Business Services Industry
Midland Loan Services, Inc
Real Estate Weekly, Jan 13, 1999
Midland Loan Services, Inc. announced that it has been selected as the master and special servicer for $3.8 billion in floating rate commercial mortgage backed securities (CMBS), the largest CMBS transaction to date. The transaction closed on October 29, 1998, with Lehman Brothers, Inc. serving as issuer and depositor, and contributing the majority of the mortgage loans.
The transaction consists of 76 multi-family and commercial mortgage loans with an aggregate outstanding principal balance of $3.44 billion, and nine CMBS certificates. The mortgaged properties are located throughout 31 states, with the largest concentrations in New York, California, Illinois and Texas. Property types include office, retail, hotel and multi-family.
Including the new issue, SASCO, Series 1998-C3, Midland currently provides master servicing for five Lehman Brothers transactions, including SASCO, Series 1996-CFL, which totaled $1.9 billion.
Midland Loan Services is a technology-based, commercial real estate financial services company. Midland's current servicing portfolio exceeds $40 billion and the company has originated more tlian $3 billion in commercial real estate loans for securitization.
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