**UNITED STATESSECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON,D.C. 20549**

**FORM 10‐K**

 

(Mark one)

**/X/ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934**

**    For the fiscal year endedDecember 31, 2022OR**

**//TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934**

**For the transition period from****            ****to****            **

 

 

 

**Commission file number:333-180779-19**

 

**Central Index Key Number of the issuingentity:0001655591**

 

**Morgan Stanley Bank of America Merrill Lynch Trust2015-C26**

**(exact name of issuing entity as specified in itscharter)**

 

**Central Index Key Number of the depositor:0001547361**

 

**Morgan Stanley Capital I Inc.**

**(exact name of the depositor as specified in its charter)**

 

**Central Index Key Number of the sponsor:0001541557**

 

**Morgan Stanley Mortgage Capital Holdings LLC**

**(exact names of the sponsors as specified in theircharters)**

 

**Central Index Key Number of the sponsor:0001102113**

 

**Bank of America, National Association**

**(exact names of the sponsors as specified in theircharters)**

 

**Central Index Key Number of the sponsor:0001548567**

 

**CIBC Inc.**

**(exact names of the sponsors as specified in theircharters)**

 

**Central Index Key Number of the sponsor:0001682532**

 

**Starwood Mortgage Funding III LLC**

**(exact names of the sponsors as specified in theircharters)**

 

| **New York**                                                        | **38‐3979808  38‐3979809  38‐3979810  38‐7143638** |
|---------------------------------------------------------------------|----------------------------------------------------------------------------|
| **(State or other jurisdiction of incorporation or  organization)** | **(I.R.S. Employer Identification Numbers)**                               |

 

**c/o Wells Fargo Bank, N.A.**

**9062 Old Annapolis Road**

** Columbia, MD**

**(Address of principal executive offices)**

 

**21045**

**(Zip Code)**

 

**Telephone number, including area code:**

**(410) 884‐2000**

Securitiesregistered pursuant to Section 12(b) of the Act:

 

|   Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---------------------------------|-------------------|-------------------------------------------|
| None                            |              |                                      |

 

 

Securitiesregistered pursuant to Section 12(g) of the Act:

 

  NONE.

 

Indicateby check mark if the registrant is a well-known seasoned issuer, as defined inRule 405 of the Securities Act.

 

  Yes___ No X

 

Indicateby check mark if the registrant is not required to file reports pursuant toSection 13 or Section 15(d) of the Act.

 

  Yes___ No X

 

Note- Checking the box above will not relieve any registrant required to filereports pursuant to Section 13 or 15(d) of the Exchange Act from theirobligations under those Sections.

 

Indicate by check mark whether the registrant (1) has filed all reportsrequired to be filed by Section 13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that theregistrant was required to file such reports), and (2) has been subject to suchfiling requirements for the past 90 days.

 

  YesX No ___

 

Indicateby check mark whether the registrant has submitted electronically everyInteractive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T (Section 232.405 of this chapter) during the preceding 12 months(or for such shorter period that the registrant was required to submit suchfiles).

 

  Notapplicable.

  

Indicateby check mark whether the registrant is a large accelerated filer, anaccelerated filer, a non-accelerated filer, a smaller reporting company, oremerging growth company. See the definitions of "large acceleratedfiler", "accelerated filer," "smaller reportingcompany," and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

 Largeaccelerated filer ___ Accelerated filer ___ Non-accelerated filer X (Do not check if a smaller reporting company)Smaller reporting company ___

 

Emerginggrowth company ___

 

Ifan emerging growth company, indicate by check mark if the registrant haselected not to use the extended transition period for complying with any new orrevised financial accounting standards provided pursuant to Section 13(a) ofthe Ex­change Act.

 

  Notapplicable.

 

Indicate by check mark whether the registrant has fileda report on and attestation to its management’s assessment of the effectivenessof its internal control over financial reporting under Section 404(b) of theSarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firmthat prepared or issued its audit report.

 

  Notapplicable.

 

If securities are registered pursuant to Section 12(b)of the Act, indicate by check mark whether the financial statements of the

registrantincluded in the filing reflect the correction of an error to previously issuedfinancial statements.

 

Not applicable.

 

Indicateby check mark whether any of those error corrections are restatements thatrequired a recovery analysis of incentive-based compensation received by any ofthe registrant’s executive officers during the relevant recovery periodpursuant to §240.10D-1(b).

 

Not applicable.

 

Indicateby check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Act).

 

  Yes___ No X

 

Statethe aggregate market value of the voting and non-voting common equity held bynon-affiliates computed by reference to the price at which the common equity waslast sold, or the average bid and asked price of such common equity, as of thelast business day of the registrant's most recently completed second fiscalquarter.

 

  Notapplicable.

 

Indicateby check mark whether the registrant has filed all documents and reportsrequired to be filed by Section 12, 13 or 15(d) of the Securities Exchange Actof 1934 subsequent to the distribution of securities under a plan confirmed bya court.

 

  Notapplicable.

 

Indicatethe number of shares outstanding of each of the registrant's classes of commonstock, as of the latest practicable date.

 

  Notapplicable.

 

DOCUMENTSINCORPORATED BY REFERENCE

 

Listhereunder the following documents if incorporated by reference and the Part ofthe Form 10-K (e.g., Part I, Part II, etc.) into which the document isincorporated: (1)Any annual report to security holders; (2) Any proxy orinformation statement; and (3)Any prospectus filed pursuant to Rule 424(b) or(c) under the Securities Act of 1933. The listed documents should be clearlydescribed for identification purposes (e.g., annual report to security holdersfor fiscal year ended December 24, 1980).

 

  Notapplicable.

 

**EXPLANATORY NOTES**

 

The MSBAM2015-C26 mortgage pool includes the following mortgage loans, each of which isserviced pursuant to a separate pooling and servicing agreement (each, an“Outside Pooling and Servicing Agreement”):• the 535-545 Fifth Avenue mortgage loan and the Coastal Equities RetailPortfolio mortgage loan, which are serviced pursuant to the MSBAM 2015-C24pooling and servicing agreement attached hereto as Exhibit 4.2;• the Herald Center mortgage loan, which is serviced pursuant to the MSBAM2015-C25 pooling and servicing agreement attached hereto as Exhibit 4.3; and• the 11 Madison Avenue mortgage loan, which is serviced pursuant to the MAD2015-11MD trust and servicing agreement attached hereto as Exhibit 4.4.

