Situs Holdings: CMBS special servicer

What Situs Holdings's trusts look like

• 0.8% of all live loans in the 371 trusts sit in trusts that name Situs Holdings as special servicer.
• Its trusts' late-loan share is lower than average: 2.6% of live loans 60+ days late, against 3.1% across all trusts. That depends heavily on how old the trusts are and what they hold.
• More office exposure than the market: office is 46% of the balance in its trusts, against 27% across all trusts.
• $194M (7% of the balance in its trusts) matures in 2026 to 2028, against 29% for all trusts. A loan that cannot pay off at maturity transfers to the special servicer under the agreement's missed-balloon trigger.
• Master servicer on its trusts: Midland Loan Services (2), KeyBank (1).

Property types in its trusts

Property type	Live loans	Balance	Share	All trusts
Office	39	$1.29B	46%	27%
Multifamily	21	$283M	10%	13%
Industrial	16	$415M	15%	7%
Retail	15	$294M	10%	22%
Self-storage	11	$161M	6%	5%
Mixed use	8	$223M	8%	10%
Hotel	6	$152M	5%	11%
Mobile home park	1	$5M	0%	1%

Payment status of the loans

Status, latest filing	Loans	Share
Current	70	59.8%
In grace period or not yet due	1	0.9%
Late, under 30 days	1	0.9%
30 to 59 days delinquent	1	0.9%
90+ days delinquent	3	2.6%
No status reported	41	35.0%

Status codes as defined in the SEC's ABS-EE schema for CMBS. A loan can be current and still be with the special servicer, for example during a modification.

When the loans mature

Year	Loans	Balance
2026	0	$0
2027	0	$0
2028	5	$194M
2029	33	$747M
2030	11	$472M
2031	68	$1.41B
2032	0	$0

Effective maturity (anticipated repayment date where the loan has one). See the CMBS maturity wall for the whole market.

Most frequent states: NY (30), CA (21), PA (10), FL (7), TX (5), TN (4), IL (4), OH (3).

How Situs Holdings appears in the filings

• Situs Holdings, LLC 3 trusts

If your loan is with Situs Holdings

The special servicer works for the trust, under a standard set in the pooling and servicing agreement, not for the borrower. What usually moves a file is a credible plan: new money, a refinance, a sale, or a modification the bondholders would accept. Start with how special servicing works, where your loan is on the servicer clock, what the fees will cost, and what can be changed in a modification. Its largest trust by balance is Benchmark 2021-B25 Mortgage Trust.

Janover Capital LLC is not a servicer or a law firm and is not affiliated with Situs Holdings. We arrange refinancing, rescue capital and recapitalizations for owners whose loans are in or near special servicing. Tell us where the loan stands.

All special servicers · Who is my special servicer? · Master servicers

Questions people ask

Is Situs Holdings the special servicer on my loan?

It is the special servicer named in 3 trusts' latest trustee reports. If your loan sits in one of the trusts listed on this page, Situs Holdings handles it once it transfers to special servicing. One exception: a split loan whose lead note is in a different trust is serviced under that trust's agreement. Search your property to check.

What happens when a loan transfers to Situs Holdings?

The special servicer takes over the file from the master servicer, orders an appraisal where the agreement requires one, and prepares an asset status report setting out its plan (in BANK5 2025-5YR14, the reference agreement on this site, within 60 days of the transfer event). From then on it decides between a workout, modification, discounted payoff, note sale or foreclosure, subject to the controlling bondholders' consent rights.

What fees does a special servicer like Situs Holdings charge?

Fees are set by each trust's pooling and servicing agreement, not by the servicer. In BANK5 2025-5YR14 they are a special servicing fee of 0.25% a year (at least $3,500 a month), a 1% workout fee on a corrected loan and a 1% liquidation fee. Check your own trust's agreement.

How do I contact Situs Holdings about a loan?

Use the contact on the transfer notice or servicer letter you received; it names the asset manager on your file. The trust's 10-D report, linked for each trust below, lists the parties. This site does not publish servicer phone numbers, and Janover Capital LLC is not affiliated with Situs Holdings.