For the monthly distribution period from: December 17, 2022 to January 18, 2023
Commission File Number of issuing entity: 333-206361-03
Central Index Key Number of issuing entity: 0001671520
JPMDB
Commercial Mortgage Securities Trust 2016-C2
(Exact name of issuing entity as specified in its charter)
Commission File Number of depositor: 333-206361
Central Index Key Number of depositor: 0001013611
J.P. Morgan
Chase Commercial Mortgage Securities Corp.
(Exact name of depositor as specified in its charter)
Central Index Key Number of sponsor (if applicable): 0000835271
JPMorgan Chase
Bank, National Association
(Exact name of sponsor as specified in its charter)
Central Index Key Number of sponsor (if applicable): 0001541294
German American
Capital Corporation
(Exact name of sponsor as specified in its charter)
John Miller (212) 272-8363
(Name and telephone number, including area code, of the person to contact in
connection with this filing)
New York
(State or other jurisdiction of incorporation or organization of the issuing
entity)
38-3991426
38-3991427
38-7145128
(I.R.S. Employer Identification No.)
c/o
Computershare Trust Company, N.A., as agent for
Wells Fargo Bank, National Association
9062 Old Annapolis Road
Columbia, MD 21045
(Address of principal executive offices of the issuing entity) (Zip Code)
(410) 884-2000
(Telephone number, including area code)
Not Applicable
(Former name, former address, if changed since last report)
Title of Class |
Section 12(b) |
Section 12(g) |
Section 15(d) |
Name of Exchange (If Section 12(b)) |
A-1 |
|
|
X |
|
A-2 |
|
|
X |
|
A-3A |
|
|
X |
|
A-4 |
|
|
X |
|
A-SB |
|
|
X |
|
X-A |
|
|
X |
|
X-B |
|
|
X |
|
A-S |
|
|
X |
|
B |
|
|
X |
|
C |
|
|
X |
|
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No
Part I - DISTRIBUTION INFORMATION
Item 1. Distribution and Pool Performance Information.
On January 18, 2023 a distribution was made to holders of the certificates issued by JPMDB Commercial Mortgage Securities Trust 2016-C2.
The distribution report is attached as an Exhibit to this Form 10-D, please see Item 10(b), Exhibit 99.1 for the related information.
The following table presents the loss information for the trust assets for the JPMDB Commercial Mortgage Securities Trust 2016-C2 in accordance with Item 1100(b) as required by Item 1121(a)(9) of Regulation AB:
Number of Delinquencies 30+ days |
% of Delinquencies 30+ days by Pool Balance |
Number of Loans/REOs with Losses |
Average Net Loss |
4 |
13.92% |
0 |
N/A |
No assets securitized by J.P. Morgan Chase Commercial Mortgage Securities Corp. (the "Depositor") and held by JPMDB Commercial Mortgage Securities Trust 2016-C2 were the subject of a demand to repurchase or replace for breach of the representations and warranties contained in the underlying transaction documents during the monthly distribution period from December 17, 2022 to January 18, 2023.
The Depositor filed its most recent Form ABS-15G in accordance with Rule 15Ga-1 under the Exchange Act (a "Rule 15Ga-1 Form ABS-15G") on February 14, 2022. The CIK number for the Depositor is 0001013611.
JPMorgan Chase Bank, National Association filed its most recent Rule 15Ga-1 Form ABS-15G for this asset class on February 14, 2022. The CIK number for JPMorgan Chase Bank, National Association is 0000835271.
German American Capital Corporation filed its most recent Rule 15Ga-1 Form ABS-15G on February 15, 2022. The CIK number for German American Capital Corporation is 0001541294.
Part II - OTHER INFORMATION
Item 2. Legal Proceedings.
Disclosure from Wells Fargo Bank, National Association, as certificate administrator, custodian and/or trustee:
In December 2014, Phoenix Light SF Limited (Phoenix Light) and certain related entities filed a complaint in the United States District Court for the Southern District of New York alleging claims against Wells Fargo Bank, N.A., in its capacity as trustee for a number of residential mortgage-backed securities (RMBS) trusts. Complaints raising similar allegations have been filed by Commerzbank AG in the Southern District of New York and by IKB International and IKB Deutsche Industriebank in New York state court. In each case, the plaintiffs allege that Wells Fargo Bank, N.A., as trustee, caused losses to investors, and plaintiffs assert causes of action based upon, among other things, the trustee’s alleged failure to notify and enforce repurchase obligations of mortgage loan sellers for purported breaches of representations and warranties, notify investors of alleged events of default, and abide by appropriate standards of care following alleged events of default. In July 2022, the district court dismissed Phoenix Light’s claims and certain of the claims asserted by Commerzbank AG, and subsequently entered judgment in each case in favor of Wells Fargo Bank, N.A. In August 2022, Phoenix Light and Commerzbank AG appealed the district court’s decision to the United States Court of Appeals for the Second Circuit. The Company previously settled two class actions filed by institutional investors and an action filed by the National Credit Union Administration with similar allegations. In addition, Park Royal I LLC and Park Royal II LLC have filed substantially similar lawsuits in New York state court alleging Wells Fargo Bank, N.A., as trustee, failed to take appropriate actions upon learning of defective mortgage loan documentation.
Item 7. Change in Sponsor Interest in the Securities.
None
Item 9. Other Information.
Wells Fargo Bank, N.A., in its capacity as Master Servicer for JPMDB Commercial Mortgage Securities Trust 2016-C2, affirms the following amounts in the respective accounts:
Certificate Account Beginning and Ending Balance |
||
Prior Distribution Date |
12/16/2022 |
$16,343.86 |
Current Distribution Date |
01/18/2023 |
$16,089.89 |
*REO Account Beginning and Ending Balance |
||
Prior Distribution Date |
12/16/2022 |
$0.00 |
Current Distribution Date |
01/18/2023 |
$0.00 |
*As provided by Special Servicer |
Computershare Trust Company, N.A., as agent for Wells Fargo Bank, N.A., in its capacity as Certificate Administrator for JPMDB Commercial Mortgage Securities Trust 2016-C2, affirms the following amounts in the respective accounts:
Distribution Account Beginning and Ending Balance |
||
Prior Distribution Date |
12/16/2022 |
$3,689.88 |
Current Distribution Date |
01/18/2023 |
$92,283.85 |
Interest Reserve Account Beginning and Ending Balance |
||
Prior Distribution Date |
12/16/2022 |
$0.00 |
Current Distribution Date |
01/18/2023 |
$88,468.74 |
Gain-on-Sale Reserve Account Beginning and Ending Balance |
||
Prior Distribution Date |
12/16/2022 |
$0.00 |
Current Distribution Date |
01/18/2023 |
$0.00 |
Item 10. Exhibits.
(a) The following is a list of documents filed as part of this Report on Form 10-D:
(b) The exhibits required to be filed by the Registrant pursuant to this Form are listed above.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
J.P. Morgan Chase Commercial Mortgage Securities Corp.
(Depositor)
/s/ John Miller
John Miller, Executive Director
Date: January 30, 2023