Fitch Assigns First CMBS Large Loan Special Servicer Rating To Green Loan Services

Ratings has assigned Green Loan Services LLC a commercial mortgage-backed securities (CMBS) large loan special servicer rating of CLLSS2-. The rating reflects the extensive large loan commercial real estate workout experience of the company. This is the first assignment of this rating, which was introduced in recently published Fitch criteria. While the company's experience with large loans is primarily in Manhattan, the group has worked out and restructured large loans in other metropolitan areas such as San Francisco, Boston, Los Angeles, Chicago and Washington, D.C. Green's senior managers average 20-plus years of related experience. The CLLSS rating will be used by Green to allow naming them special servicer on loans where the company holds either mezzanine or B-Note positions or for a third party. The rating does not qualify an entity to special service a pool of conduit loans, but rather, only single large loans within a securitization. While Green has a strong commercial real estate background, the company has very limited CMBS experience, Fitch says. Green is currently named special servicer on four CMBS loans totaling $831 million. Fitch deems the special servicer rating of CSSLL2- sufficient to meet the requirements stated in current transaction documents as CSS2. Green is a wholly owned subsidiary of SL Green Realty Corp., a self-administered and self-managed real estate investment trust based in New York. SOURCE: Fitch


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