Midland Wins Contracts
Overland Park, KS-Midland Loan Services has been selected as special servicer for five commercial mortgage- backed securities transactions totaling approximately $4 billion, the servicer has reported.
Midland was selected by either the issuers of the bonds or the subordinate bond investors in the issues, which include Anthracite Capital - a mortgage real estate investment trust managed by Blackrock, a Midland affiliate - and Banc One Capital Corp., according to the servicer.
In this role, Midland will administer the workout and resolution of nonperforming loans in a CMBS transaction.
With the addition of these assignments, Midland is the designated special servicer on 71 CMBS transactions with outstanding principal balances exceeding $32 billion as of May 31, 2003, the servicer reports.
Kevin Donahue, a Midland senior vice president and head of special servicing, said, "Midland continues to focus on building its third-party special servicing, and these new assignments contribute to our growth. CMBS investors are increasingly aware of the need to retain strong special servicers, especially when real estate market conditions deteriorate and the economy is slow to rebound."
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