BANK5 2023-5YR4 Changes Special Servicer to C‑IV Asset Management LLC

What Happened
BANK5 2023-5YR4 announced that C‑IV Asset Management LLC ("C‑IV AM") will serve as special servicer for the 11 West 42nd Street Mortgage Loan and the Short Pump Town Center Mortgage Loan under the related pooling and servicing agreement. On 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 servicer duties and liabilities arising after the closing. C‑IV AM is a wholly owned subsidiary of C‑IV Capital Partners LLC and reports offices in Irving, Texas.

Key Details

• Transfer date: September 1, 2026; affected loans: 11 West 42nd Street Mortgage Loan and Short Pump Town Center Mortgage Loan.
• C‑IV AM ratings/status: Morningstar DBRS "MOR CS2"; Fitch "CSS2"; on S&P’s Select Servicer list ("Average; Ranking Watch Positive").
• Portfolio scale: as of 6/30/2026 Greystone was named special servicer on ~60 transactions (~1,928 first‑lien loans; aggregate stated principal ≈ $20.7 billion); C‑IV AM’s named CMBS portfolio unpaid principal ≈ $20,697.8M and actively specially serviced ≈ $2,106.5M (as of 6/30/2026).
• Operational continuity: substantially all key special servicing employees from Greystone moved to C‑IV AM and continue in similar roles; C‑IV AM reports no material pending legal proceedings affecting its servicing ability.

Why It Matters
A change in special servicer shifts responsibility for managing troubled loans, workouts, foreclosures and recoveries—actions that can affect timing and amount of payments to certificateholders. The filing emphasizes operational continuity (key staff moved) and shows C‑IV AM has relevant experience and industry ratings, which may reduce disruption risk. Investors should note the effective date (Sept 1, 2026) and monitor any future servicing actions or trustee communications that could affect loan resolution outcomes or cash flows.