been engaged and the loan was accelerated. Lender filed a Receiver motion that was denied. Subsequently, Borrower submitted a propose d lease for the primary tenant that was contingently approved. Lender and Borrower closed a modification on 12/30/2025 that allows for the execution of the DCAS lease, paid all of Lender''s fees and enforcement costs, and gives Lender a $10MM evergreen L OC as additional collateral for the remainder of the loan term. The Loan will be returned to Master Servicing upon collection of 3 timely Loan Payments.
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💬 Servicer Commentary

2026-02-26
7828 Georgia Ave Nw
Norman Jemal
2/11/2026 - Loan transferred to Special Servicing for payment default. Lender has sent PNL and is reaching out to the Borrower group. Borrower has executed PNL. Borrower has been sent notice of tax shortfall. Borrower has brought the loan current and exec uted forbearance; confirmed compliance with CMA. Once CMA budget is approved by Special Servicer, loan will return to Master Servicer.
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💬 Servicer Commentary

2025-06-27
Mid Cape Flex
Douglas Hannah
Subject collateral consists of a 101,430 SF office/industrial property located in Cape Coral, FL, built in 2006. The loan has returned to master from special servicing effective 5/20/25. Additionally, loan is being monitored for delinquent insurance.
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* 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.

Other Special Servicers

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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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