{"id":1004072617,"date":"2013-05-13T06:50:34","date_gmt":"2013-05-13T14:50:34","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004072617"},"modified":"2022-12-08T22:32:02","modified_gmt":"2022-12-09T06:32:02","slug":"big-cmbs-play-will-put-keybank-into-top-tier-of-servicers","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/big-cmbs-play-will-put-keybank-into-top-tier-of-servicers\/","title":{"rendered":"Big CMBS Play Will Put KeyBank into Top Tier of Servicers"},"content":{"rendered":"

By Scott Baltic, Contributing Editor<\/em><\/p>\n

\"\"<\/a>

Marty O’Connor, of\u00a0of KeyBank Real Estate Capital Loan Servicing and Asset Management<\/p><\/div>\n

KeyBank Real Estate Capital, the CRE business unit of KeyCorp, Cleveland, has entered into a series of agreements that reportedly will make it the nation\u2019s third-largest named servicer of commercial\/multi-family loans, with a commercial mortgage servicing portfolio of about $205 billion, the company announced Thursday.<\/p>\n

First, KeyBank has agreed to purchase certain commercial mortgage servicing rights from Bank of America, N.A., which as of the end of March had a total commercial mortgage servicing portfolio of about $110.5 billion. The transaction also includes a CMBS special servicing portfolio of about $14 billion.<\/p>\n

KeyBank will purchase substantially all of the third-party CMBS and special servicing rights from Bank of America\u2019s Global Mortgages & Securitized Products business. This portfolio also includes servicing for a variety of private investors, subject to investor consent.<\/p>\n

KeyBank stated that it anticipates \u201ca seamless transition and closing of the transactions in the second quarter\u201d and also noted that this transaction does not affect Bank of America\u2019s Commercial Real Estate Banking business.<\/p>\n

Simultaneously, KeyBank has entered into a long-term sub-servicing agreement with Berkadia Commercial Mortgage L.L.C., Horsham, Pa., under which Berkadia will act as sub-servicer on all CMBS primary servicing acquired from Bank of America. And in connection with that, KeyBank has agreed to acquire Berkadia\u2019s CMBS special servicing business.\u00a0<\/span><\/p>\n

On a pro forma basis, after both agreements are closed, Key will be named special servicer on approximately $47 billion of CMBS, making it the fifth-largest CMBS special servicer.<\/p>\n

Both transactions are, standardly, subject to required consents from certain investors, rating agencies and regulators.<\/p>\n

\u201cAcquiring these portfolios allows us to further leverage our highly rated servicing platform,\u201d said Marty O\u2019Connor, executive vice president and head of KeyBank Real Estate Capital Loan Servicing and Asset Management. \u201cOur existing partnership with Berkadia will allow us to quickly integrate the Bank of America portfolios.\u201d<\/p>\n

KeyBank Real Estate Capital holds the highest commercial servicer ratings from Morningstar Credit Ratings and S&P as a CMBS master, primary and special servicer.<\/p>\n

Although every lender group increased CRE mortgage originations in 2012, the CMBS conduits and banking sectors accelerated the most and gained market share, according to the April 2013 edition of \u201cU.S. Capital Trends: The Big Picture\u201d from Real Capital Analytics.<\/p>\n

\u201cThe resurgence of CMBS issuance is overshadowing a resurgence of mortgage originations by banks,\u201d the report stated.<\/p>\n

The RCA report also noted that private label CMBS issuance of $30 billion so far this year compares to $48 billion in all of 2012. The retail and hotel sectors in particular \u201chave quickly become dependent on CMBS as the primary source of debt capital.\u201d<\/p>\n

Finally, the report said, \u201cCMBS financing coupled with growing lending by regional\/local banks has helped fuel two significant trends: increased investment activity among private buyers and the increased transaction activity in tertiary markets.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

