**UNITED STATESSECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-K**

(Mark One)

**x****  ANNUAL REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the fiscal year ended December 31, 2022or**

**o**** ****TRANSITIONREPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from _____ to _____Commission file number of the issuing entity: 333-195164-05**

**Central Index Key Number of the issuing entity:0001633533**

**Wells Fargo Commercial MortgageTrust 2015-C27**

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

** **

**Central Index Key Number of the depositor: 0000850779**

**Wells Fargo Commercial MortgageSecurities, Inc.**

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

** **

**Central Index Key Number of the sponsor: 0000740906**

**Wells Fargo Bank, NationalAssociation**

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

** **

**Central Index Key Number of the sponsor: 0001592182**

**LMF Commercial, LLC**

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

**(formerly known as RialtoMortgage Finance, LLC)**

** **

**Central Index Key Number of the sponsor: 0001634437**

**Macquarie US Trading LLC**

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

** **

**Central Index Key Number of the sponsor: 0001555501**

**Liberty Island Group I LLC**

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

** **

**Central Index Key Number of the sponsor: 0001541214**

**C-III Commercial Mortgage LLC**

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

** **

**Central Index Key Number of the sponsor: 0001542105**

**Basis Real Estate Capital II, LLC**

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

** **

| **New York****(State or other jurisdiction of  incorporation or organization of**

**the issuing entity)** | **38-3955409**

**38-3955410**

**38-3955411**

**38-7135300**

**(I.R.S. Employer**

**Identification Numbers)** |
|------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------|

**c/o Computershare Trust Company, National Association, as agent for**

**Wells Fargo Bank, National Association**

**as Certificate Administrator**

**9062 Old Annapolis Road**

**Columbia, MD**

**(Address of principalexecutive offices of the issuing entity)**

**21045**

**(Zip Code)**

**Registrant’s telephone number,including area code:**

**(704) 374-6161**

Securities registered pursuant to Section 12(b) of the Act:

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

 

 

Securities registered pursuant to Section 12(g) of theAct:  None.

Indicate by check mark if the registrant is a well-knownseasoned issuer, as defined in Rule 405 of the Securities Act.  o Yes ⌧No

Indicate by check mark if the registrant is not required tofile reports pursuant to Section 13 or Section 15(d) of the Act.  o Yes ⌧No

Indicate by check mark whether the registrant (1) has filedall reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter periodthat the registrant was required to file such reports), and (2) has beensubject to such filing requirements for the past 90 days.  ⌧ Yes oNo

Indicate by check mark whether the registrant has submittedelectronically every Interactive Data File required to be submitted pursuant toRule 405 of Regulation S-T (Section 232.405 of this chapter) during thepreceding 12 months (or for such shorter period that the registrant wasrequired to submit such files). 

Not applicable.

Indicate by check mark whether the registrant is a largeaccelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “largeaccelerated filer,” “accelerated filer,” “smaller reporting company,” and“emerging growth company” in Rule 12b-2 of the Exchange Act.

Large acceleratedfiler        o                                                                                                       Accelerated filer                                     o

Non-acceleratedfiler          ⌧  (Do not check ifa smaller reporting company)                          Smaller reporting company                    o

                                                                                                                                                       Emerging growthcompany                    o

If an emerging growth company, indicate by check mark if theregistrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant toSection 13(a) of the Exchange Act.  o

Indicate by check mark whether the registrant has filed areport 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. o

If securities are registered pursuant to Section 12(b) of theAct, indicate by check mark whether the financial statements of the registrantincluded in the filing reflect the correction of an error to previously issuedfinancial statements. o

Indicate by check mark whether any of those error correctionsare restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during therelevant recovery period pursuant to §240.10D-1(b). o

Indicate by check mark whether the registrant is a shellcompany (as defined in Rule 12b-2 of the Act).  o Yes ⌧ No

State the aggregate market value of the voting and non-votingcommon equity held by non-affiliates computed by reference to the price atwhich the common equity was last sold, or the average bid and asked price ofsuch common equity, as of the last business day of the registrant’s mostrecently completed second fiscal quarter.

Not applicable.

Indicate by check mark whether the registrant has filed alldocuments and reports required to be filed by Section 12, 13 or 15(d) of theSecurities Exchange Act of 1934 subsequent to the distribution of securitiesunder a plan confirmed by a court.  oYes oNo

Not applicable.

Indicate the number of shares outstanding of each of theregistrant’s classes of common stock, as of the latest practicable date.

Not applicable.

**DOCUMENTS INCORPORATED BY REFERENCE**

** **

List hereunder the following documents if incorporated byreference and the Part of the Form 10-K (e.g., Part I, Part II, etc.) intowhich the document is incorporated: (1) Any annual report to security holders;(2) Any proxy or information statement; and (3) Any prospectus filed pursuantto Rule 424(b) or (c) under the Securities Act of 1933. The listed documentsshould be clearly described for identification purposes (e.g., annual report tosecurity holders for fiscal year ended December 24, 1980).

Not applicable.

