UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): November 17, 2015
COMM 2015-LC23 Mortgage Trust
(Exact name of issuing entity)
Deutsche Mortgage & Asset Receiving Corporation
(Exact name of registrant as specified in its charter)
German American Capital Corporation
Ladder Capital Finance LLC
Cantor Commercial Real Estate Lending, L.P.
Jefferies LoanCore LLC
(Exact names of sponsors as specified in their charters)
Delaware | 333-193376-25 | 04-3310019 |
(State or Other Jurisdiction | (Commission File | (IRS Employer |
of Incorporation) | Number) | Identification No.) |
60 Wall Street | New York, New York | 10005 |
(Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code: | (212) 250-2500 |
Not applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any following provisions:
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 8.01. OTHER EVENTS
On November 17, 2015, Deutsche Mortgage & Asset Receiving Corporation (the “Registrant”) caused the issuance, pursuant to the Pooling and Servicing Agreement, dated as of November 1, 2015 (the “Pooling and Servicing Agreement”), between the Registrant, as depositor, Wells Fargo Bank, National Association, as master servicer, LNR Partners, LLC, as special servicer, Wells Fargo Bank, National Association, as certificate administrator, paying agent and custodian, Wilmington Trust, National Association, as trustee, and Park Bridge Lender Services LLC, as operating advisor, of the COMM 2015-LC23 Mortgage Trust Commercial Mortgage Pass-Through Certificates (the “Certificates”). The Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class XP-A, Class XS-A, Class A-M, Class B and Class C Certificates (collectively, the “Publicly Offered Certificates”) were sold to Deutsche Bank Securities Inc. (“DBSI”), Cantor Fitzgerald & Co. (“CF&Co.”) and Jefferies LLC, as underwriters (collectively, in such capacities, the “Underwriters”), pursuant to the Underwriting Agreement, dated as of November 6, 2015, between the Registrant, German American Capital Corporation and the Underwriters.
On November 17, 2015, the Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class D, Class E, Class F, Class G, Class H, Class J, Class V, Class R and Class LR Certificates (collectively, the “Privately Offered Certificates”) were sold to DBSI, CF&Co. and Wells Fargo Securities, LLC, as initial purchasers (collectively, in such capacities, the “Initial Purchasers”), pursuant to the Certificate Purchase Agreement, dated as of November 6, 2015, between the Registrant, German American Capital Corporation and the Initial Purchasers. The Privately Offered Certificates were sold in transactions exempt from registration under the Securities Act of 1933, as amended.
The Publicly Offered Certificates and the Privately Offered Certificates represent, in the aggregate, the entire beneficial ownership in COMM 2015-LC23 Mortgage Trust, a common law trust fund formed on November 17, 2015 under the laws of the State of New York pursuant to the Pooling and Servicing Agreement. The Issuing Entity’s primary assets are 62 fixed-rate mortgage loans (the “Mortgage Loans”) secured by first liens on 120 commercial, multifamily and manufactured housing community properties.
The net proceeds of the sale of the Certificates were applied to the purchase of the Mortgage Loans by the Registrant from German American Capital Corporation, Ladder Capital Finance LLC, Cantor Commercial Real Estate Lending, L.P. and Jefferies LoanCore LLC. The net proceeds to the Registrant of the offering of the Certificates, after deducting expenses payable by the Registrant in connection with the issuance and distribution of the Certificates of $5,319,103 were approximately $$972,659,460. Of the expenses paid by the Registrant, approximately $0 were paid directly to affiliates of the Registrant, $50,000 in the form of fees were paid to the Underwriters and the Initial Purchasers, $0 were paid to or for the Underwriters and the Initial Purchasers, and $5,269,103 were other expenses. All of the foregoing expense amounts are the Registrant’s reasonable estimates of such expenses. No underwriting discounts and commissions or finder’s fees were paid by the Registrant.
In connection with the issuance and sale to the Underwriters of the Publicly Offered Certificates, a legal opinion was rendered related to the validity of, and certain federal income tax considerations relating to, the Publicly Offered Certificates, which legal opinion is attached as an exhibit to this report.
