...KeyBank N.A.'s commercial real estate (CRE) lending and servicing platform does business as KeyBank Real Estate Capital (KBREC, or the company), a wholly owned subsidiary of KeyCorp (KEY, or the bank). KBREC provides primary, master and special servicing for CRE loans originated by itself as well as third parties primarily out of its Overland Park, KS, office. Following significant acquisitions in 2013, KBREC is the fourth largest primary servicer ($137.5 billion as of March 31, 2014) rated by Fitch Ratings; as of the same date, the company was the named master and special servicer for $123.3 billion and $50.2 billion of CRE loans, respectively, a material increase since year-end 2012. In conjunction with the 2013 acquisitions, KBREC expanded an existing shared services agreement with Berkadia in scope and servicing functions performed. As of March 31, 2014, approximately 60% of KBREC's primary serviced portfolio by unpaid principal balance (UPB) had primary servicing functions subserviced...
