Benchmark 2025-V14 Mortgage Trust Announces Change of Special Servicer

What Happened
Benchmark 2025-V14 Mortgage Trust filed an 8-K (Accession 0001888524-26-016475) reporting that C‑IV Asset Management LLC (C‑IV AM) will act as the special servicer for the BMARK 2025-V14 securitization effective September 1, 2026. The change follows Greystone Servicing Company LLC’s sale and conveyance of substantially all assets of its special servicing division to C‑IV AM, after which C‑IV AM assumed the duties, responsibilities and liabilities of the special servicer under the servicing agreement. Substantially all key employees who handled Greystone’s special servicing matters moved to C‑IV AM and continue in similar roles.

Key Details

• Effective date: September 1, 2026; C‑IV AM becomes special servicer for BMARK 2025‑V14.
• Portfolio transfer: All of Greystone’s named portfolio for these duties will transfer to C‑IV AM except two CLOs. As of June 30, 2026 Greystone was named special servicer on ~60 transactions (≈1,928 first‑lien loans) with an aggregate stated principal of ≈$20.7 billion.
• C‑IV AM experience and scale: Since inception (including predecessors) in 2002 through June 30, 2026, C‑IV AM has resolved or participated in resolution of 6,017 assets with aggregate principal ≈$60.7 billion. Actively specially serviced portfolio as of 6/30/2026: ≈$2.1 billion.
• Ratings and oversight: C‑IV AM holds Morningstar DBRS “MOR CS2” and Fitch “CSS2” special servicer ratings, and is on S&P’s Select Servicer list (ranked “Average; Ranking Watch Positive”).
• Operational notes: C‑IV AM does not expect to sub‑service duties, has policies and a business continuity plan (reviewed annually), does not anticipate material legal proceedings affecting servicing, and will not have primary custody of original loan documents except as needed for enforcement actions.

Why It Matters
A change of special servicer affects who handles troubled loans and real‑estate‑owned (REO) properties in the securitization — functions that can influence workout strategies, recoveries and timing of cash flows to certificateholders. The filing emphasizes continuity (transfer of staff and portfolio, assumption of liabilities) and C‑IV AM’s track record and third‑party ratings, which are relevant indicators for investors assessing operational risk. The trust reports no immediate legal or financial issues tied to the servicer change; investors should note the effective date (Sept 1, 2026) and monitor any future material updates about servicing practices or material litigation.