 

Except asset forth below, each of the parties to each pooling and servicing agreementlisted in the Exhibit Index both (1) participates in the servicing function forpurposes of Item 1122 of Regulation AB and (2) constitutes a servicer thatmeets the criteria in Item 1108(a)(2)(i) through (iii) of Regulation AB forpurposes of Item 1123 of Regulation AB:

 

• Thetrustee under a pooling and servicing agreement has a nominal role with respectto the mortgage pool securitized pursuant to such pooling and servicingagreement. The trustee’s only servicing function is the contingent obligationto make certain advances if the master servicer under such pooling andservicing agreement fails to do so, while all other servicing functions areperformed by other parties. The trustee under each of the pooling and servicingagreements listed in the Exhibit Index has confirmed to the registrant that ithas not made any such contingent advances during the reporting period, andconsequently, each such trustee does not participate in the servicing functionfor purposes of Item 1122 of Regulation AB, nor does it perform the functionsof a servicer for purposes of the definition of “servicer” under Item 1101 ofRegulation AB or for purposes of Item 1123 of Regulation AB.

 

• Thecertificate administrator under a pooling and servicing agreement performsvarious payment administration functions solely for the securitization governedby such pooling and servicing agreement and the mortgage pool securitizedpursuant to such pooling and servicing agreement and does not have anyobligations with respect to any other transaction. Consequently, thecertificate administrator under an Outside Pooling and Servicing Agreement doesnot participate in the servicing function for purposes of Item 1122 ofRegulation AB, nor does it perform the functions of a servicer for purposes ofthe definition of “servicer” under Item 1101 of Regulation AB or for purposesof Item 1123 of Regulation AB.

 

• Theoperating advisor under a pooling and servicing agreement represents theinterests of senior certificateholders in the transaction governed by suchpooling and servicing agreement and is responsible for monitoring theperformance of the special servicer under such pooling and servicing agreementand producing certain reports to certificateholders relating to the resolutionof the mortgage pool securitized pursuant to such pooling and servicingagreement. The operating advisor under a pooling and servicing agreement doesnot have any obligations with respect to any other transaction and is solelyobligated to perform loan reporting functions with respect to thesecuritization governed by such pooling and servicing agreement. Consequently, the operating advisor under an Outside Pooling and ServicingAgreement neither participates in the servicing function for purposes of Item1122 of Regulation AB nor performs the functions of a servicer for purposes ofthe definition of “servicer” under Item 1101 of Regulation AB or for purposesof Item 1123 of Regulation AB. In addition, while the operating advisor under apooling and servicing agreement has certain reporting obligations in respect ofthe related mortgage pool, it has no obligation to collect or disburse funds inrespect of the mortgage pool or to administer any of the underlying mortgage loans. Consequently, the operating advisor under a pooling and servicing agreementparticipates in the servicing function for purposes of Item 1122 of RegulationAB, but is not responsible for the “management or collection of the pool assetsor making allocations or distributions to holders of the asset-backedsecurities” within the meaning of “servicer” under Item 1101 of Regulation ABand does not perform the functions of a servicer for purposes of Item 1123 ofRegulation AB.

 

• InMarch 2016, LNR Securities Holdings, LLC, the designated representative of the535-545 Fifth Avenue controlling note holder, appointed LNR Partners, LLC toact as special servicer for the 535-545 Fifth Avenue mortgage loan under theMSBAM 2015-C24 pooling and servicing agreement.

 

• LNRPartners, LLC is the current special servicer under the MSBAM 2015-C25 poolingand servicing agreement, pursuant to which the Herald Center mortgage loan isserviced. On March 9, 2022, Midland Loan Services, a Division of PNC Bank,National Association was replaced as special servicer under the MSBAM 2015-C25pooling and servicing agreement and was succeeded by LNR Partners, LLC.

 

• LNR Partners, LLCis the current special servicer under the MSBAM 2015-C24 pooling and servicingagreement, pursuant to which the Coastal Equities Retail Portfolio mortgageloan and the 535-545 Fifth Avenue mortgage loan are serviced. On September 28,2022, Midland Loan Services, a Division of PNC Bank, National Association wasreplaced as special servicer under the MSBAM 2015-C24 pooling and servicingagreement with respect to most mortgage loans in the MSBAM 2015-C24 mortgagepool, including the Coastal Equities Retail Portfolio mortgage loan, and wassucceeded by LNR Partners, LLC with respect to such mortgage loans. MidlandLoan Services, a Division of PNC Bank, National Association, was replaced asspecial servicer with respect to the remaining mortgage loans in the MSBAM2015-C24 mortgage pool on December 6, 2022 and was succeeded by LNR Partners,LLC with respect to such mortgage loans. 

 

• Wells Fargo Bank,National Association, the excluded mortgage loan special servicer under theMSBAM 2015-C24 pooling and servicing agreement, only has obligations in respectof certain mortgage loans sold to the MSBAM 2015-C24 securitization trust tothe extent the special servicer thereunder is affiliated with the relatedborrowers. Wells Fargo Bank, National Association, as excluded mortgage loanspecial servicer under the MSBAM 2015-C24 pooling and servicing agreement, hasno obligations with respect to the 535-545 Fifth Avenue mortgage loan, theCoastal Equities Retail Portfolio or any mortgage loan included in the MSBAM2015-C26 mortgage pool and therefore does not constitute a reporting “servicingfunction participant” for purposes of Item 1122 of Regulation AB, as specifiedin the Instruction 3 to Item 1122, and does not constitute a reporting“servicer” for purposes of Item 1123 of Regulation AB, as specified in theInstruction to Item 1123.

