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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Servicer Metrics
Key performance indicators and workout statistics for Wells Fargo Bank, National Association.Workout Statistics
Modifications
0Foreclosures
0Bankruptcies
0Extensions
0Note Sales
0DPOs
0REOs
0Deed in Lieu
0Full Payoffs
0Current Status
Active Deals
0Resolved
0Returned
0Pending Return
0Most Recent Transfer
N/AMost Recent Return
N/ARecent 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.💬 Servicer Commentary
2025-07-31
214-224 West 29th Street
David I. Berley
Prospectus ID: 3
The Loan transferred to the Special Servicer on 9/10/2024 due to Delinquent Payments and cash flow shortfalls. The collateral consists of two adjacent and interconnected Class B multi-tenanted buildings located in New York, NY. The Property was built in 1925, includes 13,471 SF of retail space, and totals 200,454 SF. Per the YE'23 financials, the NOI/DSCR/Occ. at the Property was $3.4MM/1.04x/67.66%. The Property's largest Tenant, WeWork (51.2% NRA, 1/34 LXP), vacated upon the lease being rejected under tenant's Chapter 11 BK case. Notice of Default was sent to Borrower, and the Lender is proceeding with enforcement remedies, including foreclosure. The Lender is currently trapping all cash flow from the Property. The Special Servicer will gather additional information and simultaneously discuss workout strategies deemed appropriate to achieve the highest net present value recovery.
💬 Servicer Commentary
2025-07-30
Westfield America, Inc.
Prospectus ID: 22
07/01/2025 - Lender filed a foreclosure action on 9/28/2023, and a receiver was appointed on 10/16/2023. Lender is working with the Receiver, the City of SF, BART, and the Union Square Alliance to address life/safety issues at the Property and in th e neighborhood. Management and Leasing is being handled by JLL who's working with the Receiver to stabilize the property. Bloomingdales (non-owned anchor) closed April 13, 2025. Lender is finishing DD and intends to complete a foreclosure in 60- 90 days. Lender is underwriting all methods for disposition.
💬 Servicer Commentary
2025-07-30
The Zeller Family Group L.L.C.
Prospectus ID: 21
The Loan transferred to Special Servicing 2/4/25 due to payment default. Borrower signed PNL 2/18/25. Borrower has submitted a request for consensual foreclosure. Special Servicer has engaged outside counsel and is enforcing is rights and
💬 Servicer Commentary
2025-07-30
CIM Commercial Trust Corporation
Prospectus ID: 13
Loan transferred to Special Servicing effective 10/29/2024 due to imminent monetary default.
💬 Servicer Commentary
2025-07-30
Prospectus ID: 22A
07/01/2025 - Lender filed a foreclosure action on 9/28/2023, and a receiver was appointed on 10/16/2023. Lender is working with the Receiver, the City of SF, BART, and the Union Square Alliance to address life/safety issues at the Property and in th e neighborhood. Management and Leasing is being handled by JLL who's working with the Receiver to stabilize the property. Bloomingdales (non-owned anchor) closed April 13, 2025. Lender is finishing DD and intends to complete a foreclosure in 60- 90 days. Lender is underwriting all methods for disposition.
💬 Servicer Commentary
2025-07-29
Galveston Self Storage
Won Yang
Prospectus ID: 35
The loan transferred to Special Servicing effective 1/8/2025 for imminent monetary default. The subject is a 57,057 SF self-storage property located in Galveston, TX and was built in 1895 and renovated in 2019. As of April 2025, current occupancy at the property is 77%. A February 2025 site inspection found the asset in fair overall condition with signs of recent deferred maintenance. The Borrower has signed a PNA. A receiver was appointed by the court in late May 2025. The special servicer is e valuating rights and remedies as outlined under the loan documents while also discussing potential resolutions with the Borrower.
💬 Servicer Commentary
2025-07-28
Time Square Office Renton
Sean Hashem
Prospectus ID: 4
The Loan transferred for Imminent Monetary Default. PNL and Hello Letter have been sent to the Borrower. Borrower has signed the PNL and submitted due diligence. Receiver was appointed December 12, 2024. Lender will continue to review options while d uel tracking foreclosure. Lender is working to schedule foreclosure sale.
💬 Servicer Commentary
2025-07-23
3 Park Avenue
Charles Steven Cohen
Prospectus ID: 8
Loan transferred for Imminent Default on 9/18/24. Collateral consists of a 667,446 NRSF, Class A commercial condominium unit ("Property"), which is comprised of office on floors 14 through 41 (638K SF) and ground floor retail (26K SF) within a 42-s to ry, 888,295 SF Class A office building on a 46,740 SF site. Floors 2 through 11 are a separate, non-collateral condominium unit that is currently occupied by Murray Hill Academy. Loan is currently due for 7/6/25. Borrower initially requested a modification to reduce the interest rate for two years, defer the repayment of these amounts to Maturity, and change the priority of the Cash Management waterfall, but has now withdrawn this request. Local counsel has been retained to file for foreclosure and/or receivership, if necessary. Lender is dual tracking the foreclosure process while monitoring the status of the Property.
💬 Servicer Commentary
2025-05-30
Rite Aid - Newark Ny
Anilkumar Patel
Prospectus ID: 53
The Loan transferred on 1/3/2025 due to Delinquent Payments after Borrower failed to make the October Payment. Loan has a hard lockbox in place. Loan on WL for Borrower's failure to submit quarterly and annual reports (none received since origination in 2 019). Loan triggered cash management on 10/15/2023 when Rite Aid filed Chapter 11 bankruptcy. Rite Aid emerged from bankruptcy on 9/3/2024. Rite Aid is open and operating. Rite Aid rental payments are flowing into the DACA. Requested a copy of the original lease and lease amendment again from Borrower. Borrower has yet to provide a proposal to address the payment default and continues to be unresponsive. Counsel has delivered to Borrower an acceleration notice; pending reply from Borrower. Continuing to apply a portion of funds in the CMA towards full payments (P&I, reserves and escrows) as received, keeping two months delinquent. Dual-tracking foreclosure while awaiting a
💬 Servicer Commentary
2025-05-29
9039 Sunset
Alon Abady
Prospectus ID: 21
Loan transferred for Imminent Monetary Default at borrower's request as a result of the Covid-19 pandemic. Special Servicer entered into discussions with the Borrower to modify loan, and the parties have reached an agreement. New lease with new tenant s igned 5/31/2022. The new construction is complete and the club is open. New Billboards are operational. Insurance has been brought into compliance with loan documents. Cash Management is in process of being finalized and notices sent to tenant; the budget has been submitted and in the approval process. Loan will return to Master now that budget process is complete.
* 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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