BANK5 2023-5YR1 Changes Special Servicer to C-IV Asset Management

What Happened

• BANK5 2023-5YR1 filed an 8‑K (Item 6.02) reporting that C‑IV Asset Management LLC (C‑IV AM) will act as special servicer for the 575 Broadway Mortgage Loan under the FIVE 2023‑V1 pooling and servicing agreement.
• Effective September 1, 2026, Greystone Servicing Company LLC sold substantially all assets of its special servicing division to C‑IV AM (the “Sale Transaction”), and C‑IV AM assumed the special servicing duties and liabilities arising after the closing.
• C‑IV AM is a wholly owned subsidiary of C‑IV Capital Partners LLC, is headquartered in Irving, Texas, and holds ratings/recognitions including Morningstar DBRS “MOR CS2,” Fitch “CSS2,” and S&P Select Servicer listing (ranked “Average; Ranking Watch Positive”).

Key Details

• Effective date: September 1, 2026 (Sale Transaction closed and servicing assumed).
• Greystone’s named special-servicer portfolio as of June 30, 2026: ~60 transactions, ~1,928 first‑lien mortgage loans, aggregate stated principal ≈ $20.7 billion; 33 CMBS transactions (~774 loans, ≈ $14.2 billion). Two CLOs are excluded from the transfer.
• C‑IV AM track record: since 2002 (including predecessors) through June 30, 2026, has resolved/participated in resolution of 6,017 assets with aggregate principal ≈ $60.7 billion.
• C‑IV AM states it has no history of servicer defaults/terminations in securitizations it served, does not expect its financial condition to materially affect pool or certificate performance, and currently does not plan to engage sub‑servicers for this transaction.

Why It Matters

• A change in special servicer determines who handles problem loans (workouts, enforcement, liquidation) for the certificateholders. Investors should note the new servicer’s experience, ratings and stated policies because these affect how distressed assets like the 575 Broadway loan will be managed.
• The filing is factual: the servicing rights transferred on Sept 1, 2026, most of Greystone’s named portfolio moved to C‑IV AM (except two CLOs), and C‑IV AM highlights its operational controls, business continuity plans and historical resolution record as assurances of capability.