 

Inaddition, each of the following parties engaged the services of certainservicing function participants and sub-servicers for the reporting period, asset forth below:• Wells Fargo Bank, National Association, as master servicer and excludedspecial servicer, engaged the services of CoreLogic Solutions, LLC as aservicing function participant in respect of the entire mortgage pool for thereporting period.

 

• WellsFargo Bank, National Association, as master servicer under the MSBAM 2015-C24pooling and servicing agreement, pursuant to which the 535-545 Fifth Avenuemortgage loan and Coastal Equities Retail Portfolio mortgage loan are serviced,engaged the services of CoreLogic Solutions, LLC as a servicing functionparticipant in respect of the 535-545 Fifth Avenue mortgage loan and CoastalEquities Retail Portfolio mortgage loan for the reporting period.

 

• Wells Fargo Bank, National Association, as master servicer underthe MSBAM 2015-C25 pooling and servicing agreement, pursuant to which theHerald Center mortgage loan is serviced, engaged the services of CoreLogicSolutions, LLC as a servicing function participant in respect of the HeraldCenter mortgage loan for the reporting period.

 

• On November 1, 2021, pursuant to the second amended and restatedservicing agreement attached hereto as Exhibit 99.9, Computershare TrustCompany, National Association was engaged to perform all or virtually all ofWells Fargo Bank, National Association’s roles as certificate administrator,custodian and trustee, as applicable, under (i) the pooling and servicingagreement and (ii) each Outside Pooling and Servicing Agreement.

 

| **PART I**   |                            |
|-------------------|---------------------------------|
|              |                            |
| **Item 1.**  | **Business.**                   |
|              | Omitted.                        |
| **Item 1A.** | **Risk Factors.**          |
|              | Omitted.                        |
| **Item 1B.** | **Unresolved Staff  Comments.** |
|              | None.                           |
| **Item 2.**  | **Properties.**                 |
|              | Omitted.                        |
| **Item 3.**  | **Legal Proceedings.**     |
|              | Omitted.                        |
| **Item 4.**  | **Mine Safety Disclosures.**    |
|              | Omitted.                        |
|              |                            |   |

 

| **PART II**  |                                                                                                                |
|-------------------|---------------------------------------------------------------------------------------------------------------------|
|              |                                                                                                                |
| **Item 5.**  | **Market for Registrant's  Common Equity, Related Stockholder Matters and Issuer Purchases of Equity  Securities.** |
|              | Omitted.                                                                                                            |
| **Item 6.**  | **[Reserved]**                                                                                                      |
|              |                                                                                                                |
| **Item 7.**  | **Management's Discussion  and Analysis of Financial Condition and Results of Operations.**                         |
|              | Omitted.                                                                                                            |
| **Item 7A.** | **Quantitative and  Qualitative Disclosures About Market Risk.**                                                    |
|              | Omitted.                                                                                                            |
| **Item 8.**  | **Financial Statements and Supplementary  Data.**                                                                   |
|              | Omitted.                                                                                                            |
| **Item 9.**  | **Changes in and  Disagreements With Accountants on Accounting and Financial Disclosure.**                          |
|              | Omitted.                                                                                                            |
| **Item 9A.** | **Controls and Procedures.**                                                                                        |
|              | Omitted.                                                                                                            |
| **Item 9B.** | **Other Information.**                                                                                         |
|              | None.                                                                                                               |
| **Item 9C.** | **Disclosure Regarding  Foreign Jurisdictions that Prevent Inspections.**                                           |
|              | None.                                                                                                               |
|              |                                                                                                                |   |

 

| **PART III** |                                                                                                 |
|-------------------|------------------------------------------------------------------------------------------------------|
|              |                                                                                                 |
| **Item 10.** | **Directors, Executive  Officers and Corporate Governance.**                                         |
|              | Omitted.                                                                                             |
| **Item 11.** | **Executive Compensation.**                                                                          |
|              | Omitted.                                                                                             |
| **Item 12.** | **Security Ownership of  Certain Beneficial Owners and Management and Related Stockholder Matters.** |
|              | Omitted.                                                                                             |
| **Item 13.** | **Certain Relationships and  Related Transactions, and Director Independence.**                      |
|              | Omitted.                                                                                             |
| **Item 14.** | **Principal Accountant Fees  and Services.**                                                         |
|              | Omitted.                                                                                             |
|              |                                                                                                 |   |

 

**ADDITIONALDISCLOSURE ITEMS FOR REGULATION AB**

 

**Item1112(b) of Regulation AB, Significant Obligor Financial Information.**

 

Themortgaged property securing the 535-545 Fifth Avenue loan constitutes a significantobligor within the meaning of 1101(k)(2) of Regulation AB. The most recent(unaudited) net operating income of the significant obligor for the 2022calendar year is $21,580,277.01.

 

**Item1114(b)(2) of Regulation AB, Significant Enhancement Provider FinancialInformation.**

 

Noentity or group of affiliated entities provides any enhancement or othersupport for the certificates as described under Item 1114 (a) of Regulation AB.

 

**Item1115(b) of Regulation AB, Certain Derivatives Instruments (FinancialInformation).**

 

Noentity or group of affiliated entities provides any derivative instruments forthe certificates as described under Item 1115 of Regulation AB.

