BBCMS Mortgage Trust 2023-5C23 Reports Special Servicer Change to C‑IV AM

What Happened
BBCMS Mortgage Trust 2023-5C23 filed an 8‑K (Item 6.02) announcing that C‑IV Asset Management LLC (“C‑IV AM”) will act as special servicer for the 11 West 42nd Street Mortgage Loan under the BANK5 2023-5YR3 pooling and servicing agreement. The change follows Greystone Servicing Company LLC’s sale and conveyance of substantially all assets of its special servicing division to C‑IV AM on September 1, 2026; C‑IV AM assumed the related special servicing duties, responsibilities and liabilities as of the closing. Substantially all key special-servicing employees moved from Greystone to C‑IV AM and continue performing the same roles.

Key Details

• Effective date: September 1, 2026; affected loan: 11 West 42nd Street Mortgage Loan.
• Ratings & recognition: C‑IV AM rated “MOR CS2” by Morningstar DBRS, “CSS2” by Fitch, and listed on S&P’s Select Servicer list (ranked “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 ≈ $20.7B); CMBS portion: 33 transactions (~774 loans; ≈ $14.2B). C‑IV AM’s actively specially serviced portfolio was ~108 assets (≈ $2.1B).
• Track record: Since 2002 (including predecessors) through 6/30/2026, C‑IV AM has resolved/participated in resolution of 6,017 assets with aggregate principal ≈ $60.7B.
• Operational notes: C‑IV AM has documented servicing policies, an annual review process, a business continuity plan, does not plan to engage sub‑servicers for this transaction, and does not expect its financial condition to materially affect servicing performance. Information provided by C‑IV AM; depositor makes no independent representation as to its accuracy.

Why It Matters
A special servicer change can affect how problem loans (workouts, liquidations, negotiations) are handled. For investors in the trust, key points are continuity of personnel (many same employees moved to C‑IV AM), C‑IV AM’s industry ratings and experience with large portfolios, and its stated operational controls and business continuity planning. The filing indicates no known material legal issues and that C‑IV AM does not expect its finances to impair its servicing duties—factors that reduce, but do not eliminate, operational risk from the servicer transition.