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Two Deals Would Make KeyBank #3 US Servicer

CLEVELAND—KeyBank Real Estate Capital acquire the CMBS servicing portfolios of Bank of America and Berkadia Commercial Mortgage LLC, substantially increasing its commercial mortgage servicing portfolio.

By Sule Aygoren | Updated on May 10, 2013

CLEVELAND—KeyBank Real Estate Capital has struck a pair of deals that would substantially increase the size of its commercial mortgage servicing portfolio. The locally based company has arranged to buy Bank of America N.A.‘s $110.5-billion CMBS servicing portfolio, along with a CMBS special servicing portfolio of about $14 billion. Additionally, the firm entered into a long-term sub-servicing agreement with Berkadia Commercial Mortgage LLC to buy up its CMBS special servicing business.

If the deals go through, KeyBank will have a $205-billion servicing portfolio, becoming the third largest named servicer of commercial/multifamily loans in the US. On a pro forma basis, upon closing it will be named special servicer on approximately $47 billion of CMBS, making KeyBank the fifth largest CMBS special servicer.

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