M&A - BANK5 2024-5YR9

Form Type: 8-K

Filing Date: 2025-03-03

Corporate Action: Acquisition

Type: New

Accession Number: 000188852425003530

Filing Summary: On February 28, 2025, BANK5 2024-5YR9 reported the acquisition of Wells Fargo Bank's commercial mortgage servicing business’s third party servicing segment (CMS Transaction) by Trimont LLC. Trimont, a master servicer, will handle the servicing for various mortgage loans under the BANK5 2024-5YR8 pooling and servicing agreement. The acquisition consolidates Trimont's servicing capabilities, and the management of Wells Fargo’s rights and obligations will also transition to Trimont. The acquisition includes transferring Wells Fargo’s relevant employees, systems, technologies, and operational guidelines. Trimont will utilize a dual servicing technology setup during the transition period, with support services provided by Wells Fargo as per a Transition Services Agreement for up to 12 months following the acquisition. The transition will aim for a smooth integration of existing and newly serviced loans, with guidelines incorporated from both organizations.