UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-D
ASSET-BACKED ISSUER
DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the monthly distribution period from:
March 13, 2024 to April 12, 2024
Commission File Number of issuing entity: 333-207132-04
Central Index Key Number of issuing entity: 0001673255
Citigroup Commercial Mortgage Trust 2016-C1
(Exact name of issuing entity as specified in its charter)
Commission File Number of depositor: 333-207132
Central Index Key Number of depositor: 0001258361
Citigroup Commercial Mortgage Securities Inc.
(Exact name of depositor as specified in its charter)
Citigroup Global Markets Realty Corp.
(Central Index Key Number: 0001541001)
Cantor Commercial Real Estate Lending, L.P.
(Central Index Key Number: 0001558761)
Starwood Mortgage Funding V LLC
(Central Index Key Number: 0001682509)
FCRE REL, LLC
(Central Index Key Number: 0001636352)
(Exact names of sponsors as specified in their respective charters)
Richard Simpson (212) 816-5343
(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)
81-2797579
81-2811365
81-6558297
(I.R.S. Employer Identification No.)
| c/o Citibank, N.A. 388 Greenwich Street, 14th Floor New York, New York |
10013 | |
| (Address of principal executive offices of the issuing entity) | (Zip Code) |
(212) 816-5693
(Telephone number, including area code)
| Title of class |
Registered/reporting pursuant to (check one) |
Name of exchange (If Section 12(b)) | ||||||
| Section 12(b) |
Section 12(g) |
Section 15(d) |
||||||
| A-1 |
☐ | ☐ | ☒ | Not Applicable | ||||
| A-2 |
☐ | ☐ | ☒ | Not Applicable | ||||
| A-3 |
☐ | ☐ | ☒ | Not Applicable | ||||
| A-4 |
☐ | ☐ | ☒ | Not Applicable | ||||
| A-AB |
☐ | ☐ | ☒ | Not Applicable | ||||
| X-A |
☐ | ☐ | ☒ | Not Applicable | ||||
| X-B |
☐ | ☐ | ☒ | Not Applicable | ||||
| A-S |
☐ | ☐ | ☒ | Not Applicable | ||||
| B |
☐ | ☐ | ☒ | Not Applicable | ||||
| EC |
☐ | ☐ | ☒ | Not Applicable | ||||
| C |
☐ | ☐ | ☒ | Not Applicable | ||||
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 ☒ No ☐
PART I – DISTRIBUTION INFORMATION
Item 1. Distribution and Pool Performance Information.
On April 12, 2024, a distribution was made to holders of the certificates issued by Citigroup Commercial Mortgage Trust 2016-C1.
The distribution report is attached as Exhibit 99.1 to this Form 10-D.
No assets securitized by Citigroup Commercial Mortgage Securities Inc. (the “Depositor”) and held by Citigroup Commercial Mortgage Trust 2016-C1 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 covered by this distribution report on Form 10-D.
The Depositor most recently filed a Form ABS-15G under Rule 15Ga-1 under the Securities Exchange Act of 1934 (“Rule 15Ga-1”) on February 9, 2024. The CIK number of the Depositor is 0001258361.
Citigroup Global Markets Realty Corp. (“CGMRC”), one of the sponsors, most recently filed a Form ABS-15G under Rule 15Ga-1 on February 9, 2024. The CIK number of CGMRC is 0001541001.
Cantor Commercial Real Estate Lending, L.P. (“CCRE”), one of the sponsors, most recently filed a Form ABS-15G under Rule 15Ga-1 on February 1, 2024. The CIK number of CCRE is 0001558761.
Starwood Mortgage Funding V LLC (“Starwood”), one of the sponsors, most recently filed a Form ABS-15G under Rule 15Ga-1 on January 31, 2024. The CIK number of Starwood is 0001682509.
FCRE REL, LLC (“FCRE”), one of the sponsors, most recently filed a Form ABS-15G under Rule 15Ga-1 on February 2, 2016. The CIK number of FCRE is 0001636352.
