Benchmark 2023-V3 Mortgage Trust: Special Servicer Changed to C‑IV AM

What Happened

• Benchmark 2023-V3 Mortgage Trust filed an 8-K (Sept 2, 2026) reporting a change of special servicer under the BANK5 2023-5YR3 pooling and servicing agreement. C‑IV Asset Management LLC (“C‑IV AM”) will act as special servicer for the Heritage Plaza Mortgage Loan.
• On Sept. 1, 2026, Greystone Servicing Company LLC sold and conveyed substantially all assets of its special servicing division to C‑IV AM. C‑IV AM assumed the duties, responsibilities and liabilities of the special servicer arising after the closing of that sale.

Key Details

• Transfer date: September 1, 2026; 8-K filed Sept. 2, 2026.
• Portfolio scope (Greystone as of June 30, 2026): ~60 transactions, ~1,928 first‑lien loans, aggregate stated principal ≈ $20.7 billion; 33 CMBS transactions (~774 loans, ≈ $14.2B).
• C‑IV AM credentials: special servicer ratings MOR CS2 (Morningstar DBRS) and CSS2 (Fitch); listed on S&P’s Select Servicer list (ranked “Average; Ranking Watch Positive”). Since 2002, C‑IV (including predecessors) has resolved ~6,017 assets with aggregate principal ≈ $60.7B.
• Active specially serviced portfolio (C‑IV AM as of 6/30/2026): ~108 assets, aggregate unpaid principal ≈ $2.1B. All of Greystone’s named portfolio will transfer to C‑IV AM except two CLOs.

Why It Matters

• A change in special servicer affects who manages troubled loans and enforces remedies (workouts, liquidations, loan sales). That can influence recovery timing and amounts for certificateholders.
• The filing emphasizes continuity: most key Greystone special‑servicing employees moved to C‑IV AM, and C‑IV AM has established policies, a business continuity plan, industry ratings and a large track record, which the company says should limit operational disruption.
• Investors should note the portfolio size and that C‑IV AM states it has no prior servicer defaults in its CMBS/multifamily special servicing roles and sees no material legal or financial issues that would affect its servicing duties.