 

**Item1117 of Regulation AB, Legal Proceedings.**

 

Theregistrant knows of no legal proceeding pending against the sponsors,depositor, trustee, issuing entity, servicer contemplated by Item 1108(a)(3) ofRegulation AB, originator contemplated by Item 1110(b) of Regulation AB, or otherparty contemplated by Item 1100(d)(1) of Regulation AB, or of which anyproperty of the foregoing is the subject, that is material to security holders,other than as follows:

 

In December 2014, PhoenixLight SF Limited (Phoenix Light) and certain related entities filed a complaintin the United States District Court for the Southern District of New Yorkalleging claims against Wells Fargo Bank, N.A., in its capacity as trustee fora number of residential mortgage-backed securities (RMBS) trusts. Complaintsraising similar allegations have been filed by Commerzbank AG in the SouthernDistrict of New York and by IKB International and IKB Deutsche Industriebank inNew York state court. In each case, the plaintiffs allege that Wells FargoBank, N.A., as trustee, caused losses to investors, and plaintiffs assertcauses of action based upon, among other things, the trustee’s alleged failureto notify and enforce repurchase obligations of mortgage loan sellers forpurported breaches of representations and warranties, notify investors ofalleged events of default, and abide by appropriate standards of care followingalleged events of default. In July 2022, the district court dismissed PhoenixLight’s claims and certain of the claims asserted by Commerzbank AG, andsubsequently 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’sdecision to the United States Court of Appeals for the Second Circuit. WellsFargo Bank, N.A. previously settled two class actions filed by institutionalinvestors and an action filed by the National Credit Union Administration withsimilar allegations. In addition, Park Royal I LLC and Park Royal II LLC havefiled substantially similar lawsuits in New York state court alleging WellsFargo Bank, N.A., as trustee, failed to take appropriate actions upon learningof defective mortgage loan documentation.

 

Inthe last several years, U.S. Bank National Association (“U.S. Bank”) and otherlarge financial institutions have been sued in their capacity as trustee orsuccessor trustee for certain residential mortgage backed securities("RMBS") trusts.  The complaints, primarily filed by investorsor investor groups against U.S. Bank and similar institutions, allege thetrustees caused losses to investors as a result of alleged failures by thesponsors, mortgage loan sellers and servicers to comply with the governingagreements for these RMBS trusts.  Plaintiffs generally assert causes ofaction based upon the trustees’ purported failures to enforce repurchaseobligations of mortgage loan sellers for alleged breaches of representationsand warranties, notify securityholders of purported events of default allegedlycaused by breaches of servicing standards by mortgage loan servicers and abideby a heightened standard of care following alleged events of default.  

 

U.S.Bank denies liability and believes that it has performed its obligations underthe RMBS trusts in good faith, that its actions were not the cause of losses toinvestors, that it has meritorious defenses, and it has contested and intendsto continue contesting the plaintiffs’ claims vigorously.  However, U.S.Bank cannot assure you as to the outcome of any of the litigation, or thepossible impact of these litigations on the trustee or the RMBS trusts.

 

OnMarch 9, 2018, a law firm purporting to represent fifteen Delaware statutorytrusts (the “DSTs”) that issued securities backed by student loans (the“Student Loans”) filed a lawsuit in the Delaware Court of Chancery against U.S.Bank National Association (“U.S. Bank”) in its capacities as indenture trusteeand successor special servicer, and three other institutions in theirrespective transaction capacities, with respect to the DSTs and the StudentLoans.  This lawsuit is captioned The National Collegiate Student LoanMaster Trust I, et al. v. U.S. Bank National Association, et al., C.A. No.2018-0167-JRS (Del. Ch.) (the “NCMSLT Action”).  The complaint, as amendedon June 15, 2018, alleged that the DSTs have been harmed as a result ofpurported misconduct or omissions by the defendants concerning administrationof the trusts and special servicing of the Student Loans.  Since thefiling of the NCMSLT Action, certain Student Loan borrowers have made assertionsagainst U.S. Bank concerning special servicing that appear to be based oncertain allegations made on behalf of the DSTs in the NCMSLT Action.

 

U.S.Bank believes that it has performed its obligations as indenture trustee andspecial servicer in good faith and in compliance in all material respects withthe terms of the agreements governing the DSTs (the “Governing Agreements”),and accordingly that the claims against it in the NCMSLT Action are withoutmerit.  

 

U.S.Bank has filed a motion seeking dismissal of the operative complaint in itsentirety with prejudice pursuant to Chancery Court Rules 12(b)(1) and 12(b)(6)or, in the alternative, a stay of the case while other prior filed disputesinvolving the DSTs and the Student Loans are litigated.  On November 7,2018, the Court ruled that the case should be stayed in its entirety pendingresolution of the first-filed cases.  On January 21, 2020, the Courtentered an order consolidating for pretrial purposes the NCMSLT Action and threeother lawsuits pending in the Delaware Court of Chancery concerning the DSTsand the Student Loans (the “Consolidated Action”).  U.S. Bank and otherparties to the Consolidated Action have briefed and argued motions for judgmenton the pleadings pursuant to Chancery Court Rule 12(c) regarding disputedissues of contractual interpretation at issue in one or more of the casescomprising the Consolidated Action, including the NCMSLT Action.  TheCourt has not yet ruled on these motions or on U.S. Bank’s dismissal motion inthe NCMSLT Action.

 

U.S.Bank intends to continue to defend the NCMSLT Action vigorously.

 

**Item1119 of Regulation AB, Affiliations and Certain Relationships and RelatedTransactions.**

 

Theinformation regarding this Item has been provided previously in an annualreport on Form 10-K of the issuing entity or in the prospectus of the issuingentity filed in a 424(b)(5) filing dated November 12, 2015. In addition, LNRPartners, LLC, the special servicer under the MSBAM 2015-C25 pooling andservicing agreement, pursuant to which the Herald Center mortgage loan isserviced, is also the special servicer under the MSBAM 2015-C26 pooling andservicing agreement, the special servicer under the MSBAM 2015-C24 pooling andservicing agreement, pursuant to which the 555 11th Street NW and CoastalEquities Retail Portfolio mortgage loans are serviced, and is also an affiliateof Starwood Mortgage Funding III LLC, an originator, sponsor and mortgage loanseller with respect to the MSBAM 2015-C26 securitization transaction.

 

**Item1122 of Regulation AB, Compliance with Applicable Servicing Criteria.**

 

Thereports on assessment of compliance with the servicing criteria forasset-backed securities and the related attestation reports on such assessmentsof compliance are attached hereto under Item 15.

 

Thereport on assessment of compliance with applicable servicing criteria furnishedpursuant to Item 1122 of Regulation AB by KeyBank National Associationdiscloses that a material instance of noncompliance occurred, as describedbelow:

 

KeyBankNational Association (KeyBank) has identified the following material instanceof noncompliance with servicing criteria 1122(d)(4)(ix) during the calendaryear ended December 31, 2022, with respect to the Platform. The materialinstance of noncompliance does not relate to KeyBank’s performance under anypooling and servicing agreement applicable to the securitization transactionthat is the subject of this Form 10-K.