KeyBank Real Estate Capital, the CRE business unit of KeyCorp, has entered into a series of agreements that reportedly will make it the nation\u2019s third-largest named servicer of commercial\/multi-family loans, with a commercial mortgage servicing portfolio of about $205 billion.<\/p>\n","protected":false},"author":882,"featured_media":1004072640,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742],"tags":[],"class_list":["post-1004072617","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest"],"acf":[],"yoast_head":"\nBig CMBS Play Will Put KeyBank into Top Tier of Servicers - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/big-cmbs-play-will-put-keybank-into-top-tier-of-servicers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Big CMBS Play Will Put KeyBank into Top Tier of Servicers\" \/>\n<meta property=\"og:description\" content=\"KeyBank Real Estate Capital, the CRE business unit of KeyCorp, has entered into a series of agreements that reportedly will make it the nation\u2019s third-largest named servicer of commercial\/multi-family loans, with a commercial mortgage servicing portfolio of about $205 billion.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/big-cmbs-play-will-put-keybank-into-top-tier-of-servicers\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-05-13T14:50:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T06:32:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/05\/OConnorMarty.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"338\" \/>\n\t<meta property=\"og:image:height\" content=\"336\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/big-cmbs-play-will-put-keybank-into-top-tier-of-servicers\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/big-cmbs-play-will-put-keybank-into-top-tier-of-servicers\\\/\"},\"author\":{\"name\":\"Scott Baltic\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"headline\":\"Big CMBS Play Will Put KeyBank into Top Tier of Servicers\",\"datePublished\":\"2013-05-13T14:50:34+00:00\",\"dateModified\":\"2022-12-09T06:32:02+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/big-cmbs-play-will-put-keybank-into-top-tier-of-servicers\\\/\"},\"wordCount\":503,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/big-cmbs-play-will-put-keybank-into-top-tier-of-servicers\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2013\\\/05\\\/OConnorMarty.jpg\",\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/big-cmbs-play-will-put-keybank-into-top-tier-of-servicers\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/big-cmbs-play-will-put-keybank-into-top-tier-of-servicers\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/big-cmbs-play-will-put-keybank-into-top-tier-of-servicers\\\/\",\"name\":\"Big CMBS Play Will Put KeyBank into Top Tier of Servicers - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/big-cmbs-play-will-put-keybank-into-top-tier-of-servicers\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/big-cmbs-play-will-put-keybank-into-top-tier-of-servicers\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2013\\\/05\\\/OConnorMarty.jpg\",\"datePublished\":\"2013-05-13T14:50:34+00:00\",\"dateModified\":\"2022-12-09T06:32:02+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/big-cmbs-play-will-put-keybank-into-top-tier-of-servicers\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/big-cmbs-play-will-put-keybank-into-top-tier-of-servicers\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/big-cmbs-play-will-put-keybank-into-top-tier-of-servicers\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2013\\\/05\\\/OConnorMarty.jpg\",\"contentUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2013\\\/05\\\/OConnorMarty.jpg\",\"width\":\"338\",\"height\":\"336\",\"caption\":\"Marty O'Connor\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/big-cmbs-play-will-put-keybank-into-top-tier-of-servicers\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Big CMBS Play Will Put KeyBank into Top Tier of Servicers\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\",\"name\":\"Scott Baltic\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2022\\\/06\\\/Scott.jpg?w=96\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2022\\\/06\\\/Scott.jpg?w=96\",\"contentUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2022\\\/06\\\/Scott.jpg?w=96\",\"caption\":\"Scott Baltic\"},\"description\":\"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/author\\\/scott-baltic\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Big CMBS Play Will Put KeyBank into Top Tier of Servicers - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/big-cmbs-play-will-put-keybank-into-top-tier-of-servicers\/","og_locale":"en_US","og_type":"article","og_title":"Big CMBS Play Will Put KeyBank into Top Tier of Servicers","og_description":"KeyBank Real Estate Capital, the CRE business unit of KeyCorp, has entered into a series of agreements that reportedly will make it the nation\u2019s third-largest named servicer of commercial\/multi-family loans, with a commercial mortgage servicing portfolio of about $205 billion.","og_url":"https:\/\/www.commercialsearch.com\/news\/big-cmbs-play-will-put-keybank-into-top-tier-of-servicers\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2013-05-13T14:50:34+00:00","article_modified_time":"2022-12-09T06:32:02+00:00","og_image":[{"width":338,"height":336,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/05\/OConnorMarty.jpg","type":"image\/jpeg"}],"author":"Scott Baltic","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.commercialsearch.com\/news\/big-cmbs-play-will-put-keybank-into-top-tier-of-servicers\/#article","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/big-cmbs-play-will-put-keybank-into-top-tier-of-servicers\/"},"author":{"name":"Scott Baltic","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555"},"headline":"Big CMBS Play Will Put KeyBank into Top Tier of Servicers","datePublished":"2013-05-13T14:50:34+00:00","dateModified":"2022-12-09T06:32:02+00:00","mainEntityOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/big-cmbs-play-will-put-keybank-into-top-tier-of-servicers\/"},"wordCount":503,"commentCount":0,"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/big-cmbs-play-will-put-keybank-into-top-tier-of-servicers\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/05\/OConnorMarty.jpg","articleSection":["News"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.commercialsearch.com\/news\/big-cmbs-play-will-put-keybank-into-top-tier-of-servicers\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/big-cmbs-play-will-put-keybank-into-top-tier-of-servicers\/","url":"https:\/\/www.commercialsearch.com\/news\/big-cmbs-play-will-put-keybank-into-top-tier-of-servicers\/","name":"Big CMBS Play Will Put KeyBank into Top Tier of Servicers - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/big-cmbs-play-will-put-keybank-into-top-tier-of-servicers\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/big-cmbs-play-will-put-keybank-into-top-tier-of-servicers\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/05\/OConnorMarty.jpg","datePublished":"2013-05-13T14:50:34+00:00","dateModified":"2022-12-09T06:32:02+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/big-cmbs-play-will-put-keybank-into-top-tier-of-servicers\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/big-cmbs-play-will-put-keybank-into-top-tier-of-servicers\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/big-cmbs-play-will-put-keybank-into-top-tier-of-servicers\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/05\/OConnorMarty.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/05\/OConnorMarty.jpg","width":"338","height":"336","caption":"Marty O'Connor"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/big-cmbs-play-will-put-keybank-into-top-tier-of-servicers\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Big CMBS Play Will Put KeyBank into Top Tier of Servicers"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555","name":"Scott Baltic","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","caption":"Scott Baltic"},"description":"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.","url":"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/05\/OConnorMarty.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004072617","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/882"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004072617"}],"version-history":[{"count":1,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004072617\/revisions"}],"predecessor-version":[{"id":1004614593,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004072617\/revisions\/1004614593"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004072640"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004072617"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004072617"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004072617"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}