Fitch Affirms CenterSquare's (FKA Urdang Capital Management) Large Loan Special Servicer Rating

NEW YORK--()--Fitch Ratings affirms CenterSquare Investment Management Holdings, Inc.'s (CenterSquare) commercial large loan special servicer rating at 'CLLSS3+'. The special servicer rating reflects the company's strong management team and asset management staff, extensive real estate management experience, firm internal control environment, and strong financial support from its parent, Bank of New York Mellon. The rating also reflects the company's limited asset management technology, recent turnover, and limited CMBS special servicing experience.

During 2013, CenterSquare, formerly known as Urdang Capital Management, Inc., underwent a rebranding initiative stemming from a leadership change as the company completed an internal management succession plan. While there were no changes to the ownership structure as a result of the rebranding, the company restructured its private real estate group and sustained turnover. CenterSquare was able to hire experienced CRE professionals as part of the company's rebranding initiative, and the company stated that no further staff reductions are planned.

CenterSquare Investment Management Holdings, Inc. was founded in 1987 to provide real estate investment management services to institutional investors. In 2006, the company was acquired by the Bank of New York and is a wholly owned subsidiary of BNY Mellon. CenterSquare has been an active investor in and manager of public, private, global, and U.S.-only real estate investment strategies for over 25 years and has invested and managed over $6.8 billion of institutional-quality commercial real estate properties (primarily apartments, office, retail, and industrial) located in over 30 states across the U.S.

The servicer rating is based on the methodology described in Fitch's reports 'U.S. Commercial Mortgage Servicer Rating Criteria,' dated Feb. 14, 2014, and 'Rating Criteria for Structured Finance Servicers' dated Jan. 30, 2014, available on Fitch's web site www.fitchratings.com.

Additional information is available at www.fitchratings.com.

Applicable Criteria and Related Research:
--'U.S. Commercial Mortgage Servicer Rating Criteria' Feb. 14, 2014;
--'Rating Criteria for Structured Finance Servicers' Jan. 30, 2014.

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Contacts

Fitch Ratings
Primary Analyst:
James Bauer, +1-212-908-0343
Director
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst:
Howard Miller, +1-212-908-0737
Director
or
Committee Chairperson:
Daniel Chambers, +1-212-908-0782
Managing Director
or
Media Relations:
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com

Sharing

Contacts

Fitch Ratings
Primary Analyst:
James Bauer, +1-212-908-0343
Director
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst:
Howard Miller, +1-212-908-0737
Director
or
Committee Chairperson:
Daniel Chambers, +1-212-908-0782
Managing Director
or
Media Relations:
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com