Wells Fargo CM Trust 2024-5C1 Appoints Torchlight as Special Servicer

What Happened
Wells Fargo Commercial Mortgage Trust 2024-5C1 filed a Form 8-K (Item 6.02) announcing that Greystone Servicing Company LLC was removed as special servicer for two loans and Torchlight Loan Services, LLC was appointed as successor special servicer effective July 2, 2026. The affected loans are the 640 5th Avenue Mortgage Loan and the Cummins Station Mortgage Loan, which remain assets of the issuing entity and are being administered under the BANK5 2024-5YR8 pooling and servicing agreement.

Key Details

• The 640 5th Avenue Mortgage Loan represented approximately 6.9% of the issuing entity’s asset pool as of the cut-off date.
• The Cummins Station Mortgage Loan represented approximately 3.4% of the asset pool as of the cut-off date.
• Combined, the two loans comprise about 10.3% of the asset pool.
• Appointment is pursuant to the BANK5 2024-5YR8 PSA (dated Aug 1, 2024); Torchlight’s principal special servicing office: 90 Park Avenue, 20th Floor, New York, NY 10016; phone 212-883-2800.

Why It Matters
A change in the special servicer affects who handles workout, collection and other distressed-loan activities for these specific loans. For investors, the move is material because the two loans account for roughly 10% of the trust’s asset pool — a meaningful portion but not a majority. The filing records the administrative change; it does not itself change loan ownership or state any payment defaults or cash-flow impacts.