Item 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits:
5.1 | Legality Opinion of Sidley Austin LLP, dated November 17, 2015. |
8.1 | Tax Opinion of Sidley Austin LLP, dated November 17, 2015 (included as part of Exhibit 5.1). |
23.1 | Consent of Sidley Austin LLP (included as part of Exhibit 5.1). |
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 hereunto duly authorized.
Deutsche Mortgage & Asset Receiving Corporation | ||||
By: | /s/ Matt Smith | |||
Name: Matt Smith | ||||
Title: Director | ||||
By: | /s/ Natalie Grainger | |||
Name: Natalie Grainger | ||||
Title: Director |
Date: November 17, 2015
EXHIBIT INDEX
Exhibit Number |
Description | ||
5.1 | Legality Opinion of Sidley Austin LLP, dated November 17, 2015. | ||
8.1 | Tax Opinion of Sidley Austin LLP, dated November 17, 2015 (included as part of Exhibit 5.1). | ||
23.1 |
Consent of Sidley Austin LLP (included as part of Exhibit 5.1). |
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SIDLEY AUSTIN llp 787
Seventh Avenue (212) 839 5300 (212) 839 5599 FAX
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BEIJING BOSTON BRUSSELS CENTURY CITY CHICAGO DALLAS GENEVA
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HONG KONG HOUSTON LONDON LOS ANGELES NEW YORK PALO ALTO SAN FRANCISCO
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SHANGHAI SINGAPORE SYDNEY TOKYO WASHINGTON, D.C.
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Founded 1866 |
November 17, 2015
Deutsche Mortgage & Asset Receiving Corporation
60 Wall Street
New York, New York 10005
Re: | Deutsche Mortgage & Asset Receiving Corporation, COMM 2015-LC23 Mortgage Trust Commercial Mortgage Pass-Through Certificates |
Ladies and Gentlemen:
We have acted as counsel to Deutsche Mortgage & Asset Receiving Corporation, a Delaware corporation (the “Depositor”), in connection with the issuance of approximately $828,786,000 aggregate principal balance of COMM 2015-LC23 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class XP-A, Class XS-A, Class A-M, Class B and Class C (collectively, the “Publicly Offered Certificates”), and Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class D, Class E, Class F, Class G, Class H, Class J, Class V, Class R and Class LR, pursuant to the Pooling and Servicing Agreement, dated as of November 1, 2015 (the “Pooling and Servicing Agreement”), between the Depositor, as depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”), LNR Partners, LLC, as special servicer (the “Special Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent, and Park Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”).
For purposes of rendering this opinion letter, we have reviewed:
(i) the Registration Statement on Form S-3 (Registration No. 333-193376) relating to the Publicly Offered Certificates (the “Registration Statement”), filed with the Securities and Exchange Commission (the “Commission”) under the Securities Act of 1933, as amended (the “Act”), and that was declared effective on February 12, 2014;
(ii) the Prospectus, dated September 3, 2014 (the “Base Prospectus”) and the Prospectus Supplement, dated November 16, 2015 (the “Prospectus Supplement”) relating to the Publicly Offered Certificates;
Sidley Austin (NY) LLP is a Delaware limited liability partnership doing business as Sidley Austin LLP and practicing in affiliation with other Sidley Austin partnerships.
COMM 2015-LC23 Mortgage Trust
November 17, 2015
Page 2
(iii) the Underwriting Agreement, dated as of November 6, 2015 (the “Underwriting Agreement”), between the Depositor, German American Capital Corporation, Deutsche Bank Securities Inc. (“DBSI”), Cantor Fitzgerald & Co. (“CF&Co.”) and Jefferies LLC (“Jefferies” and, together with DBSI and CF&Co., the “Underwriters”);
(iv) evidence satisfactory to us with respect to the effectiveness of the Registration Statement under the Act; and
(v) the forms of the Publicly Offered Certificates attached as exhibits to the Pooling and Servicing Agreement.
