Properties Magazine April 2017 : Page 21

Daus, You Know? TRAVELING MAN TravelCenters of America, the Westlake-based operator of truck stops, convenience stores and restaurants, acquired the former Pat Catan’s last month for $2.2 million. The property is located adjacent to its current headquarters, which it also owns. Pat Catan’s vacated this property recently when it moved to the former Rego’s Market on Columbia Road in Westlake. –AP ers, among many other scintillating details. It also lays out the roles and responsibilities of the primary parties to the PSA – the Trustee, the Master Servicer and the Special Servicer. There is one additional party that is generally not covered by the PSA but certainly in the middle of things – the Primary Servicer. The Primary Servicer is the entity that has regular contact with the bor-rower. Most borrowers that are pursing a CMBS loan will use a mortgage broker to originate it and the mortgage broker will continue to have on-going contact directly with that borrower. They will often collect the monthly payment from the borrower as well as assemble and analyze various financial information related to the borrower’s real estate, such as rent rolls, lease abstracts, income and expense statements, etc. However, the Primary Servicer doesn’t have a lot of authority related to the larger issuance and is typically acting under the watch-ful eye of the Master Servicer. The Master Servicer is responsible for the servicing of all of the loans included in the pool. The PSA governs exactly what and how the Master Servicer can and cannot do but they generally aggre-gate all of the individual payments and associated financial information from all of the borrowers, maintain rela-tions with the underlying bond holders, complete regular mortgage performance reporting and field borrower requests. The Master Servicer, who is typically a large financial institution such as Wells Fargo, PNC and KeyBank, also transfers the collective payments to the Trustee on a regular basis. The Trustee’s primary role is to hold all of the loan documents and distribute the payments received from the Master Servicer to the bondholders in accordance with the securitization issuance. When things are going as planned, the general flow of money is as fol-͙͙͔͔Ž†”‡…•˜‹ŽŽ‡‘ƒ†ǡ&#0c;†’‡†‡…‡ǡŠ‹‘͕͕͗͘͘Ǧ͖͕͚Ǥ͚͖͘Ǥ͚͔͔͘’Š‘‡͖͕͚Ǥ͚͖͘Ǥ͚͔͕͘ˆƒš ‘‡”…‹ƒŽƬ&#0c;†—•–”‹ƒŽ •„‡•–‘•Ƭ&#0f;‡ƒ†„ƒ–‡‡– ˜‹”‘‡–ƒŽȀ‹–‡‡‡†‹ƒ–‹‘ &#1a;ƒ–‡”ƒƒ‰‡Ž‡ƒǦ’ &#0a;‡‡”ƒŽ‹‘”ƒ†‡•&#0f;ƒ„‘” ‡Ž‡…–‹˜‡‡‘Ž‹–‹‘ ‘…”‡–‡ƒ™‹‰Ƭ”‹ŽŽ‹‰ Ž‘‘”‘˜‡”‹‰‡‘˜ƒŽ &#0b;Ž‡ƒ‹‰ ‹”‡•–‘’’‹‰ &#0a;”‘—†
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