{"url_path":"/sec/cik-0001998392/8-k/2026-07-15/item-6-02","section_key":"item-6-02","section_title":"Item 6.02 Change of Servicer or Trustee.**","topic":"sec","document":{"doc_type":"8-K","doc_date":"2026-07-15","source_url":"https://www.sec.gov/Archives/edgar/data/1998392/0001888524-26-012541-index.html","accession_number":"0001888524-26-012541","cik":"0001998392","ticker":null,"issuer_name":"BBCMS Mortgage Trust 2023-5C23","edgar_url":"https://www.sec.gov/Archives/edgar/data/1998392/0001888524-26-012541-index.html","primary_entity_key":"0001998392","primary_entity_name":"BBCMS Mortgage Trust 2023-5C23"},"word_count":2722,"has_tables":true,"body_markdown":"**Item 6.02 Change of Servicer or Trustee.**\n\nThe\nPiazza Alta Mortgage Loan, the Westfarms Mortgage Loan, the Arcola Corporate\nCampus Mortgage Loan, the River Centre Mortgage Loan, the 369 Lexington Avenue\n& 2 West 46th Street Mortgage Loan and the Hilton Garden Inn Atlanta\nDowntown Mortgage Loan, which constituted approximately 9.1%, 7.8%, 4.5%, 3.5%,\n3.0% and 1.1%, respectively, are each an asset of the BBCMS Mortgage Trust\n2023-5C23 (the “BBCMS 2023-5C23 Issuing Entity”) and are each part of a loan\ncombination that is being serviced and administered under the pooling and\nservicing agreement, dated as of November 1, 2023, relating to the BMO 2023-5C2\nMortgage Trust filed as Exhibit 4.2 to the registrant’s Current Report on Form\n8-K filed on November 20, 2023 (the “BMO 2023-5C2 PSA”). Pursuant to\nSection 6.08(a) of the BMO 2023-5C2 PSA, Greystone Servicing Company LLC was\nremoved as special servicer of the Piazza Alta Mortgage Loan, the Westfarms\nMortgage Loan, the Arcola Corporate Campus Mortgage Loan, the River Centre\nMortgage Loan, the 369 Lexington Avenue & 2 West 46th Street Mortgage Loan\nand the Hilton Garden Inn Atlanta Downtown Mortgage Loan and CWCapital Asset\nManagement LLC (“CWCAM”), a Delaware limited liability company, was\nappointed as the successor special servicer of the Piazza Alta Mortgage Loan,\nthe Westfarms Mortgage Loan, the Arcola Corporate Campus Mortgage Loan, the\nRiver Centre Mortgage Loan, the 369 Lexington Avenue & 2 West 46th Street\nMortgage Loan and the Hilton Garden Inn Atlanta Downtown Mortgage Loan under\nthe BMO 2023-5C2 PSA.\n\nThis\nCurrent Report on Form 8-K is being filed to record that, effective as of July\n15, 2026, the Piazza Alta Mortgage Loan, the Westfarms Mortgage Loan, the\nArcola Corporate Campus Mortgage Loan, the River Centre Mortgage Loan, the 369\nLexington Avenue & 2 West 46th Street Mortgage Loan and the Hilton Garden\nInn Atlanta Downtown Mortgage Loan will be specially serviced, if necessary,\npursuant to the BMO 2023-5C2 PSA, by CWCAM.\n\nCapitalized terms\nused, but not defined, in this Current Report on Form 8‑K have the meanings set\nforth in the BMO 2023-5C2 PSA.\n\nCWCapital Asset Management LLC\n\nCWCAM, a Delaware limited liability\ncompany, was appointed as the special servicer of the Piazza Alta Mortgage Loan, the Westfarms Mortgage Loan, the\nArcola Corporate Campus Mortgage Loan, the River Centre Mortgage Loan, the 369\nLexington Avenue & 2 West 46th Street Mortgage Loan and the Hilton Garden\nInn Atlanta Downtown Mortgage Loan, and in such capacity, CWCAM will be\nresponsible for the servicing and administration of such Specially Serviced\nLoans and REO Properties, and will review, evaluate, process and/or provide or\nwithhold consent as to Major Decisions and certain other transactions and\nperform certain enforcement actions relating to the Piazza Alta Mortgage Loan, the Westfarms Mortgage Loan, the\nArcola Corporate Campus Mortgage Loan, the River Centre Mortgage Loan, the 369\nLexington Avenue & 2 West 46th Street Mortgage Loan and the Hilton Garden\nInn Atlanta Downtown Mortgage Loan when such Mortgage Loans are\nnon-Specially Serviced Loans pursuant to the BMO 2023-5C2 PSA. CWCAM maintains a servicing office\nat 900 19th Street NW, 8th Floor, Washington, D.C. 20006.\n\nCWCAM\nand its affiliates are involved in the management, investment management and\ndisposition of commercial real estate assets, which may include:\n\n•\nspecial servicing of commercial and\nmultifamily real estate loans;\n\n•\ncommercial real estate property\nmanagement and risk management and insurance services;\n\n•\ncommercial mortgage and commercial real\nestate brokerage services;\n\n•\ncommercial mortgage note and commercial\nreal estate sale and disposition services; and\n\n•\ninvesting in, managing, surveilling and\nacting as special servicer for commercial real estate assets including\ninvestment grade, non-investment grade and unrated securities issued pursuant\nto CRE, CMBS and CDO transactions.