Standard & Poor’s Rating Service recently evaluated C-III Asset Management LLC and announced that the company’s rankings were “above average” as a commercial mortgage primary servicer and “strong” as a commercial mortgage special servicer. Since its last review, C-III has made significant changes that have contributed to its success such as hiring a new chief information officer and enhancing the technology system.
C-III representatives stated that they credit the firm’s new overall rankings to its experienced staff, stable track record, effective systems and technology and sound audit and controls. The ranking also demonstrates C-III’s assets-per-asset manager ratios, strong internal controls to address compliance and potential conflicts of interest, and efficient resolutions based on both volumes and time.
According to S & P’s evaluation report, the positions of both C-III servicer rankings are stable. The report continues by explaining that the firm has a successful track record managing commercial and multifamily mortgage loans. Simultaneously, C-III has demonstrated its commitment to invest in technological resources and continuous process improvement, both of which have helped the company acquire positive rankings.
S & P attributes C-III’s organizational effectiveness and depth of staff to CEO, Andrew Farkas, an industry expert with over 26 years of experience; six managing directors who report to the president, chief operating officer and general counsel. When compared to similarly ranked servicers, C-III stands out with regards to staff experience and tenure levels.
As a result, S & P is confident that C-III has the ability to retain its experienced staff, invest in technology and maintain sufficient workloads in order to successfully manage the loan portfolio and serve its investor clients.