BANK 2018-BNK11 8-K

What Happened

• BANK 2018-BNK11 filed an 8-K reporting that, effective January 8, 2026, Torchlight Loan Services, LLC (Torchlight) will replace Rialto Capital Advisors, LLC as special servicer for the Twelve Oaks Mall mortgage loan and related pari passu/subordinate notes (the “Twelve Oaks Mall Non-Serviced Loan Combination”). The appointment was made at the direction of Teachers Insurance and Annuity Association of America, the directing holder under the GSMS 2018-GS9 pooling and servicing agreement (PSA). Torchlight will handle special servicing if the loan becomes specially serviced and will perform certain reviews and administrative tasks when it is not specially serviced.

Key Details

• Effective date: January 8, 2026.
• Replaced special servicer: Rialto Capital Advisors, LLC. Appointing party: Teachers Insurance and Annuity Association of America (TIAA).
• Servicing governed by: GSMS 2018-GS9 PSA.
• Torchlight experience and scale: engaged in CMBS servicing since December 2007 (predecessor since 1998); has resolved over $11.8 billion of U.S. commercial and multifamily loans; as of 9/30/2025 specially serviced ~58 loans with a face value > $3.3 billion; 21 personnel involved in special servicing (4 dedicated).
• Operational/financial notes: Torchlight has no material primary advancing obligations for the CMBS pools it services, does not currently own certificates in this securitization, and reports no material litigation known or pending related to its role as special servicer. The firm may enter into fee discount/revenue-sharing arrangements with the directing holder.

Why It Matters

• For investors in the GSMS 2018-GS9 certificates, the special servicer handles workouts, enforcement and REO matters when a loan is specially serviced. A change in special servicer can affect how resolution efforts are managed, but the filing states Torchlight has extensive CMBS workout experience and no known material legal issues. Torchlight’s lack of primary advancing obligations means it does not expect its financial condition to affect pool performance, and servicing will remain subject to the existing PSA.