Loan servicer Mount Street has won a vote to takeover the management of €425m (£351m) of loans from Hatfield Philips International.
The firm, which is run by former Morgan Stanley CMBS specialists Ravi Joseph and Paul Lloyd, won the support of class A noteholders in the Lehman Brothers Windermere XIV securitisation for the move.
It is the first time a primary servicer has been replaced on any European multi-loan securitisation.
Mount Street will now replace its rival Hatfield Philips as primary servicer of the €30m Baywatch, €36m GSI, €252.2m Fortezza and €98m SISU loans and special servicer of the Baywatch loan.
It was already the special servicer on the SISU loan, which it took over from Hatfield Philips last July on controlling class investor Lone Star’s request.
bridget.oconnell@estatesgazette.com