In connection with the foregoing, we have examined originals, or copies certified or otherwise identified to our satisfaction, of such documents, corporate records and other instruments as we deemed necessary for the purposes of this opinion. In our examination, we have assumed the following: (a) the genuineness of all signatures; (b) the legal capacity of natural persons; (c) the authenticity of all documents submitted to us as originals; (d) the conformity to original documents of all documents submitted to us as certified or photostatic copies and the authenticity of the originals of such documents; (e) the conformity of the text of each document filed with the Commission through its Electronic Data Gathering, Analysis and Retrieval System to the printed documents reviewed by us; and (f) the truth, accuracy and completeness of the information, representations and warranties contained in the records, documents, instruments and certificates that we have reviewed. As to any facts material to the opinions expressed herein that were not known to us, we have relied upon (1) certificates, statements and representations of officers and other representatives of the Depositor and others and (2) a certificate of the Secretary of State of the State of Delaware as to the good standing of the Depositor, dated November 12, 2015 (the “Delaware Good Standing Certificate”).
Our opinions set forth below are subject to: (1) general principles of equity, including concepts of materiality, reasonableness, good faith and fair dealing and the doctrine of estoppel; (2) the possible unavailability of specific performance and injunctive relief, regardless of whether considered in a proceeding in equity or at law; (3) the effect of certain laws, rules, regulations and judicial and other decisions upon enforceability; (4) bankruptcy, insolvency, receivership, reorganization, liquidation, voidable preference, fraudulent conveyance and transfer, moratorium and other similar laws affecting the rights of creditors or secured parties generally and the effect of, to the extent applicable, the rights of creditors or of secured creditors of national banks or of “financial companies” (as defined in Section 201 of the Dodd-Frank Wall Street Reform and Consumer Protection Act) or their affiliates; and (5) public policy considerations underlying the securities laws, to the extent that such public policy considerations limit the enforceability of any provision of any agreement that purports or is construed to provide indemnification with respect to securities law violations.
COMM 2015-LC23 Mortgage Trust
November 17, 2015
Page 3
Based upon and subject to the foregoing, we are of the opinion that—
A. The Publicly Offered Certificates, when duly and validly executed and authenticated in accordance with the terms of the Pooling and Servicing Agreement, and when delivered and paid for by the Underwriters pursuant to the Underwriting Agreement, will be validly issued, fully paid and non-assessable and entitled to the benefits provided by the Pooling and Servicing Agreement.
B. The descriptions set forth under the captions “Certain Federal Income Tax Consequences,” “Federal Income Tax Consequences for REMIC Certificates” and “Federal Income Tax Consequences for Certificates as to which No REMIC Election is Made” in the Base Prospectus and “Material Federal Income Tax Consequences” in the Prospectus Supplement, although they do not discuss all federal income tax consequences that may be applicable to the individual circumstances of particular investors (some of which may be subject to special treatment under the Internal Revenue Code of 1986), otherwise correctly describe, as of the date hereof, the material aspects of the federal income tax treatment of an investment in the Publicly Offered Certificates commonly applicable to investors that are U.S. persons (as defined in the Prospectus Supplement) and, where expressly indicated therein, to investors that are not U.S. Persons. We also hereby confirm the opinion expressly set forth under such headings as our opinion.
C. Based solely on the Delaware Good Standing Certificate, the Depositor is validly existing and in good standing under the laws of the State of Delaware.
We hereby consent to
the filing of this opinion letter as an exhibit to the Registration Statement and to the discussion of our opinions set forth in
this opinion letter under the headings “Legal Matters,” “Certain Federal Income Tax Consequences,” “Federal
Income Tax Consequences for REMIC Certificates” and “Federal Income Tax Consequences for Certificates as to which no
REMIC Election is Made” in the Base Prospectus and “Material Federal Income Tax Consequences” and “Legal
Matters” in the Prospectus Supplement. In giving such consent, we do not consider that we are “experts”, within
the meaning of the term as used in the Act or the rules and regulations of the Commission issued thereunder, with respect to any
part of the Registration Statement, including this opinion as an exhibit or otherwise.
COMM 2015-LC23 Mortgage Trust
November 17, 2015
Page 4
We express no opinion as to any laws other than the federal laws of the United States of America, the laws of the State of New York and, solely with respect to the opinion set forth in paragraph (C) above, the Delaware General Corporation Law. We do not express any opinion, either implicitly or otherwise, on any issue not expressly addressed above. We express no opinion with respect to any Series of Certificates for which we do not act as counsel to the Depositor.
Very truly yours,
/s/ Sidley Austin LLP