Servicer Evaluation: Greystone Servicing Co. LLC

S&P Global Ratings' rankings on Greystone Servicing Co. LLC (GSC) are STRONG as a commercial mortgage loan primary and special servicer. On March 26, 2024, we affirmed the rankings (please see "Greystone Servicing Co. LLC STRONG Commercial Mortgage Loan Primary And Special Servicer Rankings Affirmed."). The ranking outlook is stable for each ranking. Our rankings reflect GSC's: Highly experienced and well-tenured senior management and loan servicing and asset management staff; Strong Fannie Mae, Freddie Mac, Federal Housing Administration (FHA), Ginnie Mae, U.S. Department of Agriculture (USDA), bridge, and CMBS origination platforms, which fuel primary servicing volume; Steady growth and successful track record in servicing agency lender clients and borrowers; Effective staff training; Good leverage of technology and servicing systems; Strong

...was moved under corporate internal audit, and a chief compliance officer with approximately 25 years of industry experience was hired. + In the fourth quarter of 2022, a director of asset management in servicing that was with predecessor entity C-III and had two direct reports, resigned to pursue another opportunity; his position was not replaced, and those responsibilities were assumed by GSC's long-tenured executive vice president. + The active special servicing portfolio UPB decreased nearly 48% to $969.2 million as of Dec. 31, 2023, from $1.9 billion as of Dec. 31, 2021, with a stable headcount of special servicing staff. + The company was named special servicer on eight new transactions totaling 353 loans with a UPB of over $7.0 billion. + GSC's special servicing operation resolved 57 loans with a UPB of over $1.2 billion and sold 22 REO assets at gross sales proceeds of over $400.0 million. + In 2022, the special servicing operation launched an associate training program in which...

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