(logo) C-III | C-III AssetManagement

 

 

Management’s Report onAssessment of Compliance with SEC Regulation AB Servicing Criteria

 

1. C-III Asset Management LLC(“C-III”) is responsible for assessing compliance with theservicing criteria applicable to it under paragraph (d) of Item 1122 ofRegulation AB, as of and for the 12-month period ending December 31, 2016 (the “ReportingPeriod”). The transactions covered by this report include alltransactions for which C-III acted as servicer involving first lien commercialmortgage loans (the “Platform”).

 

2. Except as set forth inparagraph 3 below, C-III used criteria set forth in paragraph (d) of Item 1122of Regulation AB to assess the compliance with the applicable servicingcriteria.

 

3. The criteria listed in thecolumn title “Inapplicable Servicing Criteria” on Appendix A heretoare inapplicable to C-III based on the activities it performs with respect tothe Platform.

 

4. C-III has complied in allmaterial respects with the applicable servicing criteria as of December 31,2016 and for the Reporting Period with respect to the Platform taken as awhole.

 

5. Dixon Hughes Goodman LLP, anindependent registered public accounting firm, has issued an attestation reporton C-III’s assessment of compliance with the applicable servicingcriteria for the Reporting Period.

 

Date: February 6, 2017

 

C-III Asset Management LLC

 

/s/ Kevin C. Donahue

Kevin C. Donahue, President

 

/s/ James A. Aston

James A. Aston, ExecutiveManaging Director and Treasurer

 

/s/ John Roach

John Roach, Senior VicePresident of Portfolio Management

 

 

