Fitch Affirms Green Loan Services' Commercial Mortgage Servicer Rating

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has affirmed the commercial mortgage loan level special servicer rating of Green Loan Services LLC (GLS) at 'CLLSS2-'.

The rating reflects GLS' extensive experience special servicing large complex loans, particularly Manhattan office properties; experienced and tenured staff; information technology infrastructure; limited internal control environment; and potential conflicts of interest as special servicer for SL Green investments, relative to other special servicers.

GLS is a wholly-owned affiliate of SL Green Realty Corp. (NYSE: SLG), a real estate investment trust that predominantly acquires, owns, repositions, and manages New York City (and surrounding locations) office properties. The company maintains a highly experienced asset management team comprised of shared employees from SL Green who average more 12 years of industry experience and seven years of tenure with the company.

GLS provides asset management and special servicing predominantly for SL Green's debt and equity investment portfolio. While the company has a regional focus it has also resolved commercial real estate loans secured by all traditional property types in other major metropolitan areas, including San Francisco, Boston, Los Angeles, and Washington, D.C., as well as internationally. Additionally, the company has gained experience in multifamily and retail properties reflecting the ongoing diversification of SLGs' investment portfolio.

As of June 30, 2015, GLS was named the special servicer on five CMBS loans totaling $2.1 billion unpaid principal balance (UPB) and 41 non-CMBS loans totaling $1.6 billion, none of which were in default. SL Green is the B-noteholder on the three of the loans, junior class bondholder of the fourth, and appointed special servicer for the fifth by a nonaffiliated third-party controlling classholder.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria

Rating Criteria for Structured Finance Servicers (pub. 23 Apr 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=864375

Rating Criteria for U.S. Commercial Mortgage Servicers (pub. 14 Feb 2014)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=735382

Additional Disclosures

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=993489

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

View source version on businesswire.com: http://www.businesswire.com/news/home/20151105006271/en/

Fitch Ratings
Primary Analyst
Adam Fox
Senior Director
+1-212-908-0869
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst
James Bauer
Director
+1-212-908-0343
or
Committee Chairperson
Christopher Bushart
Senior Director
+1-212-908-0606
or
Media Relations:
Sandro Scenga, New York, +1 212-908-0278
Email: [email protected]

Source: Fitch Ratings

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