OREANDA-NEWS. Fitch Ratings affirms the commercial mortgage loan level special servicer rating of Talmage, LLC (Talmage) at 'CLLSS3+'.

The rating reflects Talmage's continued experience working out commercial real estate loans, specifically highly structured large balance loans as well as the company's experienced and tenured asset managers. The rating also reflects the strong industry experience and company tenure of the senior management team, internal control environment, technology infrastructure, and its well-documented business plans and policies and procedures.

Talmage is an independently owned, Delaware limited liability company formed in 2003 to manage, advise, and invest in various private equity real estate funds, separate accounts, and commercial real estate debt obligations. The company is a commercial real estate special servicer and advisor with expertise in large loan transactions and CDOs.

As of Dec. 31, 2015, Talmage was the named special servicer on nine CMBS loans in seven different transactions having an unpaid principal balance (UPB) of $3.2 billion, of which one loan with a UPB of $196 million was in special servicing. As of the same date, Talmage was named special servicer for two non-CMBS commercial mortgage loans with a UPB of $338.2 million. Talmage is actively special servicing one of these loans with a UPB of $281 million.