...Pacific Life Insurance Company (Pacific Life, or the company) has originated and serviced its own commercial real estate loans since its inception in 1868 and for third-party investors and clients since the 1970s. In recent years, Pacific Life's approach to servicing has been to pursue strategic primary and/or special servicing assignments in conjunction with B-note investments. Commercial real estate lending operations at the company have generated $1 billion-$2 billion per year of new, directly serviced commercial mortgages, including a significant number of construction loans. The company pursues mezzanine and B-note investments, life company club deals, and select nontraditional mortgage-related investment opportunities. CMBS special servicing assignments are typically the result of B-note investments....