Item 1A. Asset-Level Information.
Not applicable
Item 1B. Asset Representations Reviewer and Investor Communication.
Not applicable
PART II – OTHER INFORMATION
Item 2. Legal Proceedings.No information to report for the monthly distribution period covered by this distribution report on Form 10-D.
Item 3. Sales of Securities and Use of Proceeds.
None
Item 4. Defaults Upon Senior Securities.
None
Item 5. Submission of Matters to a Vote of Security Holders.
None
Item 6. Significant Obligors of Pool Assets.
The property securing the The Strip mortgage loan constitutes a significant obligor within the meaning of Item 1101(k)(2) of Regulation AB and as disclosed in the Prospectus for Citigroup Commercial Mortgage Trust 2016-C1 filed on June 1, 2016. With respect to the property securing the The Strip mortgage loan, the most recent unaudited net operating income was $9,720,830 for the period from January 01, 2023 through December 31, 2023. There is no material update at this time.
Item 7. Change in Sponsor Interest in Securities.
None
Item 8. Significant Enhancement Provider Information.
None
Item 9. Other Information.
Wells Fargo Bank, National Association, in its capacity as Master Servicer for Citigroup Commercial Mortgage Trust 2016-C1, affirms the following amounts in the respective accounts:
| Collection Account Balance |
||||
| Prior Distribution Date: |
03/12/2024 |
$0.00 | ||
| Current Distribution Date: |
04/12/2024 |
$0.00 | ||
| Loan Combination Custodial Account Balance |
||||
| Prior Distribution Date: |
03/12/2024 |
$0.00 | ||
| Current Distribution Date: |
04/12/2024 |
$0.00 | ||
| *REO Account Balance |
||||
| Prior Distribution Date: |
03/12/2024 |
$0.00 | ||
| Current Distribution Date: |
04/12/2024 |
$0.00 | ||
| *As provided by the Special Servicer |
||||
Citibank, N.A., in its capacity as Certificate Administrator for Citigroup Commercial Mortgage Trust 2016-C1, affirms the following amounts in the respective accounts:
| Distribution Account Balance |
||||
| Prior Distribution Date: |
03/12/2024 |
$0.00 | ||
| Current Distribution Date: |
04/12/2024 |
$0.00 | ||
| Interest Reserve Account Balance |
||||
| Prior Distribution Date: |
03/12/2024 |
$0.00 | ||
| Current Distribution Date: |
04/12/2024 |
$0.00 | ||
| Excess Interest Distribution Account Balance |
||||
| Prior Distribution Date: |
N/A |
N/A | ||
| Current Distribution Date: |
N/A |
N/A | ||
| Excess Liquidation Proceeds Reserve Account Balance |
||||
| Prior Distribution Date: |
03/12/2024 |
$0.00 | ||
| Current Distribution Date: |
04/12/2024 |
$0.00 | ||
| Exchangeable Distribution Account Balance |
||||
| Prior Distribution Date: |
03/12/2024 |
$0.00 | ||
| Current Distribution Date: |
04/12/2024 |
$0.00 | ||
Item 10. Exhibits.
(a) The following is a list of documents filed as part of this Form 10-D:
(99.1): Monthly report distributed to holders of the certificates issued by Citigroup Commercial Mortgage Trust 2016-C1, relating to the April 12, 2024 distribution.
(b) The exhibits required to be filed by the Registrant pursuant to this Form 10-D are listed above and in the Exhibit Index that immediately precedes the signature page hereof.
EXHIBIT INDEX
| Exhibit Number | Description | |
| Exhibit 99.1 | Monthly report distributed to holders of the certificates issued by Citigroup Commercial Mortgage Trust 2016-C1, relating to the April 12, 2024 distribution. | |
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.
| Citigroup Commercial Mortgage Securities Inc. |
| (Depositor) |
| /s/ Richard Simpson |
| Richard Simpson, President |
Date: April 26, 2024