SPECIAL SERVICING KEEPS UP PACE
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|Properties going to special servicing are holding steady in the new year. That's the latest from Trepp, which shows a slight jump in special servicer activity in Atlanta, but still remaining at the peak seen since last year. And there's little evidence that this activity will let up, says Cushman & Wakefield's Stewart Calhoun: ?It's clear that they are getting projects in the door as fast as they're getting them out.? But still, the strategy from a servicer's perspective, seems to be to take their loans on a case-by-case basis before foreclosure. ?We haven't seen evidence on the street that servicers are going to start unloading assets in large batches just to clean up their portfolios quickly,? Stewart says. ?If the servicer thinks it can add value over the next two or three years without cratering their resources ... they'll do it. For the most part there is no broad-basedcut-and-run strategy.?|