CITIGROUP COMMERCIAL MORTGAGE TRUST 2016-P5: Special Servicer Change

What Happened
Citigroup Commercial Mortgage Trust 2016-P5 filed an 8-K on September 1, 2026 reporting that Greystone Servicing Company LLC sold substantially all assets of its special servicing division to C‑IV Asset Management LLC (C‑IV AM). Effective September 1, 2026, C‑IV AM assumed the duties, responsibilities and liabilities of Greystone as special servicer for specified loans in related CMBS transactions. 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.
• Affected loans include: Crocker Park Phase One & Two (Citigroup Commercial Mortgage Trust 2016-C2), 132 West 27th Street (Morgan Stanley Capital I Trust 2016-UBS11), and Plaza America I & II (Wells Fargo Commercial Mortgage Trust 2016-C36).
• Portfolio scope (as of June 30, 2026): Greystone was named special servicer on ~60 transactions covering ~1,928 first‑lien loans with aggregate stated principal of ≈ $20.7 billion; ~108 assets ($≈2.1 billion) were in active special servicing.
• C‑IV AM credentials: ratings include MOR CS2 (Morningstar DBRS), CSS2 (Fitch), and listed on S&P’s Select Servicer list (“Average; Ranking Watch Positive”); C‑IV AM reports no prior servicer defaults in CMBS/multifamily deals.

Why It Matters
A special servicer handles troubled or defaulted loans and decisions about workouts, foreclosures, sales or recoveries — so a servicer change can affect how problem loans in these trusts are managed. The filing indicates a formal asset transfer and continuity of key staff from Greystone to C‑IV AM, plus insurer/agency ratings and historical resolution experience, which are relevant to certificateholders assessing operational continuity and workout practices. Investors should monitor future trustee and servicer reports for any changes in servicing actions, advances, or material impacts on pool performance.