Title: MSWF Commercial Mortgage Trust 2023-1 Initiates Agreement with Sponsors for Heritage Plaza Mortgage Loan Servicing
In a recent filing with the United States Securities and Exchange Commission (SEC), Morgan Stanley Capital I Inc. announced the entry into a material definitive agreement for the servicing and administration of the MSWF Commercial Mortgage Trust 2023-1, specifically the Heritage Plaza Mortgage Loan. This agreement was made between various sponsors and outlines the terms and conditions of the servicing arrangement.
On September 28, 2023, the Heritage Plaza Mortgage Loan, a part of the MSWF Commercial Mortgage Trust 2023-1, entered into a pooling and servicing agreement. The agreement was established between Morgan Stanley Capital I Inc., as the depositor, Wells Fargo Bank as the master servicer, Argentic Services Company LP as the special servicer, Computershare Trust Company as the certificate administrator and trustee, and Pentalpha Surveillance LLC as the operating advisor.
Key Terms of the Agreement:
Under the agreement, the Heritage Plaza Mortgage Loan will be serviced and administered as follows:
1. Transition: Prior to the securitization of the related lead servicing Companion Loan, the loan will be serviced under the Benchmark 2023-V2 PSA.
2. Post-Securitization: Following the securitization of the lead servicing Companion Loan, the loan will be serviced under a new pooling and servicing agreement connected to that securitization.
3. Servicing Fees: The Non-Serviced Master Servicer earns a servicing fee of 0.00250% per annum for each mortgage loan. The Non-Serviced Special Servicer is entitled to a special servicing fee for the Heritage Plaza Whole Loan at a rate equal to the greater of 0.25000% per annum or the per annum rate that would result in a special servicing fee of $3,500.
4. Workout and Liquidation Fees: In the event of a corrected loan, the Non-Serviced Special Servicer will accrue a workout fee at a rate of 0.75% per annum. If the rate results in a workout fee less than $25,000, the Non-Serviced Special Servicer will receive an amount from the final payment to equal $25,000. The liquidation fee payable to the Non-Serviced Special Servicer will also accrue at a rate of 0.75%. If the aggregate liquidation fee is less than $25,000, the fee rate will be adjusted accordingly.
5. Operating Advisor: The operating advisor under the BANK5 2023-5YR3 PSA only has the authority to consult with the Non-Serviced Special Servicer and recommend termination after a consultation termination event.
The material definitive agreement between the sponsors of MSWF Commercial Mortgage Trust 2023-1 and Morgan Stanley Capital I Inc. sheds light on the servicing of the Heritage Plaza Mortgage Loan. The terms and conditions outlined in the agreement provide details on fees, transition, and ongoing administration. This disclosure brings transparency and clarity to stakeholders and ensures compliance with regulatory requirements.
Disclaimer: This article is for informational purposes only and should not be taken as financial advice.