BMO 2024-5C7 Mortgage Trust Appoints New Special Servicer

What Happened
The trust’s Directing Holder, 400 Capital Management LLC, terminated Greystone Servicing Company LLC as special servicer and appointed CWCapital Asset Management LLC (CWCAM) as successor special servicer under the Pooling and Servicing Agreement, effective July 17, 2026. CWCAM will assume responsibility for servicing and administering the trust’s Specially Serviced Loans and REO Properties per the agreement. The change is documented in an Acknowledgment and Assumption dated July 17, 2026 (Exhibit 20.1).

Key Details

• Effective date: July 17, 2026; Greystone terminated and CWCAM appointed as successor special servicer.
• CWCAM background: Delaware LLC, primary office at 900 19th Street NW, 8th Floor, Washington, D.C.; wholly owned by CW Financial Services LLC (membership acquired by affiliates of Fortress in 2010).
• Scale & staffing: as of Mar 31, 2026 CWCAM serviced ~330 domestic CMBS pools (approx. $193.3B unpaid balance), had ~9,250 loans in those pools, 147 assets in special servicing, and 64 employees. Historical unpaid balances: $217B (12/31/2023), $211B (12/31/2024), $194.7B (12/31/2025).
• Legal and controls: long-running litigation (CWCapital Cobalt) resulted in CWCAM being dismissed as a defendant on April 22, 2026; CWCAM reports policies, controls and ratings (“STRONG” by S&P; “MOR CS1” by DBRS Morningstar; “CSS-” by Fitch). CWCAM may enter fee-sharing/discount arrangements with directing holders; it and affiliates may own or manage assets that could compete with the trust’s properties.

Why It Matters
The special servicer handles workouts, enforcement and REO management for troubled loans—so a change can affect how and when distressed loans are resolved and recoveries are realized for certificateholders. CWCAM brings substantial CMBS special-servicing experience and formal ratings, which may reassure investors, but the filing also notes potential conflicts of interest (CWCAM/affiliates own and manage similar assets) and the possibility of fee-sharing arrangements with certificateholders. The 8-K is a factual notice of the servicing change; it does not itself change certificate terms but identifies the party now responsible for special-servicing decisions that can materially affect cash flows to investors.