C-IV Asset Management Completes Acquisition of Greystone's Special Servicing Business

C-IV Asset Management completed its acquisition of Greystone's commercial real estate special servicing business on September 1, 2026, marking a significant reshaping of both firms' positions in the commercial real estate capital markets.

The transaction transfers Greystone's CMBS and Freddie Mac special servicing contracts, along with related employees, management team, policies, technology, and intellectual property to C-IV Asset Management. As of December 31, 2025, Greystone was named special servicer on 2,212 CMBS loans with $24.85 billion in unpaid principal balance across 70 rated transactions. Its active special servicing portfolio at that date comprised 81 loan positions with $2.05 billion in unpaid principal balance, including 19 REO assets.

Greystone Refocuses on Lending and Primary Servicing

For Greystone, the divestiture represents a deliberate strategic pivot toward its core agency and government-sponsored lending operations. The firm cited an approximately $80 billion primary servicing portfolio as the centerpiece of its continuing business.

"Completing this transaction allows Greystone to focus our resources on the continued growth of our lending and primary servicing businesses, including our approximately $80 billion primary servicing portfolio," said Steve Rosenberg, Greystone's CEO, in the completion announcement.

Greystone reported $13 billion in commercial real estate transaction volume in 2025 and manages a combined primary and special loan servicing portfolio of more than $100 billion. The firm has ranked among the top-10 Fannie Mae and Freddie Mac multifamily lenders in recent years and has held the top position among multifamily and healthcare lenders by volume for HUD-insured loans for multiple consecutive fiscal years.

The sale completes a strategic arc that began in January 2020, when Greystone acquired C-III Asset Management, an Irving, Texas-based special servicer, along with its $20.7 billion special servicing portfolio. Within six years, Greystone has moved from building a large special servicing footprint through acquisition to exiting the business entirely, opting instead to concentrate capital and management resources on government-sponsored origination and primary servicing.

C-IV Expands Commercial Real Estate Platform

For C-IV Asset Management, backed by Island Capital Group, the acquisition advances a broader effort to build a scaled commercial real estate investment and services platform.

"The completion of this acquisition represents another important step in the development of C-IV," the firm stated in the announcement. "Together with our recent acquisition of NAI Global, we are building a differentiated commercial real estate platform spanning investment, services and" additional capabilities across the sector.

The addition of Greystone's special servicing contracts and active workout portfolio positions C-IV to manage distressed and underperforming commercial real estate loans at scale, a business segment that has drawn increased attention as higher interest rates have created refinancing pressure across office, retail, and transitional multifamily assets since 2022.

Market Context: Special Servicing Volume on the Rise

The transaction arrives as the commercial real estate industry faces an elevated volume of loan workouts and modifications. Sustained higher interest rates have widened refinancing gaps for maturing CMBS and floating-rate loans, expanding the pipeline of assets requiring special servicing attention. C-IV's acquisition of a $24.85 billion named special servicing book positions the firm to capitalize on that environment.

Greystone's decision to exit the business at this juncture reflects a contrasting calculation: that the firm's competitive advantages lie in origination volume and primary servicing scale, rather than in the more cyclical and operationally intensive workout business. With a primary servicing portfolio of approximately $80 billion and consistent top-tier rankings across Fannie Mae, Freddie Mac, and HUD lending channels, Greystone is concentrating on the segments where it has demonstrated sustained market position.

Greystone is headquartered at 152 W. 57th Street, New York, NY 10019.

About the Parties

C-IV Asset Management is a commercial real estate investment management firm backed by Island Capital Group. Greystone is a commercial real estate finance company with lending, primary servicing, and advisory operations across multifamily and healthcare property sectors.

Sources:
GlobeNewswire — C-IV Capital Partners Completes Acquisition of Greystone's Special Servicing Business (Sept. 2, 2026)