MSWF Commercial Mortgage Trust 2023-1: Special Servicer Change for Heritage Plaza

What Happened

• The company filed an 8-K on Sept. 1, 2026 reporting that C-IV Asset Management LLC (C‑IV AM) will act as special servicer for the Heritage Plaza mortgage loan and related pari passu and subordinate promissory notes in the BANK5 2023-5YR3 securitization.
• On Sept. 1, 2026 Greystone Servicing Company LLC sold and conveyed substantially all assets of its special servicing division to C‑IV AM (the “Sale Transaction”), and C‑IV AM assumed the special servicer duties, responsibilities and liabilities arising after closing. C‑IV AM is a wholly‑owned subsidiary of C‑IV Capital Partners LLC.

Key Details

• Effective date: September 1, 2026.
• New special servicer: C‑IV Asset Management LLC; prior special servicer: Greystone Servicing Company LLC.
• Personnel continuity: substantially all key employees who handled Greystone special servicing moved to C‑IV AM or its affiliate and continue performing the same duties.
• Governing contract: servicing of the loan remains subject to the pooling and servicing agreement for BANK5 2023-5YR3 (the Applicable PSA); C‑IV AM will handle special servicing and related REO administration and certain review/processing duties when the loan is not specially serviced.

Why It Matters

• This is an operational change in who handles special servicing for the Heritage Plaza loan; contractual rights under the Applicable PSA remain in place.
• The transfer of substantially all special servicing assets and key employees to C‑IV AM suggests continuity of servicing operations, which may reduce disruption in loan oversight, special servicing decisions, or REO management.
• Investors should note the new servicer name for monitoring special servicing actions or notices related to the BANK5 2023-5YR3 securitization and the Heritage Plaza loan.