M&A - BANK 2019-BNK16

Form Type: 8-K

Filing Date: 2025-03-03

Corporate Action: Acquisition

Type: New

Accession Number: 000188852425003667

Filing Summary: On February 28, 2025, BANK 2019-BNK16, represented by Wells Fargo Commercial Mortgage Securities, Inc., reported a significant corporate event involving the acquisition of the third-party servicing segment of Wells Fargo Bank, National Association's commercial mortgage servicing business by Trimont LLC. This transaction, referred to as the CMS Transaction, was effective as of March 1, 2025. Trimont will be responsible for acting as the general master servicer under the pooling and servicing agreement and will integrate the CMS operations, systems, and team into its platform. The document details Trimont's capabilities, its servicer ratings from prominent agencies, and its approach to managing a diverse portfolio of commercial and multifamily loans. It also outlines arrangements for the transition period following the acquisition, including a Transition Services Agreement with Wells Fargo for continued support during the integration process. This transition aims to maintain the servicing of loans managed prior to the acquisition while adapting CMS's operations to Trimont's standards and practices. Trimont has established various strategies for servicing, particularly concerning delinquent loans or borrower bankruptcies, to optimize asset value for certificateholders.