BofA Merrill Lynch CM Trust 2016-UBS10 Reports Special Servicer Change

What Happened

• The trust (Item 6.02 change of servicer) filed an 8-K announcing that C‑IV Asset Management LLC (C‑IV AM) will act as special servicer for the Princeton Pike Corporate Center Mortgage Loan under the MSBAM 2016-C28 pooling and servicing agreement. The change follows Greystone Servicing Company LLC’s sale on September 1, 2026 of substantially all assets of its special servicing division to C‑IV AM, and C‑IV AM assumed the related special servicer duties and liabilities following closing.
• C‑IV AM is a Delaware LLC and a wholly owned subsidiary of C‑IV Capital Partners LLC. Substantially all key employees who performed Greystone’s special servicing duties moved to C‑IV AM and continue performing the same roles. C‑IV AM lists principal servicing offices in Irving, Texas, and holds ratings of MOR CS2 (Morningstar DBRS), CSS2 (Fitch) and is on S&P’s Select Servicer list (Average; Ranking Watch Positive).

Key Details

• Effective date of transfer: September 1, 2026 (Sale Transaction closed and duties assumed).
• Greystone’s named special servicing portfolio (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).
• Active special servicing as of June 30, 2026: ~108 assets with aggregate stated principal ≈ $2.1 billion.
• C‑IV AM historical experience: since 2002 through June 30, 2026 has resolved/participated in resolution of ~6,017 assets with aggregate principal ≈ $60.7 billion.
• Custody and advances: C‑IV AM will not have primary custody of original loan documents (may hold some for enforcement); it does not have material advancing obligations for CMBS pools, though emergency property‑related advances may be permitted in some cases.
• Legal/operational: C‑IV AM reports no servicer defaults or terminations in its experience, no material pending legal proceedings affecting certificateholders, and maintains formal policies and a business continuity plan reviewed annually.

Why It Matters

• For certificateholders, the filing documents an operational handoff of special servicing from Greystone to C‑IV AM with continuity of personnel and explicit ratings and experience metrics, which can affect how problem loans are managed and resolved. The filing indicates no immediate material changes to servicing procedures, no known litigation that would materially affect servicing, and no expected material impact from C‑IV AM’s financial condition on pool performance.