 

1)Servicing Criteria impacted 

 

1122(d)(4)(ix) –Adjustments to interest rates or ratesof return for pool assets with variable rates are computed based on the relatedpool asset documents. 

 

2)Material Instance of Noncompliance with Servicing Criteria

 

During compliance testing, it was discovered, that notall FlexARM loan mortgagors were offered loan rates within 45-60 days beforethe rate change date, as required per the related pool asset documents. Per theNote, if the holder fails to offer a loan rate within 45-60 days of any changedate a margin of 2.25% is to be used. Given the notification was not made tothe borrowers, a 3% margin was incorrectly applied. The noncompliance in Item1122 (d)(4)(ix) is related to a servicing portfolio which is wholly owned bythe investor and is not held in a publicly traded security. 

 

3)Remediation

 

Thefollowing remediation procedures have been initiated by KeyBank: (i) theimpacted mortgage loans are currently in the process of being identified, (ii)investor contact has been initiated, (iii) corrective actions are beingconsidered and will be tracked and monitored by senior management, (iv)procedures will be reviewed and revised, if necessary, to include new trackingand action steps to prevent this situation from recurring in the future, and(v) training will be provided to the relevant staff members to prevent arecurrence.

 

**Item1123 of Regulation AB, Servicer Compliance Statement.**

 

Theservicer compliance statements are attached hereto under Item 15.

 

**PART IV**

 

**Item15. Exhibits, Financial Statement Schedules.**

 

(a) Exhibits.

 

(4.1)Pooling and Servicing Agreement, dated as of November 1,2015, between Morgan Stanley Capital I Inc., as depositor, Wells Fargo Bank,National Association, as master servicer and initial excluded special servicer,LNR Partners, LLC, as general special servicer, Park Bridge Lender ServicesLLC, as trust advisor, Wilmington Trust, National Association, as trustee, andWells Fargo Bank, National Association, as custodian, certificateadministrator, certificate registrar and authenticating agent (filed as Exhibit4.1 to the registrant's Current Report on Form 8-K/A filed on March 10, 2016under SEC File No. 333-180779-19 and incorporated by reference herein).

 

(4.2)Pooling and Servicing Agreement, dated as of August 1,2015, between Morgan Stanley Capital I Inc., as depositor, Wells Fargo Bank,National Association, as master servicer, Midland Loan Services, a Division ofPNC Bank, National Association, as special servicer, Park Bridge LenderServices LLC, as trust advisor, Wilmington Trust, National Association, astrustee, and Wells Fargo Bank, National Association, as certificateadministrator, certificate registrar, authenticating agent and custodian,relating to the MSBAM 2015-C24 securitization transaction, pursuant to whichthe 535-545 Fifth Avenue Mortgage Loan and the Coastal Equities RetailPortfolio Mortgage Loan are serviced (filed as Exhibit 4.2 to the registrant'sCurrent Report on Form 8-K filed on November 13, 2015 under SEC File No.333-180779-19 and incorporated by reference herein).

 

(4.3)Pooling and Servicing Agreement, dated as of October 1,2015, between Banc of America Merrill Lynch Commercial Mortgage Inc., asdepositor, Wells Fargo Bank, National Association, as master servicer, MidlandLoan Services, a Division of PNC Bank, National Association, as specialservicer, Park Bridge Lender Services LLC, as trust advisor, Wilmington Trust,National Association, as trustee, and Wells Fargo Bank, National Association,as certificate administrator, certificate registrar, authenticating agent andcustodian, relating to the MSBAM 2015-C25 securitization transaction, pursuantto which the Herald Center Mortgage Loan is serviced (filed as Exhibit 4.3 tothe registrant's Current Report on Form 8-K filed on November 13, 2015 underSEC File No. 333-180779-19 and incorporated by reference herein).

 

(4.4)Trust and Servicing Agreement, dated as of September 6,2015, between Deutsche Mortgage & Asset Receiving Corporation, asdepositor, KeyBank National Association, as servicer and special servicer,Wilmington Trust, National Association, as trustee, and Wells Fargo Bank,National Association, as certificate administrator and custodian, relating tothe MAD 2015-11MD securitization transaction, pursuant to which the 11 MadisonAvenue Mortgage Loan is serviced (filed as Exhibit 4.4 to the registrant'sCurrent Report on Form 8-K filed on November 13, 2015 under SEC File No.333-180779-19 and incorporated by reference herein).

 

(31)  Rule13a-14(d)/15d-14(d) Certification.

 

(33)  Reports on assessment of compliancewith servicing criteria for asset-backed securities.

 

33.1  Wells Fargo Bank,National Association, as Certificate Administrator

 

33.2 Computershare Trust Company, National Association,as Servicing Function Participant for the Certificate Administrator

 

33.3  Wells Fargo Bank,National Association, as Custodian

 

33.4 Computershare Trust Company, National Association,as  Servicing Function Participant for the Custodian  

 

33.5  Wells Fargo Bank,National Association, as Master Servicer

 

33.6  LNR Partners, LLC,as Special Servicer

 

33.7  Park Bridge LenderServices LLC, as Operating Advisor

 

33.8  Wells Fargo Bank,National Association, as Excluded Special Servicer (see Exhibit 33.5)

 

33.9  CoreLogic Solutions,LLC, as Servicing Function Participant

 

33.10  Wells Fargo Bank,National Association, as Master Servicer under the MSBAM 2015-C24securitization, pursuant to which the following mortgage loans were serviced bysuch party: 535-545 Fifth Avenue (from 1/1/22 to 12/31/22) and Coastal EquitiesRetail Portfolio (from 1/1/22 to 12/31/22) (see Exhibit 33.5)

 

