Citigroup Commercial Mortgage Trust 2016-P3 Announces Special Servicer Change

What Happened
Citigroup Commercial Mortgage Trust 2016-P3 filed an 8-K (Item 6.02) reporting that, effective September 1, 2026, Greystone Servicing Company LLC sold substantially all assets of its special servicing division to C‑IV Asset Management LLC (C‑IV AM). C‑IV AM has assumed all duties, responsibilities and liabilities of Greystone as special servicer under the CGCMT 2016-P3 Pooling and Servicing Agreement. An Assignment and Assumption Agreement (Special Servicing) dated September 1, 2026 is attached as Exhibit 20.1 to the filing.

Key Details

• Effective date: September 1, 2026; parties: Greystone Servicing Company LLC → C‑IV Asset Management LLC.
• Portfolio scope: Greystone was named special servicer on ~60 transactions (≈1,928 first‑lien loans) with aggregate stated principal ≈ $20.7 billion; ~108 assets (≈ $2.1 billion) were actively in special servicing as of June 30, 2026. All named assets (except two CLOs) transferred to C‑IV AM.
• C‑IV AM credentials: ratings include “MOR CS2” (DBRS Morningstar) and “CSS2” (Fitch); listed on S&P’s Select Servicer list and rated “Average; Ranking Watch Positive.” C‑IV AM reports experience resolving 6,017 assets (~$60.7 billion principal) since 2002 through 6/30/2026.
• Operations: substantially all key special‑servicing employees moved to C‑IV AM; C‑IV AM says it will follow established policies, continuity plans, and has no material pending legal proceedings affecting its servicing role.

Why It Matters
A change in special servicer can affect how troubled loans are handled (workouts, liquidations, negotiations) and therefore can influence recovery outcomes for certificateholders. For investors in the CGCMT 2016‑P3 certificates, the filing shows an operational continuity: the special servicing team largely moved to C‑IV AM, the new servicer has industry ratings and extensive resolution experience, and C‑IV AM states its financial condition and policies should not materially affect pool performance. The Assignment and Assumption Agreement is filed as Exhibit 20.1 for investors who want the legal confirmation of the transfer.