M&A - BANK5 2023-5YR1

Form Type: 8-K

Filing Date: 2025-03-03

Corporate Action: Acquisition

Type: New

Accession Number: 000188852425003719

Filing Summary: On February 28, 2025, BANK5 2023-5YR1 filed an 8-K report regarding the acquisition of the third-party servicing segment (CMS) of Wells Fargo Bank, National Association's commercial mortgage servicing business. Trimont LLC is designated as the new master servicer for this acquired business. This transition involves the integration of CMS employees, systems, and operating procedures into Trimont. The acquisition aims to enhance Trimont's servicing capabilities and expand its portfolio, which now includes commercial and multifamily loans across various sectors. The report also discusses the transition services agreement (TSA) between Trimont and Wells Fargo, ensuring support services for 12 months post-acquisition to facilitate the integration process.