404. Special Servicing in 2026: Office Workouts, Extensions, & CRE Stress with David Harrison of Midland Loan Services

In this special guest episode of the TreppWire Podcast, we are joined by David Harrison, Chief Operating Officer and Head of Special Servicing at Midland Loan Services, for a discussion on commercial real estate servicing and market dynamics. David shares his non-traditional path from political science into commercial real estate finance and outlines what servicing entails, noting its focus on managing the intersection of structure, credit, legal, operational, and investor considerations. He discusses the shift from 10-year to 5-year securitization terms, explaining how shorter durations are increasing pressure on borrowers and making workouts more complex. He also highlights the rise of SASB issuance and how this shift is changing the servicing landscape. David emphasizes the importance of experienced servicers and the need for early communication and transparency to drive better outcomes. We also cover challenges in office properties, particularly in secondary markets, potential risks in data center lending, and the current tone of the overall market. Tune in now.Episode Notes• Background & Start in the Industry• What Servicing is & Misconceptions• Pooling and Servicing Agreements• Importance of Servicer Experience & Expertise• CMBS Market and Risk Challenges• SASB Issuance, Conduit CMBS• Data Center Lending Risk• ClosingQuestions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp