M&A - BANK5 2024-5YR11
Form Type: 8-K
Filing Date: 2025-03-03
Corporate Action: Acquisition
Type: New
Accession Number: 000188852425003988
Filing Summary: On March 1, 2025, Bank5 2024-5YR11 filed an 8-K report detailing the acquisition of the third-party servicing segment (CMS) of Wells Fargo Bank, National Association by Trimont LLC. This transaction involves Trimont acquiring Wells Fargo's commercial mortgage servicing business which excludes some loans serviced for government-sponsored enterprises. The acquisition consolidates Trimont's master servicing functions, augmenting its capacity and technology for monitoring commercial real estate loans. Post-acquisition, Trimont plans to integrate CMS operations and retain support from Wells Fargo during a Transition Services Agreement period to smooth the transition of services. The report also outlines changes in servicer ratings and compliance measures taken by Trimont, alongside the anticipated impact of this acquisition on their servicing operations.
Additional details:
Cik Number: 0002041680
Registrant Cik: 0001547361
Sponsor Cik List: ["0001541557","0000835271","0001102113","0000740906"]
Cms Acquisition Closing Date: 2025-03-01
Trimont Master Servicer Rating: [{"agency":"Fitch","rating":"CMS3+"},{"agency":"S&P","rating":"CPS2"},{"agency":"Morningstar\/DBRS","rating":"MOR CS2"}]
Trimont Servicing Offices: ["550 South Tryon Street, Charlotte, North Carolina 28202","Two Alliance Center, 3560 Lenox Road NE, Suite 2200, Atlanta, Georgia 30326"]
Transition Services Agreement Duration: 12 months with two 3-month extension options
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