Current Report · Items 6.02 · 8-K
BANK5 2024-5YR8
Change of Servicer or Trustee
Item 6.02 Change of Servicer or Trustee. Pursuant to Section 7.01(d) of the pooling and servicing agreement, dated as of August 1, 2024 (the “Pooling and Servicing Agreement”), among Banc of America Merrill Lynch Commercial Mortgage Inc., as depositor, Trimont LLC, as successor to Wells Fargo Bank, National Association, as master servicer, Greystone Servicing Company LLC (“Greystone”), as special…
Disclosure sections
Item 6.02Item 6.02 - Change of Servicer/Trustee
Item 6.02 Change of Servicer or Trustee.
Pursuant
to Section 7.01(d) of the pooling and servicing agreement, dated as of August
1, 2024 (the “Pooling and Servicing Agreement”), among Banc of America Merrill
Lynch Commercial Mortgage Inc., as depositor, Trimont LLC, as successor to
Wells Fargo Bank, National Association, as master servicer, Greystone Servicing
Company LLC (“Greystone”), as special servicer, Computershare Trust Company,
National Association, as certificate administrator and trustee, and Pentalpha
Surveillance LLC, as operating advisor and as asset representations reviewer,
relating to the issuing entity known as BANK5 2024-5YR8 (the “Issuing Entity”),
effective as of July 2, 2026, Greystone was removed as special servicer and
Torchlight Loan Services, LLC (“Torchlight”), a Delaware limited liability
company, was appointed as the successor special servicer (except with respect
to any Non-Serviced Mortgage Loan and any Excluded Loan). In its capacity as
special servicer, Torchlight will be responsible for the servicing and
administration of the Specially Serviced Loans and REO Properties pursuant to
the Pooling and Servicing Agreement (except with respect to any Non-Serviced
Mortgage Loan and any Excluded Loan), a copy of which was filed as Exhibit 4.1
to the Current Report on Form 8-K filed by the Issuing Entity with the
Securities and Exchange Commission on July 30, 2024.
Capitalized
terms used, but not defined, in this Current Report on Form 8‑K have the
meanings set forth in the Pooling and Servicing Agreement.
Torchlight Loan Services, LLC
Torchlight is a Delaware limited liability company and
will act as the special servicer (the “Special Servicer”) under the
Pooling and Servicing Agreement. Its executive office and principal
special servicing office are located at 90 Park Avenue, 20 th Floor,
New York, New York 10016. Torchlight is wholly owned by Torchlight
Investors, LLC, which invests across a broad array of commercial real estate
investments, including senior and mezzanine loans, preferred equity, equity and
investment grade and non-investment grade CMBS on behalf of institutional
investors.
Torchlight has substantial experience in working out
loans and has been engaged in servicing CMBS assets since December 2007.
Torchlight’s then affiliated predecessor had been engaged in servicing CMBS
assets since 1998. In the past twenty-eight years, Torchlight has resolved over
$12.2 billion of U.S. commercial and multifamily loans.
The table below sets forth information about
Torchlight’s portfolio of specially serviced commercial and multifamily
mortgage loans as of the dates indicated:
CMBS Pools As of 12/31/2023 As of 12/31/2024 As of 12/31/2025 As of 3/31/2026
────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
By Approximate 19 18 36 42
Number…………………
Named Specially $8,187,369,702 $9,980,161,249 $18,362,085,212 24,157,139,861
Serviced Portfolio By Approximate Aggregate Unpaid Principal Balance(1)……………………………….
Actively Specially 41 42 54 55
Serviced Portfolio By Approximate Number of Loans(2)………
Actively Specially $ 2,555,583,096 $2,756,939,609 $3,080,015,916 $3,486,219,132
Serviced Portfolio By Approximate Aggregate Unpaid Principal Balance(2)………………………………..
(1) Includes all loans in Torchlight’s portfolio
for which Torchlight is the named special servicer, regardless of whether such
loans are, as of the specified date, specially serviced loans.
(2) Includes only those loans in the
portfolio that, as of the specified date, are specially serviced loans,
including REO loans.