33.11  CoreLogic Solutions,LLC, as Servicing Function Participant under the MSBAM 2015-C24 securitization,pursuant to which the following mortgage loans were serviced by such party:535-545 Fifth Avenue (from 1/1/22 to 12/31/22) and Coastal Equities RetailPortfolio (from 1/1/22 to 12/31/22) (see Exhibit 33.9)

 

33.12  Wells Fargo Bank,National Association, as Master Servicer under the MSBAM 2015-C25securitization, pursuant to which the following mortgage loans were serviced bysuch party: Herald Center (from 1/1/22 to 12/31/22) (see Exhibit 33.5)

 

33.13  CoreLogic Solutions,LLC, as Servicing Function Participant under the MSBAM 2015-C25 securitization,pursuant to which the following mortgage loans were serviced by such party:Herald Center (from 1/1/22 to 12/31/22) (see Exhibit 33.9)

 

33.14  KeyBank NationalAssociation, as Master Servicer under the MAD 2015-11MD securitization,pursuant to which the following mortgage loans were serviced by such party: 11Madison Avenue (from 1/1/22 to 12/31/22)

 

33.15  LNR Partners, LLC,as Special Servicer under the MSBAM 2015-C24 securitization, pursuant to whichthe following mortgage loans were serviced by such party: 535-545 Fifth Avenue(from 1/1/22 to 12/31/22) and Coastal Equities Retail Portfolio (from 9/28/22to 12/31/22) (see Exhibit 33.6)

 

33.16 LNR Partners, LLC, as Special Servicer under theMSBAM 2015-C25 securitization, pursuant to which the following mortgage loanswere serviced by such party: Herald Center (from 3/9/22 to 12/31/22) (seeExhibit 33.6)

 

33.17  Midland LoanServices, a Division of PNC Bank, National Association, as Special Servicerunder the MSBAM 2015-C25 securitization, pursuant to which the followingmortgage loans were serviced by such party: Herald Center (from 1/1/22 to3/8/22)

 

33.18  KeyBank NationalAssociation, as Special Servicer under the MAD 2015-11MD securitization,pursuant to which the following mortgage loans were serviced by such party: 11Madison Avenue (from 1/1/22 to 12/31/22) (see Exhibit 33.14)

 

33.19  Midland LoanServices, a Division of PNC Bank, National Association, as Special Servicerunder the MSBAM 2015-C24 securitization, pursuant to which the followingmortgage loans were serviced by such party: Coastal Equities Retail Portfolio(from 1/1/22 to 9/27/22) (see Exhibit 33.17)

 

33.20  Wells Fargo Bank,National Association, as Custodian under the MSBAM 2015-C24 securitization,pursuant to which the following mortgage loans were serviced by such party:535-545 Fifth Avenue (from 1/1/22 to 12/31/22) and Coastal Equities RetailPortfolio (from 1/1/22 to 12/31/22) (see Exhibit 33.3)

 

33.21  Computershare TrustCompany, National Association, as Servicing Function Participant under the MSBAM2015-C24 securitization, pursuant to which the following mortgage loans wereserviced by such party: 535-545 Fifth Avenue (from 1/1/22 to 12/31/22) andCoastal Equities Retail Portfolio (from 1/1/22 to 12/31/22) (see Exhibit 33.4)

 

33.22  U.S. Bank NationalAssociation, as Custodian under the MSBAM 2015-C25 securitization, pursuant towhich the following mortgage loans were serviced by such party: Herald Center(from 1/1/22 to 12/31/22)

 

33.23  Wells Fargo Bank,National Association, as Custodian under the MAD 2015-11MD securitization,pursuant to which the following mortgage loans were serviced by such party: 11Madison Avenue (from 1/1/22 to 12/31/22) (see Exhibit 33.3)

 

33.24  Computershare TrustCompany, National Association, as Servicing Function Participant under the MAD2015-11MD securitization, pursuant to which the following mortgage loans wereserviced by such party: 11 Madison Avenue (from 1/1/22 to 12/31/22) (seeExhibit 33.4)

 

(34). Attestationreports on assessment of compliance with servicing criteria for asset-backedsecurities.

 

34.1  Wells Fargo Bank,National Association, as Certificate Administrator

 

34.2 Computershare Trust Company, NationalAssociation, as Servicing Function Participant for the CertificateAdministrator

 

34.3  Wells Fargo Bank,National Association, as Custodian

 

34.4 Computershare Trust Company, NationalAssociation, as  Servicing Function Participant for the Custodian 

 

34.5  Wells Fargo Bank,National Association, as Master Servicer

 

34.6  LNR Partners, LLC,as Special Servicer

 

34.7  Park Bridge LenderServices LLC, as Operating Advisor

 

34.8  Wells Fargo Bank, NationalAssociation, as Excluded Special Servicer (see Exhibit 34.5)

 

34.9  CoreLogic Solutions,LLC, as Servicing Function Participant

 

34.10  Wells Fargo Bank,National Association, as Master Servicer under the MSBAM 2015-C24securitization, pursuant to which the following mortgage loans were serviced bysuch party: 535-545 Fifth Avenue (from 1/1/22 to 12/31/22) and Coastal EquitiesRetail Portfolio (from 1/1/22 to 12/31/22) (see Exhibit 34.5)

 

34.11  CoreLogic Solutions,LLC, as Servicing Function Participant under the MSBAM 2015-C24 securitization,pursuant to which the following mortgage loans were serviced by such party:535-545 Fifth Avenue (from 1/1/22 to 12/31/22) and Coastal Equities RetailPortfolio (from 1/1/22 to 12/31/22) (see Exhibit 34.9)

 

34.12  Wells Fargo Bank,National Association, as Master Servicer under the MSBAM 2015-C25 securitization,pursuant to which the following mortgage loans were serviced by such party:Herald Center (from 1/1/22 to 12/31/22) (see Exhibit 34.5)

 

34.13  CoreLogic Solutions,LLC, as Servicing Function Participant under the MSBAM 2015-C25 securitization,pursuant to which the following mortgage loans were serviced by such party:Herald Center (from 1/1/22 to 12/31/22) (see Exhibit 34.9)

 

