Servicer Evaluation: Greystone Servicing Co. LLC

S&P Global Ratings' rankings on Greystone Servicing Co. LLC (Greystone) are STRONG as a commercial mortgage loan primary and special servicer. On Aug. 17, 2020, we affirmed the primary servicer ranking and assigned the special servicer ranking (please see "Greystone Servicing Co. LLC Assigned STRONG Special Servicer Ranking; Primary Affirmed; Various Actions Taken On C-III," published Aug. 17, 2020). The outlooks on all rankings are stable. Our rankings reflects Greystone's: Highly experienced and well-tenured senior management in primary servicing; Significant special servicing staff attrition during recent years under prior ownership, mitigated by highly experienced and well-tenured senior management and asset management staff; Strong Fannie Mae, Freddie Mac, and Federal Housing Administration (FHA) origination platforms, which fuel primary servicing volume; Steady

...special servicing portfolios, which totaled $2.1 billion and $2.6 billion in UPB, respectively, providing it with a CMBS special servicing platform. + In September 2019, Greystone hired an executive who previously served as president of C-III to manage special servicing, along with three other experienced executives who have extensive expertise in CMBS B-piece acquisitions and special servicing. + In April 2020, Greystone hired an executive who has over 40 years of industry experience to expand its special servicing platform and focus on various capital market initiatives. + The primary servicing portfolio UPB increased to $42 billion as of Dec. 31, 2019 (including a $2.6 billion servicing portfolio as a result of the C-III acquisition) from $28.9 billion as of June 30, 2018. + The company created a new Compliance Director role that was filled by an existing director in asset management who has 32 years of industry experience and four years of tenure with Greystone. + An existing director...

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