\n\nCWCAM was organized in June\n2005 and has acted as special servicer for commercial and multifamily loans and\nother servicing transactions since 2005. CWCAM is a wholly-owned subsidiary of\nCW Financial Services LLC. CWCAM and its affiliates own, manage and sell assets\nsimilar in type to the assets of the BBCMS\n2023-5C23 Issuing Entity and BMO 2023-5C2 issuing entity. Accordingly,\nthe assets of CWCAM and its affiliates may, depending on the particular\ncircumstances including the nature and location of such assets, compete with\nthe mortgaged real properties for tenants, purchasers, financing and so forth.\nOn September 1, 2010, affiliates of certain Fortress Investment Group LLC\nmanaged funds purchased all of the membership interest of CW Financial Services\nLLC, the sole member of CWCAM.\n\nAs of December 31, 2023,\nCWCAM acted as special servicer with respect to 332 domestic CMBS pools\ncontaining approximately 10,778 loans secured by properties throughout the\nUnited States with a then current unpaid balance of $217 Billion. As of\nDecember 31, 2024, CWCAM acted as special servicer with respect to 336 domestic\nCMBS pools containing approximately 10,183 loans secured by properties\nthroughout the United States with a then current unpaid balance of $211\nBillion. As of December 31, 2025, CWCAM acted as special servicer with respect\nto 330 domestic CMBS pools containing approximately 9,300 loans secured by\nproperties throughout the United States with a then current unpaid balance of\n$194.7 billion. As of March 31, 2026, CWCAM acted as special servicer with\nrespect to 330 domestic CMBS pools containing approximately 9,250 loans secured\nby properties throughout the United States with a then current unpaid balance\nof $193.3 Billion. Those loans include commercial mortgage loans secured by the\nsame types of income producing properties as those securing the underlying\nmortgage loans.\n\nCWCAM has one primary office (Washington,\nD.C.) and provides special servicing activities for investments in various\nmarkets throughout the United States. As of March 31, 2026, CWCAM had 64\nemployees responsible for the special servicing of commercial real estate\nassets. As of March 31, 2026, within the CMBS pools described in the preceding\nparagraph, 147 assets were actually in special servicing. The assets owned,\nserviced or managed by CWCAM and its affiliates may, depending on the\nparticular circumstances, including the nature and location of such assets,\ncompete with the mortgaged real properties securing the underlying mortgage\nloans for tenants, purchasers, financing and so forth. CWCAM does not service\nor manage any assets other than commercial and multifamily real estate assets.\n\nCWCAM has policies and\nprocedures in place that govern its special servicing activities. These\npolicies and procedures for the performance of its special servicing\nobligations are, among other things, in compliance with applicable servicing\ncriteria set forth in Item 1122 of Regulation AB under the Securities Act,\nincluding managing delinquent loans and loans subject to the bankruptcy of the\nborrower. Standardization and automation have been pursued, and continue to be\npursued, wherever possible so as to provide for continued accuracy, efficiency,\ntransparency, monitoring and controls. CWCAM reviews, updates and/or creates\nits policies and procedures throughout the year as needed to reflect any\nchanging business practices, regulatory demands or general business practice\nrefinements and incorporates such changes into its manual. Refinements within\nthe prior three years include but are not limited to the improvement of\ncontrols and procedures implemented for property cash flow, wiring instructions\nand the expansion of unannounced property and employee audits.\n\nCWCAM occasionally engages\nconsultants to perform property inspections and to provide close surveillance\non a property and its local market; it currently does not have any plans to\nengage sub-servicers to perform on its behalf any of its duties with respect to\nthis transaction. CWCAM has made all advances required to be made by it under\nthe servicing agreements on the commercial and multifamily mortgage loans\nserviced by CWCAM in securitization transactions.