Friday, May 10, 2013

KeyBank adds to servicing platform with Berkadia and BAML deals

KeyBank is closing the second of two deals that will make it the third largest CMBS servicer. Globe St reports:

has arranged to buy Bank of America N.A.’s $110.5-billion CMBS servicing portfolio, along with a CMBS special servicing portfolio of about $14 billion. Additionally, the firm entered into a long-term sub-servicing agreement with Berkadia Commercial Mortgage LLC to buy up its CMBS special servicing business. If the deals go through, KeyBank will have a $205-billion servicing portfolio, becoming the third largest named servicer of commercial/multifamily loans in the US. On a pro forma basis, upon closing it will be named special servicer on approximately $47 billion of CMBS, making KeyBank the fifth largest CMBS special servicer

H/T CoS 


crabsofsteel said...

Even bigger news: has been absorbed by a larger platform, presumably giving Elaine a larger audience.

Concrete Jungle said...

I noticed that. It makes me a little sad - my RSS feeds broke and I couldn't figure out how to make them work right, so I no longer read her stuff on a regular basis. :(