APPENDIX A

| **SERVICING CRITERIA** | **APPLICABLE    SERVICING CRITERIA**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | **INAPPLICABLE   SERVICING    CRITERIA** |
|------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------|
| **Reference**          | **Criteria**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | **Performed Directly by C-III**          | **Performed by Vendor(s) for which C-III is the Responsible Party** | **Performed by subservicer(s) or vendor(s) for which C-III is NOT the Responsible   Party** | **NOT performed by C-III or by subservicer(s) or vendor(s) retained by   C-III** |
|                   | **General Servicing Considerations**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | ** **                               |   |   |   |
| 1122(d)(1)(i)          | Policies  and procedures are instituted to monitor any performance or other triggers  and events of default in accordance with the transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | X                                        |   |   |   |
| 1122(d)(1)(ii)         | If  any material servicing activities are outsourced to third parties, policies  and procedures are instituted to monitor the third party’s performance  and compliance with such servicing activities.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | X                                        |   |   |   |
| 1122(d)(1)(iii)        | Any  requirements in the transaction agreements to maintain a back-up servicer for  the pool assets are maintained.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                     |   |   | X |
| 1122(d)(1)(iv)         | A fidelity  bond and errors and omissions policy is in effect on the party participating  in the servicing function throughout the reporting period in the amount of  coverage required by and otherwise in accordance with the terms of the  transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                         | X                                        |   |   |   |
| 1122(d)(1)(v)          | Aggregation  of information, as applicable, is mathematically accurate and the information  conveyed accurately reflects the information.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | X                                        |   |   |   |
|                   | **Cash Collection and Administration**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | ** **                               | ** ** | ** ** | ** ** |
| 1122(d)(2)(i)          | Payments  on pool assets are deposited into the appropriate custodial bank accounts and  related bank clearing accounts no more than two business days following  receipt, or such other number of days specified in the transaction  agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                             | X                                        |   |   |   |
| 1122(d)(2)(ii)         | Disbursements  made via wire transfer on behalf of an obligor or to an investor are made  only by authorized personnel.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                     |   |   | X |
| 1122(d)(2)(iii)        | Advances  of funds or guarantees regarding collections, cash flows or distributions,  and any interest or other fees charged for such advances, are made, reviewed  and approved as specified in the transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | X                                        |   |   |   |
| 1122(d)(2)(iv)         | The related  accounts for the transaction, such as cash reserve accounts or accounts  established as a form of overcollateralization, are separately maintained  (e.g., with respect to commingling of cash) as set forth in the transaction  agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                     | X                                        |   |   |   |
| 1122(d)(2)(v)          | Each  custodial account is maintained at a federally insured depository institution  as set forth in the transaction agreements. For purposes of this criterion,  “federally insured depository institution” with respect to a  foreign financial institution means a foreign financial institution that  meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.                                                                                                                                                                                                                                                                                                              | X                                        |   |   |   |
| 1122(d)(2)(vi)         | Unissued  checks are safeguarded so as to prevent unauthorized access.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | X                                        |   |   |   |
| 1122(d)(2)(vii)        | Reconciliations  are prepared on a monthly basis for all asset-backed securities related bank  accounts, including custodial accounts and related bank clearing accounts. These  reconciliations are (A) mathematically accurate; (B) prepared within 30  calendar days after the bank statement cutoff date, or such other number of  days specified in the transaction agreements; (C) reviewed and approved by  someone other than the person who prepared the reconciliation; and (D)  contain explanations for reconciling items. These reconciling items are  resolved within 90 calendar days of their original identification, or such  other number of days specified in the transaction agreements. | X                                        |   |   |   |
|                   | **Investor Remittances and Reporting**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | ** **                               | ** ** | ** ** | ** ** |
| 1122(d)(3)(i)          | Reports to investors, including those to be filed  with the Commission, are maintained in accordance with the transaction agreements  and applicable Commission requirements. Specifically, such reports (A) are  prepared in accordance with timeframes and other terms set forth in the  transaction agreements; (B) provide information calculated in accordance with  the terms specified in the transaction agreements; (C) are filed with the  Commission as required by its rules and regulations; and (D) agree with  investors’ or the trustee’s records as to the total unpaid  principal balance and number of pool assets serviced by the Servicer.                                   |                                     |   |   | X |
| 1122(d)(3)(ii)         | Amounts due to investors are allocated and remitted  in accordance with timeframes, distribution priority and other terms set  forth in the transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                     |   |   | X |
| 1122(d)(3)(iii)        | Disbursements  made to an investor are posted within two business days to the  Servicer’s investor records, or such other number of days specified in  the transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                     |   |   | X |
| 1122(d)(3)(iv)         | Amounts  remitted to investors per the investor reports agree with cancelled checks,  or other form of payment, or custodial bank statements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                     |   |   | X |
|                   | **Pool Asset Administration**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                     |   |   |   |
| 1122(d)(4)(i)          | Collateral  or security on pool assets is maintained as required by the transaction  agreements or related mortgage loan documents.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | X                                        |   |   |   |
| 1122(d)(4)(ii)         | Pool  asset and related documents are safeguarded as required by the transaction  agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                     |   |   | X |
| 1122(d)(4)(iii)        | Any  additions, removals or substitutions to the asset pool are made, reviewed and  approved in accordance with any conditions or requirements in the transaction  agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | X                                        |   |   |   |
| 1122(d)(4)(iv)         | Payments  on pool assets, including any payoffs, made in accordance with the related  pool asset documents are posted to the Servicer’s obligor records  maintained no more than two business days after receipt, or such other number  of days specified in the transaction agreements, and allocated to principal,  interest or other items (e.g., escrow) in accordance with the related pool  asset documents.                                                                                                                                                                                                                                                                                      | X                                        |   |   |   |
| 1122(d)(4)(v)          | The  Servicer’s records regarding the pool assets agree with the  Servicer’s records with respect to an obligor’s unpaid principal  balance.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                     |   |   | X |
| 1122(d)(4)(vi)         | Changes  with respect to the terms or status of an obligor's pool assets (e.g., loan  modifications or re-agings) are made, reviewed and approved by authorized  personnel in accordance with the transaction agreements and related pool  asset documents.                                                                                                                                                                                                                                                                                                                                                                                                                                                   | X                                        |   |   |   |
| 1122(d)(4)(vii)        | Loss  mitigation or recovery actions (e.g., forbearance plans, modifications and  deeds in lieu of foreclosure, foreclosures and repossessions, as applicable)  are initiated, conducted and concluded in accordance with the timeframes or  other requirements established by the transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                    | X                                        |   |   |   |
| 1122(d)(4)(viii)       | Records  documenting collection efforts are maintained during the period a pool asset  is delinquent in accordance with the transaction agreements. Such records are  maintained on at least a monthly basis, or such other period specified in the  transaction agreements, and describe the entity’s activities in  monitoring delinquent pool assets including, for example, phone calls,  letters and payment rescheduling plans in cases where delinquency is deemed  temporary (e.g., illness or unemployment).                                                                                                                                                                                   | X                                        |   |   |   |
| 1122(d)(4)(ix)         | Adjustments  to interest rates or rates of return for pool assets with variable rates are  computed based on the related pool asset documents.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                     |   |   | X |
| 1122(d)(4)(x)          | Regarding  any funds held in trust for an obligor (such as escrow accounts): (A) such  funds are analyzed, in accordance with the obligor’s pool asset  documents, on at least an annual basis, or such other period specified in the  transaction agreements; (B) interest on such funds is paid, or credited, to  obligors in accordance with applicable pool asset documents and state laws;  and (C) such funds are returned to the obligor within 30 calendar days of  full repayment of the related pool assets, or such other number of days  specified in the transaction agreements.                                                                                                           | X                                        |   |   |   |
| 1122(d)(4)(xi)         | Payments  made on behalf of an obligor (such as tax or insurance payments) are made on  or before the related penalty or expiration dates, as indicated on the  appropriate bills or notices for such payments, provided that such support  has been received by the Servicer at least 30 calendar days prior to these  dates, or such other number of days specified in the transaction agreements.                                                                                                                                                                                                                                                                                                          | X                                        |   |   |   |
| 1122(d)(4)(xii)        | Any late  payment penalties in connection with any payment to be made on behalf of an  obligor are paid from the Servicer’s funds and not charged to the  obligor, unless the late payment was due to the obligor’s error or  omission.                                                                                                                                                                                                                                                                                                                                                                                                                                                           | X                                        |   |   |   |
| 1122(d)(4)(xiii)       | Disbursements  made on behalf of an obligor are posted within two business days to the  obligor’s records maintained by the Servicer, or such other number of  days specified in the transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | X                                        |   |   |   |
| 1122(d)(4)(xiv)        | Delinquencies,  charge-offs and uncollectible accounts are recognized and recorded in  accordance with the transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | X                                        |   |   |   |
| 1122(d)(4)(xv)         | Any  external enhancement or other support, identified in Item 1114(a)(1) through  (3) or Item 1115 of Regulation AB, is maintained as set forth in the  transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                     |   |   | X |

 

 

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