Morgan Stanley/BofA Merrill Lynch Trust 2016-C28 Changes Special Servicer

What Happened
The trust filed an 8-K (Item 6.02) announcing that C‑IV Asset Management LLC (“C‑IV AM”) will act as special servicer under the pooling and servicing agreement, effective September 1, 2026. The change followed Greystone Servicing Company LLC’s sale of substantially all assets of its special servicing division to C‑IV AM on that date, and C‑IV AM assumed the duties, responsibilities and liabilities of the special servicer after closing.

Key Details

• C‑IV AM is a Delaware LLC and a wholly‑owned subsidiary of C‑IV Capital Partners LLC; substantially all key Greystone special‑servicing employees moved to C‑IV AM and will continue in similar roles.
• Ratings and recognitions: Morningstar DBRS special servicer rating “MOR CS2”; Fitch rating “CSS2”; on S&P’s Select Servicer list as a U.S. Commercial Mortgage Special Servicer (S&P ranking: “Average; Ranking Watch Positive”).
• Portfolio transferred (as of June 30, 2026): Greystone was named special servicer for ~60 transactions representing ~1,928 first‑lien loans with aggregate stated principal ≈ $20.7 billion; 33 CMBS transactions (~774 loans, ≈ $14.2B). Actively specially serviced balance ≈ $2.1B.
• Since 2002 through June 30, 2026, C‑IV AM (including predecessors) has resolved/participated in resolution of 6,017 assets with aggregate principal ≈ $60.7 billion. C‑IV AM reports no prior servicer defaults or terminations in CMBS/multifamily securitizations.

Why It Matters
A change in the special servicer affects who handles problem loans, workouts and enforcement actions for the trust’s underlying loans. The filing emphasizes continuity (many of the same employees moved to C‑IV AM) and provides rating and portfolio metrics intended to reassure certificateholders. Investors should note the scale of the portfolio transferred (~$20.7B in named pools, ~$2.1B actively specially serviced) and that C‑IV AM is affiliated with an entity that purchased bonds in this transaction and currently serves as directing certificateholder—an identified relationship disclosed in the filing. The 8‑K states there are no material legal proceedings against C‑IV AM and no expectation that its financial condition will materially affect servicing performance.