34.14  KeyBank NationalAssociation, as Master Servicer under the MAD 2015-11MD securitization,pursuant to which the following mortgage loans were serviced by such party: 11Madison Avenue (from 1/1/22 to 12/31/22)

 

34.15  LNR Partners, LLC,as Special Servicer under the MSBAM 2015-C24 securitization, pursuant to whichthe following mortgage loans were serviced by such party: 535-545 Fifth Avenue(from 1/1/22 to 12/31/22) and Coastal Equities Retail Portfolio (from 9/28/22to 12/31/22) (see Exhibit 34.6)

 

34.16 LNR Partners, LLC, as Special Servicer under theMSBAM 2015-C25 securitization, pursuant to which the following mortgage loanswere serviced by such party: Herald Center (from 3/9/22 to 12/31/22) (seeExhibit 34.6)

 

34.17  Midland LoanServices, a Division of PNC Bank, National Association, as Special Servicerunder the MSBAM 2015-C25 securitization, pursuant to which the followingmortgage loans were serviced by such party: Herald Center (from 1/1/22 to3/8/22)

 

34.18  KeyBank NationalAssociation, as Special Servicer under the MAD 2015-11MD securitization,pursuant to which the following mortgage loans were serviced by such party: 11Madison Avenue (from 1/1/22 to 12/31/22) (see Exhibit 34.14)

 

34.19  Midland LoanServices, a Division of PNC Bank, National Association, as Special Servicerunder the MSBAM 2015-C24 securitization, pursuant to which the following mortgageloans were serviced by such party: Coastal Equities Retail Portfolio (from1/1/22 to 9/27/22) (see Exhibit 34.17)

 

34.20  Wells Fargo Bank,National Association, as Custodian under the MSBAM 2015-C24 securitization,pursuant to which the following mortgage loans were serviced by such party:535-545 Fifth Avenue (from 1/1/22 to 12/31/22) and Coastal Equities RetailPortfolio (from 1/1/22 to 12/31/22) (see Exhibit 34.3)

 

34.21  Computershare TrustCompany, National Association, as Servicing Function Participant under theMSBAM 2015-C24 securitization, pursuant to which the following mortgage loanswere serviced by such party: 535-545 Fifth Avenue (from 1/1/22 to 12/31/22) andCoastal Equities Retail Portfolio (from 1/1/22 to 12/31/22) (see Exhibit 34.4)

 

34.22  U.S. Bank NationalAssociation, as Custodian under the MSBAM 2015-C25 securitization, pursuant towhich the following mortgage loans were serviced by such party: Herald Center(from 1/1/22 to 12/31/22)

 

34.23  Wells Fargo Bank,National Association, as Custodian under the MAD 2015-11MD securitization,pursuant to which the following mortgage loans were serviced by such party: 11Madison Avenue (from 1/1/22 to 12/31/22) (see Exhibit 34.3)

 

34.24  Computershare TrustCompany, National Association, as Servicing Function Participant under the MAD2015-11MD securitization, pursuant to which the following mortgage loans wereserviced by such party: 11 Madison Avenue (from 1/1/22 to 12/31/22) (seeExhibit 34.4)

 

(35). Servicercompliance statement.

 

35.1  Wells Fargo Bank,National Association, as Certificate Administrator

 

35.2 Computershare Trust Company, NationalAssociation, as  Servicing Function Participant for the CertificateAdministrator

 

35.3  Wells Fargo Bank, NationalAssociation, as Custodian

 

35.4 Computershare Trust Company, NationalAssociation, as  Servicing Function Participant for the Custodian

 

35.5  Wells Fargo Bank, NationalAssociation, as Master Servicer

 

35.6  LNR Partners, LLC,as Special Servicer

 

35.7  Wells Fargo Bank,National Association, as Excluded Special Servicer (see Exhibit 35.5)

 

35.8  Wells Fargo Bank,National Association, as Master Servicer under the MSBAM 2015-C24securitization, pursuant to which the following mortgage loans were serviced bysuch party: 535-545 Fifth Avenue (from 1/1/22 to 12/31/22) and Coastal EquitiesRetail Portfolio (from 1/1/22 to 12/31/22) (see Exhibit 35.5)

 

35.9  Wells Fargo Bank,National Association, as Master Servicer under the MSBAM 2015-C25securitization, pursuant to which the following mortgage loans were serviced bysuch party: Herald Center (from 1/1/22 to 12/31/22) (see Exhibit 35.5)

 

35.10  KeyBank NationalAssociation, as Master Servicer under the MAD 2015-11MD securitization,pursuant to which the following mortgage loans were serviced by such party: 11Madison Avenue (from 1/1/22 to 12/31/22)

 

35.11  LNR Partners, LLC,as Special Servicer under the MSBAM 2015-C24 securitization, pursuant to whichthe following mortgage loans were serviced by such party: 535-545 Fifth Avenue(from 1/1/22 to 12/31/22) and Coastal Equities Retail Portfolio (from 9/28/22to 12/31/22) (see Exhibit 35.6)

 

35.12 LNR Partners, LLC, as Special Servicer under theMSBAM 2015-C25 securitization, pursuant to which the following mortgage loanswere serviced by such party: Herald Center (from 3/9/22 to 12/31/22) (seeExhibit 35.6)

 

35.13  Midland LoanServices, a Division of PNC Bank, National Association, as Special Servicerunder the MSBAM 2015-C25 securitization, pursuant to which the followingmortgage loans were serviced by such party: Herald Center (from 1/1/22 to3/8/22)

 

35.14  KeyBank NationalAssociation, as Special Servicer under the MAD 2015-11MD securitization,pursuant to which the following mortgage loans were serviced by such party: 11Madison Avenue (from 1/1/22 to 12/31/22) (see Exhibit 35.10)

 

35.15  Midland LoanServices, a Division of PNC Bank, National Association, as Special Servicerunder the MSBAM 2015-C24 securitization, pursuant to which the followingmortgage loans were serviced by such party: Coastal Equities Retail Portfolio(from 1/1/22 to 9/27/22) (see Exhibit 35.13)

 

