Fitch Ratings assigned Green Loan Services a CMBS large loan special servicer rating of CLLSS2-. This is the first assignment of the recently published rating.
The agency will closely monitor the firm during the upcoming year to make sure that the CMBS-specific standards are met since the firm has limited CMBS experience. It is currently named special servicer on four CMBS loans totaling $831 million.
The rating will allow Green Loan to name itself special servicer on loans where the company holds either mezzanine or B-Note positions, or for a third party. This applies only to single large loans within a securitization, not a pool of conduit loans.
The rating reflects the extensive large loan commercial real estate workout experience of the company, primarily in Manhattan. The group also has restructured loans in San Francisco, Boston, Los Angeles, Chicago and Washington DC.
Fitch deems the special servicer rating of 'CSSLL2-' sufficient to meet the requirements stated in current transaction documents as 'CSS2'.
Green Loan is a wholly owned subsidiary of SL Green Realty Corp., a self-managed REIT based in New York City. SL Green was formed in 1997 and primarily owns, acquires, manages and repositions office properties located in Manhattan.