SPECIAL SERVICING STRATEGIES TRACK: Work It Out – Asset Stress to Strategy
Special Servicing activity is accelerating as watchlist volumes; loss mitigation workloads, and non‑performing loan workouts continue to rise. This session examines today’s workout trends, including how servicers are applying the servicing standard, managing potential conflicts of interest, and determining the right time to transfer to Special Servicing. Panelists explore the growing complexity of extensions, including appropriate length, and the balance between the increase in REO activity and emerging weakness in multifamily assets. The discussion includes Special Servicing dynamics for loans held in Collateralized Loan Obligations (CLOs), the role of collateral managers in workout decisions, and the impact of the foreclosure and receivership process on final investor outcomes.
Speakers
Moderator
Grant Winemiller is currently a Vice President at KeyBank. With over 13 years of experience across various functions of commercial loan servicing and asset management, Mr. Winemiller is currently responsible for managing a team of special servicing asset managers in KeyBank’s Overland Park, KS office. Mr. Winemiller provides strategic guidance and oversight to his team and KeyBank’s clients, formulating workout strategies for non-performing assets in KeyBank’s special servicing portfolio. These assets encompass a wide spectrum of product types, asset classes, loan size and complexity. Additional duties include management of KeyBank’s B-Piece due diligence platform and performance monitoring of CMBS, CLO and Freddie Mac securitizations.
Speakers
Christina Hayhow is a Vice President and Senior Commercial Asset Consultant within Midland Loan Services’ Special Servicing team. She has been with the company for over seven years and has worked in various departments as an individual contributor and a manager of multiple departments. In her current role, she is responsible for investor and client relationships, oversees our due diligence platform and manages a portfolio of loans for workout. Christina has a background in residential and commercial real estate, including all levels of loan servicing, performing and non-performing asset management, and underwriting. Christina holds a Master of Public Administration from Syracuse University, a Master of Arts in Economic from University of Kansas. She has earned the CCMS designation through
Mr. Milbrandt serves as a Senior Vice President and Special Servicing Senior Portfolio Manager at Grandbridge Real Estate Capital, joining the firm in 2025. He has more than 25 years of experience in the commercial real estate and real estate finance industries. Previous to Grandbridge, Chad was a Senior Vice President and manager within the Special Servicing group at Midland Loan Services. Mr. Milbrandt has resolved commercial real estate loans across all property types throughout the United States and has experience in all aspects of non-performing loan asset management, from single asset full recourse loans to complex CMBS structures with multiple debt tranches. His work-out expertise includes Borrower/Guarantor negotiations, modifications, note sale initiatives, receivership sales
Todd is Vice President of Asset Management and Servicing at CPC. He manages a team responsible for the servicing and oversight of a permanent loan portfolio secured primarily by affordable housing product located throughout New York and surrounding states. Todd initially joined CPC in 2018 to establish a stand-alone Asset Management department to support CPC’s legacy Pension Fund portfolios, and CPC’s expanding Agency permanent loan portfolios associated with Freddie Mac and Fannie Mae. Todd’s career spans almost 40 years within the commercial/multifamily real estate loan industry.
Thanks to Our Sponsors
Platinum
Gold
Silver
Bronze