As of March 31, 2026, 21 personnel were involved in
the special servicing of commercial real estate assets for Torchlight, of which
6 were dedicated to the special servicing business unit. As of March 31, 2026,
Torchlight specially serviced a portfolio that included approximately 55 loans
secured by properties throughout the United States, the District of Columbia
and Puerto Rico with a then-current face value in excess of $3.5 billion, all
of which are commercial or multifamily real estate assets. The portfolio
includes commercial real estate mortgage loans secured by the same types of
income producing properties as those securing the Mortgage Loan backing the
Certificates. Accordingly, the assets that Torchlight services as well as
assets owned by its affiliates may, depending upon the particular
circumstances, including the nature and location of such assets, compete with
the mortgaged real properties securing the Mortgage Loans for tenants,
purchasers, financing and so forth. Torchlight does not service or manage any
assets other than commercial and multifamily real estate assets.
Torchlight has developed policies and procedures for
the performance of its special servicing obligations in compliance with
applicable servicing criteria set forth in Item 1122 of Regulation AB,
including managing delinquent loans and loans subject to the bankruptcy of the
borrower. Torchlight has recognized that technology can greatly improve its
performance as a special servicer, and Torchlight’s intranet-based
infrastructure provides improved controls for compliance with trust/pooling and
servicing agreements, loan administration and procedures in workout/resolution.
Standardization and automation have been pursued, and continue to be pursued,
wherever practicable to provide for improved accuracy, efficiency,
transparency, monitoring and controls.
Torchlight utilizes the services of certain
contractors to augment its personnel.. Torchlight does not have any material
primary advancing obligations with respect to the CMBS pools as to which it
acts as special servicer and accordingly Torchlight does not believe that its
financial condition will have any adverse effect on the performance of its
duties under the Pooling and Servicing Agreement nor any material impact on the
mortgage pool performance or the performance of the Certificates.
Torchlight will not have primary responsibility for
custody services of original documents evidencing the Mortgage Loans. On
occasion, Torchlight may have custody of certain of such documents as necessary
for enforcement actions involving the Mortgage Loans or otherwise. To the
extent that Torchlight has custody of any such documents, such documents will
be maintained in a manner consistent with the Servicing Standard. There are
currently no legal proceedings pending against Torchlight, nor are any known to
be contemplated by governmental authorities, that are material to the
Certificateholders.
No securitization transaction involving commercial or
multifamily mortgage loans in which Torchlight was acting as special servicer
has experienced an event of default as a result of any action or inaction
performed by Torchlight as special servicer. In addition, there has been no
previous disclosure of material non-compliance with servicing criteria by
Torchlight with respect to any other securitization transaction involving
commercial or multifamily mortgage loans in which Torchlight was acting as special
servicer.
From time to time, Torchlight and its affiliates are
parties to lawsuits and other legal proceedings arising in the ordinary course
of business. Torchlight does not believe that any such lawsuits or legal
proceedings would, individually or in the aggregate, have a material adverse
effect on its business or its ability to serve as Special Servicer.
Torchlight is not an affiliate of the Depositor, the
Mortgage Loan Sellers, the Issuing Entity, the Master Servicer, the Trustee,
the Certificate Administrator, the Operating Advisor or any Originator of the
Mortgage Loans. There are no specific relationships involving or relating to
this transaction or the securitized mortgage loans between Torchlight or any of
its affiliates, on the one hand, and the Depositor or the Issuing Entity, on
the other hand, that currently exist or that existed during the past two years.
Neither Torchlight nor any of its affiliates currently
owns any Certificates issued by the Issuing Entity or any other economic
interest in this securitization.
From time to time, Torchlight or its affiliates may
acquire Certificates in the secondary market and will also be able to dispose
of those Certificates at any time.
A description of additional material terms of the
Pooling and Servicing Agreement regarding the role of the Special Servicer,
including limitations on the Special Servicer’s liability under the Pooling and
Servicing Agreement and terms regarding the Special Servicer’s removal,
replacement, resignation or transfer, is included in the prospectus and filed
with the Securities and Exchange Commission.
Torchlight may enter into one or more arrangements
with the Directing Certificateholder or the Holder of the majority of the
Controlling Class or any person with the right to appoint or remove and replace
the Special Servicer to provide for a discount and/or revenue sharing with
respect to certain of the Special Servicer compensation in consideration of,
among other things, Torchlight’s appointment as Special Servicer under the
Pooling and Servicing Agreement and any related intercreditor agreement and limitations
on such person’s right to replace the Special Servicer.
The Depositor, the Mortgage Loan Sellers, the
originators, the Master Servicer, the Trustee and the Certificate Administrator
may maintain banking and other commercial relationships with Torchlight and its
affiliates.
The foregoing information set forth under this heading
“ - Torchlight Loan Services, LLC” has been provided by Torchlight.