\n\nCWCAM will not have primary\nresponsibility for custody services of original documents evidencing the Piazza Alta Mortgage Loan, the Westfarms\nMortgage Loan, the Arcola Corporate Campus Mortgage Loan, the River Centre\nMortgage Loan, the 369 Lexington Avenue & 2 West 46th Street Mortgage Loan\nand the Hilton Garden Inn Atlanta Downtown Mortgage Loan. On occasion,\nCWCAM may have custody of certain of such documents as necessary for\nenforcement actions involving particular underlying such Mortgage Loans or\notherwise. To the extent that CWCAM has custody of any such documents, such\ndocuments will be maintained in a manner consistent with the Servicing\nStandard.\n\nFrom time to time, CWCAM is a\nparty to lawsuits and other legal proceedings as part of its duties as a\nspecial servicer (e.g., enforcement of loan obligations) and/or arising in the\nordinary course of business. Other than as set forth in the following paragraphs,\nthere are currently no legal proceedings pending, and no legal proceedings\nknown to be contemplated by governmental authorities, against CWCAM or of which\nany of its property is the subject, that are material to the Certificateholders\nrelating to the BBCMS 2023-5C23\nIssuing Entity.\n\nOn December 1, 2017, a\ncomplaint against CWCAM and others was filed in the United States District\nCourt for the Southern District of New York styled as CWCapital Cobalt Vr Ltd.\nv. CWCapital Investments LLC, et al., No. 17-cv-9463 (the “Original Complaint”).\nThe gravamen of the Original Complaint alleged breaches of a contract and\nfiduciary duties by CWCAM’s affiliate, CWCapital Investments LLC (“CWCI”) in\nits capacity as collateral manager for the collateralized debt obligation\ntransaction involving CWCapital Cobalt Vr, Ltd. In total, there are 14 counts\npled in the Original Complaint. Of those 14, 5 claims were asserted against\nCWCAM for aiding and abetting breach of fiduciary duty, conversion and unjust\nenrichment. On May 23, 2018, the Original Complaint was dismissed for lack of\nsubject matter jurisdiction. On June 28, 2018, CWCapital Cobalt Vr Ltd. filed a\nsubstantially similar complaint in the Supreme Court of the State of New York,\nCounty of New York styled as CWCapital Cobalt Vr Ltd. v. CWCapital Investments\nLLC, et al., Index No. 653277/2018 (the “New Complaint”). The gravamen of the\nNew Complaint is the same as the previous complaint filed in the United State\nDistrict Court for the Southern District of New York. In total there are 16\ncounts pled in the New Complaint. Of those 16 counts, 5 claims were asserted\nagainst CWCAM for aiding and abetting breach of fiduciary duty, conversion and\nunjust enrichment, 1 count seeks a declaratory judgment that the plaintiff has\nthe right to enforce the contracts in question and 1 count seeks an injunction\nrequiring the defendants to recognize the plaintiff as the directing holder for\nthe trusts in question. On January 11, 2019, the plaintiff dismissed with\nprejudice the declaratory judgment and injunction counts. The New Complaint and\nrelated summons was not served on the defendants until July 13, 2018 and July\n16, 2018. The plaintiff’s motion for a preliminary injunction was denied by the\ncourt on July 31, 2018. On August 3, 2018, the defendants, including CWCAM, filed\na motion to dismiss the New Complaint in its entirety. On August 20, 2019, the\ncourt entered an order granting defendants’ motion almost in its entirety,\ndismissing 11 of the 16 counts and partially dismissing 2 additional counts. Of\nthe remaining counts, 2 are asserted against CWCAM for aiding and abetting\nbreach of fiduciary duty and unjust enrichment. On September 19, 2019,\nCWCapital Cobalt Vr Ltd. filed a notice of appeal relating to the August 20,\n2019 dismissal order and on September 26, 2019, filed an amended complaint\nagainst CWCI and CWCAM attempting to address deficiencies relating to certain\nof the claims dismissed by the August 20, 2019 order. CWCI and CWCAM filed its\nMotion to Dismiss the amended complaint on October 28, 2019. The court heard\nargument on the Motion to Dismiss the amended complaint on January 22, 2020 and\non October 23, 2020, the court granted the motion dismissing the amended\nclaims. On November 30, 2020, CWCapital Cobalt Vr Ltd filed a notice of appeal\nrelating to the October 23, 2020 dismissal order. On April 27, 2021, the First\nDepartment affirmed the dismissal as to claims against CWCAM that were part of\nthe August 20, 2019 dismissal, but reversed the dismissal of two counts for\nbreach of the collateral management agreement