Rialto Capital Advisors Named New Special Servicer for MSBAM 2013-C12 CMBS Trust

Morgan Stanley Bank of America Merrill Lynch Trust 2013-C12 has appointed Rialto Capital Advisors, LLC (RCA) as the new special servicer, replacing CWCapital Asset Management LLC. The change, effective immediately, was initiated by RREF V Debt AIV, LP, the directing certificateholder, in accordance with the pooling and servicing agreement (PSA).

RCA will now be responsible for the workout and resolution of specially serviced mortgage loans and REO properties in the trust. Based in Miami, RCA services more than 173 CMBS transactions totaling over 9,600 assets and $159.9 billion in unpaid principal balance. The firm is backed by Rialto Capital Management and Stone Point Capital, and holds ratings of “CSS2+” from Fitch, “Above Average” from S&P, and “MOR CS2” from Morningstar DBRS.

Despite ongoing litigation related to a separate trust (COMM 2012-CCRE4) initiated by the Icahn Funds, RCA affirms that the dispute does not affect its obligations to the MSBAM 2013-C12 trust.