BMO 2023-5C1 Mortgage Trust Reports Change of Special Servicer

What Happened
BMO 2023-5C1 Mortgage Trust filed an 8-K on Sept. 1, 2026 announcing that C‑IV Asset Management LLC (C‑IV AM) succeeded Greystone Servicing Company LLC as the outside special servicer under the applicable pooling and servicing agreement, effective September 1, 2026. The assignment covers special servicing for the 11 West 42nd Street mortgage loan, the Short Pump Town Center mortgage loan and the Heritage Plaza mortgage loan that are assets of the Issuing Entity. An Assignment and Assumption Agreement (Special Servicing), dated Sept. 1, 2026, is attached as Exhibit 20.1 to the filing.

Key Details

• Successor servicer: C‑IV Asset Management LLC (wholly owned by C‑IV Capital Partners LLC); effective date Sept. 1, 2026.
• Covered loans: 11 West 42nd Street, Short Pump Town Center, Heritage Plaza (each is an asset of the trust).
• Background & scale: As of June 30, 2026, Greystone was named special servicer on ~60 transactions (~1,928 first‑lien loans) with an aggregate stated principal balance of $20.7 billion; 108 assets ($2.1 billion) were in active special servicing. C‑IV (including predecessors) reports resolving 6,017 assets ($60.7 billion) since 2002 through June 30, 2026.
• Operational notes: Substantially all key Greystone special‑servicing staff transferred to C‑IV AM; C‑IV AM lists ratings/recognitions from DBRS/Morningstar (“MOR CS2”), Fitch (“CSS2”) and S&P (Select Servicer; “Average; Ranking Watch Positive”). C‑IV AM says it has no servicer‑default history and no material legal proceedings affecting its servicing duties.

Why It Matters
A change in the special servicer affects who handles workouts, enforcement and recovery actions on problem loans in the trust. The filing emphasizes continuity (staff transfer and established procedures) and C‑IV AM’s industry ratings, and it states C‑IV does not expect its financial condition to materially affect pool or certificate performance. Investors should note the effective date (Sept. 1, 2026), the specific loans affected, and the attached Assignment and Assumption Agreement (Exhibit 20.1) for the formal legal documentation of the transfer.