M&A - Benchmark 2020-B21 Mortgage Trust

Form Type: 8-K

Filing Date: 2025-03-03

Corporate Action: Acquisition

Type: New

Accession Number: 000188852425003408

Filing Summary: Benchmark 2020-B21 Mortgage Trust announces the acquisition of the third-party servicing segment of Wells Fargo Bank's commercial mortgage servicing business by Trimont LLC, effective March 1, 2025. Trimont is set to act as the master servicer for multiple mortgage loans following this acquisition. The transaction is distinguished by the fact that it does not include servicing rights related to loans originated for Fannie Mae, Freddie Mac, and FHA/Ginnie Mae, which will remain with Wells Fargo. Trimont's acquisition will involve the transition of CMS employees, systems, and operational guidelines necessary to support the servicing of these loans. Additionally, Trimont will operate under a Transition Services Agreement with Wells Fargo, which stipulates ongoing support for 12 months, with potential extensions. The document outlines various ratings by Fitch, S&P, and Morningstar DBRS related to Trimont’s servicing capabilities, indicating that these ratings highlight a period of integration following the acquisition. Trimont acknowledges that it will maintain compliance with servicing obligations and standards during this transition period.