For the monthly distribution period from: December 17, 2022 to January 18, 2023
Commission File Number of issuing entity: 333-180779-08
Central Index Key Number of issuing entity: 0001600823
Morgan Stanley
Bank of America Merrill Lynch Trust 2014-C15
(Exact name of issuing entity as specified in its charter)
Commission File Number of depositor: 333-180779
Central Index Key Number of depositor: 0001547361
Morgan Stanley
Capital I Inc.
(Exact name of depositor as specified in its charter)
Central Index Key Number of sponsor (if applicable): 0001541557
Morgan Stanley
Mortgage Capital Holdings LLC
(Exact name of sponsor as specified in its charter)
Central Index Key Number of sponsor (if applicable): 0001102113
Bank of
America, National Association
(Exact name of sponsor as specified in its charter)
Central Index Key Number of sponsor (if applicable): 0001548567
CIBC Inc.
(Exact name of sponsor as specified in its charter)
Jane Lam (212) 761-4000
(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)
38-3926072
38-3926073
38-3926074
38-7111571
(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-SB |
|
|
X |
|
A-3 |
|
|
X |
|
A-4 |
|
|
X |
|
A-S |
|
|
X |
|
B |
|
|
X |
|
C |
|
|
X |
|
X-A |
|
|
X |
|
PST |
|
|
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 Morgan Stanley Bank of America Merrill Lynch Trust 2014-C15.
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 Morgan Stanley Bank of America Merrill Lynch Trust 2014-C15 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 |
0 |
N/A |
1 |
$0.00 |
No assets securitized by Morgan Stanley Mortgage Capital Holdings LLC, Bank of America, National Association, and CIBC Inc. (each a "Securitizer") and held by Morgan Stanley Bank of America Merrill Lynch Trust 2014-C15 were the subject of a demand to repurchase or replace for breach of the representations and warranties during the monthly distribution period from December 17, 2022 to January 18, 2023.
Morgan Stanley Mortgage Capital Holdings LLC filed its most recent Form ABS-15G on November 14, 2022. The CIK number for Morgan Stanley Mortgage Capital Holdings LLC is 0001541557.
Bank of America, National Association filed its most recent Form ABS-15G on November 10, 2022. The CIK number for Bank of America, National Association is 0001102113.
CIBC Inc. filed its most recent Form ABS-15G on February 11, 2022. The CIK number for CIBC Inc. is 0001548567.
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 6. Significant Obligors of Pool Assets.
The Arundel Mills and Marketplace mortgage loan constitutes a significant obligor within the meaning of Item 1101(k)(2) of Regulation AB and as disclosed in the Prospectus Supplement for Morgan Stanley Bank of America Merrill Lynch Trust 2014-C15. In accordance with Item 1112(b) of Regulation AB, the most recent unaudited net operating income of the significant obligor was $37,772,245.61 for the period from January 1, 2022 to September 30, 2022.
The AmericasMart mortgage loan constitutes a significant obligor within the meaning of Item 1101(k)(2) of Regulation AB and as disclosed in the Prospectus Supplement for Morgan Stanley Bank of America Merrill Lynch Trust 2014-C15. In accordance with Item 1112(b) of Regulation AB, the most recent unaudited net operating income of the significant obligor was $65,534,836.50 for the period from January 1, 2022 to September 30, 2022.
Item 9. Other Information.
Wells Fargo Bank, N.A., in its capacity as Master Servicer for Morgan Stanley Bank of America Merrill Lynch Trust 2014-C15, affirms the following amounts in the respective accounts:
Collection Account Balance |
||
Prior Distribution Date |
12/16/2022 |
$0.00 |
Current Distribution Date |
01/18/2023 |
$0.00 |
*REO Account 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 Morgan Stanley Bank of America Merrill Lynch Trust 2014-C15, affirms the following amounts in the respective accounts:
Distribution Account Balance |
||
Prior Distribution Date |
12/16/2022 |
$117,387.98 |
Current Distribution Date |
01/18/2023 |
$214,873.23 |
Interest Reserve Account Balance |
||
Prior Distribution Date |
12/16/2022 |
$0.00 |
Current Distribution Date |
01/18/2023 |
$97,639.25 |
Excess Liquidation Proceeds Account Balance |
||
Prior Distribution Date |
12/16/2022 |
$0.00 |
Current Distribution Date |
01/18/2023 |
$0.00 |
TA Unused Fees Account 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.
Morgan Stanley Capital I Inc.
(Depositor)
/s/ Jane Lam
Jane Lam, President
Date: January 31, 2023