BANK 2019-BNK23 Appoints Special Servicer for ILPT Loan

What Happened
BANK 2019-BNK23 filed an 8-K reporting that, effective September 21, 2026, Argentic Services Company LP (ASC) will serve as special servicer for the ILPT Industrial Portfolio mortgage loan and related pari passu and/or subordinate promissory notes (the “Applicable Non-Serviced Loan Combination”). ASC replaces Situs Holdings, LLC and was appointed at the direction of Blue Owl Real Estate Debt Advisors LLC, the directing certificateholder under the MSC 2019-L3 pooling and servicing agreement (the “Applicable PSA”). Servicing remains governed by the Applicable PSA.

Key Details

• Effective date: September 21, 2026.
• Parties: Argentic Services Company LP (new special servicer); Situs Holdings, LLC (replaced); Blue Owl Real Estate Debt Advisors LLC (directing certificateholder who appointed ASC).
• Scope: Applies to the ILPT Industrial Portfolio mortgage loan and related pari passu/subordinate promissory notes in the MSC 2019-L3 securitization.
• Duties: ASC will perform special servicing and administration if the loan becomes specially serviced (including any related REO), and will process/perform certain reviews of material actions when the loan is not specially serviced. Servicing continues to be governed by the Applicable PSA.

Why It Matters
A change in special servicer alters which firm handles enforcement, workouts, loss mitigation and REO management for the referenced loan if special servicing is triggered. For investors in the MSC 2019-L3 securitization or holders of related certificates, this is an operational change to note; the filing reports the appointment but discloses no fees, financial terms, or changes to the PSA itself.