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C-III Asset Management LLC (C-III) is wholly owned by C-III Capital Partners LLC (C3CP) and indirectly controlled by Island Capital Group LLC (Island Capital). C-III performs primary servicing of internally originated commercial real estate (CRE) loans and for third-party pre- and non-securitized loans.
As a special servicer, C-III has worked through one of the largest portfolios of legacy CMBS loans. Since inception, C-III has resolved over 4,400 CMBS loans totaling $53.4 billion, and in the last 12 months, it has resolved 144 CMBS loans totaling $2.8 billion. Since year-end 2016, C-III’s named special servicing loan count declined 67% and the count of actively specially serviced assets (including real estate owned [REO]) declined by 53%.
Run-off is expected to continue given the heavy concentration in pre-2009 vintage CMBS transactions, which account for 85% of the portfolio. In response, head count declined 58% over the same period. During 2018 and through March 31, 2019, C-III added nine CMBS transactions from five third-party controlling class representatives; six of the transactions were legacy CMBS 1.0 transactions.
Primary servicing is focused on relationship-based, high-touch primary servicing for niche markets such as interim warehouse servicing and transitional loans, resulting in a small and somewhat fluctuating portfolio of 160 loans totaling $2.3 billion as of March 31, 2019. Future growth in the portfolio is expected to come from third-party clients as well as an affiliate relationship with Exantas Capital Corp. (Exantas), a publicly traded REIT that is externally managed by Exantas Capital Manager Inc. (Exantas Capital Manager), a subsidiary of Resource America Inc. (Resource America). C-III primary services two CLO transactions on behalf of Exantas and Resource America.