35.16  Wells Fargo Bank,National Association, as Custodian under the MSBAM 2015-C24 securitization, pursuantto which the following mortgage loans were serviced by such party: 535-545Fifth Avenue (from 1/1/22 to 12/31/22) and Coastal Equities Retail Portfolio(from 1/1/22 to 12/31/22) (see Exhibit 35.3)

 

35.17  Computershare TrustCompany, National Association, as Servicing Function Participant under theMSBAM 2015-C24 securitization, pursuant to which the following mortgage loanswere serviced by such party: 535-545 Fifth Avenue (from 1/1/22 to 12/31/22) andCoastal Equities Retail Portfolio (from 1/1/22 to 12/31/22) (see Exhibit 35.4)

 

35.18 U.S. Bank National Association, as Custodianunder the MSBAM 2015-C25 securitization, pursuant to which the followingmortgage loans were serviced by such party: Herald Center (from 1/1/22 to12/31/22)

 

35.19  Wells Fargo Bank,National Association, as Custodian under the MAD 2015-11MD securitization,pursuant to which the following mortgage loans were serviced by such party: 11Madison Avenue (from 1/1/22 to 12/31/22) (see Exhibit 35.3)

 

35.20  Computershare TrustCompany, National Association, as Servicing Function Participant under the MAD2015-11MD securitization, pursuant to which the following mortgage loans wereserviced by such party: 11 Madison Avenue (from 1/1/22 to 12/31/22) (seeExhibit 35.4)

 

 (99.1)Mortgage Loan Purchase Agreement, dated October 28,2015, between Morgan Stanley Capital I Inc. and Morgan Stanley Mortgage CapitalHoldings LLC (filed as Exhibit 99.1 to the registrant's Current Report on Form8-K filed on November 13, 2015 under SEC File No. 333-180779-19 andincorporated by reference herein).

 

(99.2)Mortgage Loan Purchase Agreement, dated October 28,2015, between Morgan Stanley Capital I Inc. and Bank of America, NationalAssociation (filed as Exhibit 99.2 to the registrant's Current Report on Form8-K filed on November 13, 2015 under SEC File No. 333-180779-19 andincorporated by reference herein).

 

(99.3)Mortgage Loan Purchase Agreement, dated October 28,2015, between Morgan Stanley Capital I Inc. and CIBC Inc. (filed as Exhibit99.3 to the registrant's Current Report on Form 8-K filed on November 13, 2015under SEC File No. 333-180779-19 and incorporated by reference herein).

 

(99.4)Mortgage Loan Purchase Agreement, dated October 28,2015, between Morgan Stanley Capital I Inc., Starwood Mortgage Funding III LLCand Starwood Mortgage Capital LLC (filed as Exhibit 99.4 to the registrant'sCurrent Report on Form 8-K filed on November 13, 2015 under SEC File No.333-180779-19 and incorporated by reference herein).

 

(99.5)Agreement Between Note Holders, dated July 24, 2015,between Morgan Stanley Bank, N.A., as Initial Note A-1 Holder, Morgan StanleyBank, N.A., as Initial Note A-2 Holder, and Morgan Stanley Bank, N.A., asInitial Note A-3 Holder, relating to the 535-545 Fifth Avenue loan combination(filed as Exhibit 99.5 to the registrant's Current Report on Form 8-K filed onNovember 13, 2015 under SEC File No. 333-180779-19 and incorporated byreference herein).

 

(99.6)Agreement Between Note Holders, dated July 24, 2015,between Morgan Stanley Bank, N.A., as Initial Note A-1 Holder, and MorganStanley Bank, N.A., as Initial Note A-2 Holder, relating to the CoastalEquities Retail Portfolio loan combination (filed as Exhibit 99.6 to theregistrant's Current Report on Form 8-K filed on November 13, 2015 under SECFile No. 333-180779-19 and incorporated by reference herein).

 

(99.7)Agreement Between Note Holders, dated as of October 15,2015, between Morgan Stanley Mortgage Capital Holdings LLC, as Initial Note A-1Holder, Morgan Stanley Mortgage Capital Holdings LLC, as Initial Note A-2Holder, and Morgan Stanley Mortgage Capital Holdings LLC, as Initial Note A-3Holder, relating to the Herald Center loan combination (filed as Exhibit 99.7to the registrant's Current Report on Form 8-K/A filed on March 10, 2016 underSEC File No. 333-180779-19 and incorporated by reference herein).

 

(99.8)Co-Lender Agreement, dated September 6, 2015, betweenGerman American Capital Corporation, as Initial Note A-1 Holder, Morgan StanleyBank, N.A., as Initial Note A-2 Holder, Wells Fargo Bank, National Association,as Initial Note A-3 Holder, German American Capital Corporation, as InitialNote B-1 Holder, Morgan Stanley Bank, N.A., as Initial Note B-2 Holder, WellsFargo Bank, National Association, as Initial Note B-3 Holder, relating to the11 Madison Avenue loan combination (filed as Exhibit 99.8 to the registrant'sCurrent Report on Form 8-K filed on November 13, 2015 under SEC File No.333-180779-19 and incorporated by reference herein).

 

(99.9)Second Amended and Restated Servicing Agreement,effective as of October 31, 2021, between Wells Fargo Bank, N.A., Wells FargoDelaware Trust Company, N.A., Computershare Trust Company, N.A., ComputershareDelaware Trust Company and Computershare Limited (filed as Exhibit 99.1 to theregistrant's Current Report on Form 8-K filed on November 5, 2021 under SECFile No. 333-180779-19 and incorporated by reference herein).

 

(b)See (a) above.

 

(c)Not applicable.

** **

**SIGNATURES**

 

Pursuantto the requirements of Section 13 or 15(d) of the Securities Exchange Act of1934, the registrant has duly caused this report to be signed on its behalf bythe undersigned, thereunto duly authorized.

 

MorganStanley Capital I Inc.

(Depositor)

 

By:/s/ Jane Lam

JaneLam, President

(seniorofficer in charge of securitization of the depositor)

 

Date: March 27, 2023