Midland Awarded $800MM Contract
Overland Park, KS-Midland Loan Services has been awarded an $800 million servicing assignment on the Prima Capital Advisors pension fund portfolio.
The portfolio comprises whole commercial loans, investment grade and "B" piece commercial mortgage-backed securities and other fixed-income investments.
Midland will be responsible for the servicing, investment tracking and consolidated accounting on the portfolio, the servicer reports.
The assignment will permit Midland "to leverage its conventional servicer capabilities in order to also provide an expanded range of consolidated accounting, investment administration and reporting services" for the pension fund advisor.
For the whole loans, Midland will perform primary servicing and also distribute all necessary borrower information to facilitate credit decisions. In the case of the fixed-income and CMBS bonds, Midland will coordinate loan and bond payment collections and handle reporting.
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