Fitch Ratings has affirmed Houston-based Situs Asset Management's commercial mortgage-backed securities (CMBS) primary servicer rating at CPS3+ and special servicer rating at CSS3+.
In a statement released by Fitch Ratings, the primary servicer rating is based on Situs' ‘experienced servicing managers and employees, its surveillance capability and the maintenance of the company's thorough quarterly asset review program.’ As of Sept. 30, Situs' primary servicing portfolio consisted of 4,584 loans totaling $10.7 billion.
Also on Sept. 30, Situs was named special servicer for four CMBS loans totaling $154.7 million, including two actively specially serviced assets totaling $100.9 million and one CMBS REO asset valued at $17 million. In addition, the company is responsible for the special servicing of 1,794 non-CMBS loans totaling $1.9 billion and 60 REO properties valued at $106 million.
SOURCE: Fitch Ratings