Wells Fargo Bank, National Association - Special Servicer
A trusted name in financial services, Wells Fargo provides comprehensive servicing solutions for CMBS transactions. We are tracking 1 CMBS deals from this servicer's portfolio.
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Key performance indicators and workout statistics for Wells Fargo Bank, National Association.Workout Statistics
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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 Wells Fargo Bank, National Association, highlighting their approach to managing distressed CMBS assets.The Loan transferred to Special Servicing on 07/24/2024 for imminent monetary default. A Hello Letter and Pre-Negotiation Letter have been sent to the Borrower. An introductory call has been held. Borrower has signed the PNL and has submitted a proposal for review. Special Servicer is currently evaluating the Borrower's proposal.
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 continues to work on a lease review for tenant, MedStar.
Complaint for foreclosure and appointment of receiver was filed on 2/14/25; litigation is ongoing and obligor responses are due 4/18/25.
Loan transferred to SS on 6/14/2023 due to Payment Default. Ongoing discussions between counsel and borrower's counsel regarding the bring current numbers. Borrower has provided the past due financials. Bring current agreement to be
The Loan transferred to Special Servicing for Monetary Default for the 9/1/2024 payment. Default Letter has been sent. Loan was previously in Special Servicing. The Borrower signed the PNL and provided financial statements. Special Servicer is evaluating potential resolution strategies with the Borrower. Borrower submitted a forbearance request without any consideration. Special Servicer has engaged outside counsel to enforce legal remedies.
The loan transferred to Special Servicing on 12/11/2024 due to payment default. Hello Letter & PNL sent 12/13/24. Borrower executed PNL. Borrower submitted a forbearance request due to the 8/2024 hurricane impact. Special Servicer is
Special Servicer continues to pursue a foreclosure strategy for the Property. As of February 2025, Special Servicer is awaiting an enforceable judgment from court.
The loan transferred to special servicing in November 2020 due to borrower-declared imminent default as result of COVID-19 and subsequently went into payment default for the October 2020 payment. A receivership order was entered in February 2022 appointing GF Hotels as receiver. Marriott remains as manager of the property. Foreclosure sale took place on April 17, 2023, and lender was the winning bidder. The property became REO in August 2023. In Q1 2023 SS engaged in a process to sell the asset. Given the state of the financing environment and limited offers received, SS elected not to sell at that time. . The property continues to perform well compared to its comp set and the PIP items accounted for under the 2024/2025 approved CapEx plan are in process. T12 RevPAR was $106.17 which is a 3% increase over the previous year. The hotel is currently on the market with a sale expected in Q2 2025.
Loan transferred to the Special Servicer on 9/13/2024 for Imminent Default due to cash flow issues. Collateral consists of Park Square, a 503,312 SF office building located in the Back Bay neighborhood of Boston, MA, originally constructed in 1923 and subsequently renovated between 2014-2016. WeWork, which represented 27% of the GLA (137K SF), terminated its lease. Lender was also notified that Borrower will cease to fund any shortfalls out of additional capital contributions by its equity owners. Lender is currently trapping all cash flow from the Property. A Notice of Default and Reservation of Rights has been sent. As of the 6/30/2024 YTD financials, the NOI/DSCR/Occ. at the property is $541K/ 0.12x/ 42%. The Special Servicer will gather additional information and simultaneously discuss workout strategies deemed appropriate to achieve the highest net present value recovery.
The Loan transferred to Special Servicing on 01/31/2025. Lender is negotiating a loan extension that will enable the Borrower to inject new equity and extend the Duane Morris lease.
* 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.