BMO 2026-5C15 Mortgage Trust: Servicing Transfer of The Landing Loan

What Happened

• BMO 2026-5C15 Mortgage Trust announced that, following the June 25, 2026 closing of its certificates, the Whole Loan for the Mortgage Loan identified as “The Landing” has been moved out of the BMO 2026-5C15 pooling and servicing agreement and required to be serviced under the pooling and servicing agreement for the BMO 2026-5C16 securitization. On August 26, 2026 the Servicing Shift Lead Note for The Landing Whole Loan was contributed to the BMO 2026-5C16 securitization, which is governed by the BMO 2026-5C16 Pooling and Servicing Agreement (dated August 1, 2026). Key counterparties named include BMO Commercial Mortgage Securities LLC (depositor), Midland Loan Services (master servicer), 3650 REIT Loan Servicing LLC (special servicer), BellOak, LLC (operating advisor/asset reviewer) and Computershare Trust Company, N.A. (trustee/certificate administrator).

Key Details

• Transfer dates: original issuance/closing June 25, 2026; Servicing Shift Lead Note contributed August 26, 2026; BMO 2026-5C16 Pooling & Servicing Agreement dated August 1, 2026.
• Special servicing fee for The Landing (if specially serviced): 0.25% per year, with a minimum monthly fee of $5,000.
• Workout fee (in a workout of the loan): 1% of each collection of interest (excluding default/excess interest) and principal on the corrected Whole Loan; minimum $25,000, maximum $1,000,000.
• Liquidation fee: 1% of proceeds from liquidation or related REO, subject to a $25,000 minimum and $1,000,000 maximum.
• Property inspections: required beginning in 2027 — annually if the related pari passu companion loan has an outstanding balance ≥ $2,000,000; every other year if < $2,000,000.
• The BMO 2026-5C16 Pooling and Servicing Agreement (in the form filed by the 5C16 depositor) is attached as Exhibit 4.1 to the 8-K.

Why It Matters

• For investors in these securitizations, the filing documents a formal servicing transfer for a specific large loan in the trust. The transfer can affect who performs loan workouts, collections and property oversight and clarifies the fees the special servicer may collect (including minimums and caps). Those fee and inspection terms may influence recoveries and timing if The Landing loan becomes troubled or is liquidated. The disclosure helps noteholders understand which pooling agreement governs the loan and the applicable servicing economics going forward.