against CWCI. CWCI sought leave\nto file an appeal of the decision. The plaintiff also sought leave to appeal\nthe dismissal of the claims against CWCAM. Both requests for leave were denied\nby the First Department. On May 15, 2020, CWCI and CWCAM filed a motion to\nrenew its motion to dismiss as to 4 of the remaining counts (including the\nremaining two counts against CWCAM for aiding and abetting breach of fiduciary\nduty and unjust enrichment), based on a decision entered by Judge Failla in a\ntrust instruction proceeding in the US District Court for the Southern District\nof New York awarding summary judgment in favor of CWCAM. On September 7, 2021,\nthe court denied the motion to renew. CWCI and CWCAM filed a notice of appeal,\nwhich they perfected by the filing of their opening brief on July 1, 2022. On\nNovember 15, 2022, the First Department affirmed the court’s denial of the\nmotion to renew. On October 1, 2021, CWCI and CWCAM moved to reargue the denial\nof the motion to renew (or alternatively, the motion to dismiss) with respect\nto certain of Cobalt’s claims, including the remaining 2 claims against CWCAM,\nbased on the First Department’s April 27, 2021 decision. On March 24, 2022, the\ncourt denied the relief sought in the motion to reargue. CWCI and CWCAM appealed\nthe court’s decision on the motion to reargue and filed their opening brief on\nJuly 11, 2022. The appeal was dismissed as being non-appealable on August 30,\n2022. Discovery (both fact and expert) concluded on March 1, 2024. CWCAM and\nCWCI filed a motion for summary judgment on March 29, 2024, seeking dismissal\nof all the claims in their entirety. On that same date, the plaintiff cross\nmoved for summary judgment on one of the claims asserted against only CWCI.\nOral argument on the parties’ summary judgment motions were heard on October\n22, 2024. On January 13, 2026, the court denied plaintiff’s motion for summary\njudgment and granted, in part, and denied, in part, the motion filed by CWCI\nand CWCAM. Specifically, the court dismissed the remaining two counts against\nCWCAM for aiding and abetting breach of fiduciary duty and unjust enrichment.\nWith respect to CWCI, the court dismissed two counts against CWCI in their\nentirety and dismissed portions of one count against CWCI. The only three\ncounts that survived and remain in the case are against CWCI. The court severed\nthe dismissed claims from the surviving claims. On January 22, 2026, CWCI filed\na notice of appeal. On February 17, 2026, the plaintiff filed a notice of\nappeal. On January 26, 2026, CWCI and CWCAM submitted an order to the court,\nrequesting that it direct the clerk’s office to enter judgment on the dismissed\nclaims and that CWCAM be dismissed as a defendant from the action. On February\n20, 2026, the court entered that order. On April 22, 2026, the clerk’s office\nentered judgment dismissing CWCAM as a defendant from the action. CWCAM\nbelieves that it has performed its obligations under the related pooling and\nservicing agreements in good faith.\n\nCWCAM may enter into one or\nmore arrangements with any Directing Certificateholder, any Controlling Class\nCertificateholder, any person with the right to appoint or remove and replace\nCWCAM as the special servicer, or any other person (or an affiliate or a\nthird-party representative of one or more of the preceding) to provide for a\ndiscount and/or revenue sharing with respect to certain of the special servicer\ncompensation in consideration of, among other things, the appointment (or\ncontinuance) of CWCAM as special servicer under the BMO 2023-5C2 PSA and limitations on the right of such\nperson to replace CWCAM as the special servicer.\n\nNeither CWCAM nor, to CWCAM’s\nknowledge, any affiliate of CWCAM, has any interest retained in this\ntransaction.\n\nNo securitization transaction\ninvolving commercial or multifamily mortgage loans in which CWCAM was acting as\nspecial servicer has experienced an event of default as a result of any action\nor inaction performed by CWCAM as special servicer. The special servicer\nratings of CWCAM are “STRONG” by S&P, “MOR CS1” by DBRS Morningstar and\n“CSS-“ by Fitch.\n\n**SIGNATURES**\n\nPursuant to the requirements of the Securities Exchange Act of 1934, the\nregistrant has duly caused this report to be signed on its behalf by the\nundersigned hereunto duly authorized.\n\nBarclays Commercial Mortgage Securities LLC\n\n(Depositor)\n\n/s/ Daniel Schmidt\n\nDaniel Schmidt, Authorized Signatory\n\nDate: July 15, 2026"}