BANK5 2023-5YR3 Announces Special Servicer Change to C‑IV Asset Management

What Happened
BANK5 2023-5YR3 filed an 8-K (dated Sept 2, 2026) announcing that C‑IV Asset Management LLC (“C‑IV AM”) will act as the special servicer under the 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 in the Sale Transaction, and C‑IV AM assumed the related special servicing duties and liabilities following the closing.

Key Details

• C‑IV AM is a Delaware LLC and a wholly owned subsidiary of C‑IV Capital Partners LLC; principal special servicing office: 5221 N. O’Connor Blvd., Suite 800, Irving, TX.
• Ratings and recognition: Morningstar DBRS “MOR CS2”; Fitch “CSS2”; on S&P’s Select Servicer list (U.S. Commercial Mortgage Special Servicer, “Average; Ranking Watch Positive”).
• As of June 30, 2026, Greystone was named special servicer for ~60 transactions (≈1,928 first‑lien loans; aggregate stated principal ≈ $20.7 billion); ~108 assets (≈ $2.1 billion) were actively in special servicing. All of Greystone’s named portfolio will transfer to C‑IV AM as of Sept 1, 2026, except two CLOs.
• C‑IV AM history: since 2002 through June 30, 2026, it has resolved or participated in resolution of 6,017 assets with aggregate principal ≈ $60.7 billion. C‑IV AM reports no prior servicer defaults or terminations for actions/inactions as special servicer.

Why It Matters
This filing notifies certificateholders and investors that the party responsible for handling problem loans and workouts (the special servicer) has changed operators. The change was effected by a sale and employee transfer, so many of the same staff will continue servicing under C‑IV AM. Investors should note the effective date (Sept 1, 2026), the size of the affected portfolio (≈ $20.7B in named loans, ≈ $2.1B actively specially serviced as of 6/30/2026), and C‑IV AM’s industry ratings and track record—factors that bear on how problem loans will be managed going forward. The filing contains no indication of pending material litigation against C‑IV AM or financial issues that would impair its servicing duties.