 

** **

**EXPLANATORY NOTES**

 The Exhibit Index describes exhibitsprovided by certain parties (in their capacities indicated on the ExhibitIndex) with respect to the Boca Hamptons Plaza Portfolio Mortgage Loan, whichconstituted approximately 1.7% of the asset pool of the issuing entity as ofits cut-off date.  The Boca Hamptons Plaza Portfolio Mortgage Loan is anasset of the issuing entity and is part of a loan combination that includes theBoca Hamptons Plaza Portfolio Mortgage Loan and one other *pari passu*loan, which is not an asset of the issuing entity. The other *pari passu*portion of the loan combination was securitized in the Citigroup CommercialMortgage Trust 2015-GC27 transaction, Commission File Number 333-189017-07 (the“CGCMT 2015-GC27 Transaction”). This loan combination, including theBoca Hamptons Plaza Portfolio Mortgage Loan, is being serviced and administeredpursuant to the pooling and servicing agreement for the CGCMT 2015-GC27Transaction, which is incorporated by reference as Exhibit 4.2 to this AnnualReport on Form 10-K.

The Exhibit Index describesexhibits provided by certain parties (in their capacities indicated on theExhibit Index) with respect to the Westfield Palm Desert Mortgage Loan, whichconstituted approximately 6.0% of the asset pool of the issuing entity as ofits cut-off date.  The Westfield Palm Desert Mortgage Loan is an asset ofthe issuing entity and is part of a loan combination that includes theWestfield Palm Desert Mortgage Loan, two other *pari passu* loans and two subordinatecompanion loans, which are not assets of the issuing entity. A *pari passu*portion of the loan combination was securitized in the Morgan Stanley Bank ofAmerica Merrill Lynch Trust 2015-C21 transaction, Commission File Number333-180779-14 (the “MSBAM 2015-C21 Transaction”). This loan combination,including the Westfield Palm Desert Mortgage Loan, is being serviced andadministered pursuant to the pooling and servicing agreement for the MSBAM2015-C21 Transaction, which is incorporated by reference as Exhibit 4.3 to thisAnnual Report on Form 10-K.

The master servicer of a poolingand servicing agreement or trust and servicing agreement also functions as theprimary servicer of the related mortgage loans serviced and administeredpursuant to such agreement unless a separate primary servicer is identifiedherein.  If this report does not identify a separate primary servicer, theservicer compliance statement provided by the master servicer under any suchagreement also encompasses its responsibilities as primary servicer of therelated mortgage loan or mortgage loans.

Wells Fargo Bank, NationalAssociation is the master servicer and certificate administrator of themortgage loans serviced under the Pooling and Servicing Agreement and theprimary servicer of the Boca Hamptons Plaza Portfolio Mortgage Loan. As aresult, Wells Fargo Bank, National Association is a “servicer” as defined inItem 1108(a)(2)(iii) of Regulation AB, in the capacities described above,because it is servicing mortgage loans that constituted 10% or more of theassets of the issuing entity as of its cut-off date. The assessments ofcompliance with applicable servicing criteria, accountants’ attestation reportsand servicer compliance statements delivered by Wells Fargo Bank, NationalAssociation in the capacities described above are listed in the Exhibit Index.

Rialto Capital Advisors, LLC isthe special servicer of the mortgage loans serviced under the Pooling andServicing Agreement and the Boca Hamptons Plaza Portfolio Mortgage Loan. As aresult, Rialto Capital Advisors, LLC is a “servicer” as defined in Item1108(a)(2)(iii) of Regulation AB, in the capacities described above, because itis servicing mortgage loans that constituted 10% or more of the assets of theissuing entity as of its cut-off date. The assessments of compliance withapplicable servicing criteria, accountants’ attestation reports and servicercompliance statements delivered by Rialto Capital Advisors, LLC in thecapacities described above are listed in the Exhibit Index.

Wells Fargo Bank, NationalAssociation acts as trustee of the Westfield Palm Desert Mortgage Loan. Pursuant to the pooling and servicing agreement for the MSBAM 2015-C21Transaction, the trustee is required to provide an assessment of compliancewith applicable servicing criteria solely with respect to Item 1122(d)(2)(iii)of Regulation AB (regarding advances of funds or guarantees regardingcollections, cash flows or distributions, and any interest or other feescharged for such advances, are made, reviewed and approved as specified in thetransaction agreements). However, during the reporting period, the trustee didnot perform any servicing function with respect to the servicing criteriaspecified in Item 1122(d)(2)(iii) of Regulation AB.  The master serviceror the special servicer, to the extent required, performed the servicingfunction identified with respect to Item 1122(d)(2)(iii) of Regulation AB, andeach such party included Item 1122(d)(2)(iii) of Regulation AB in theassessment of compliance with applicable servicing criteria and accountant’sattestation report for the subject transaction.  As a result, this AnnualReport on Form 10-K does not include an assessment of compliance withapplicable servicing criteria of the trustee. One or more other servicers ofthe Westfield Palm Desert Mortgage Loan have delivered one or more assessmentsof compliance with respect to Item 1122(d)(2)(iii) of Regulation AB.

Wilmington Trust, NationalAssociation acts as trustee of  the mortgage loans serviced under thePooling and Servicing Agreement.  Pursuant to the Pooling and ServicingAgreement, the trustee is required to provide an assessment of compliance withapplicable servicing criteria solely with respect to Item 1122(d)(2)(iii) ofRegulation AB (regarding advances of funds or guarantees regarding collections,cash flows or distributions, and any interest or other fees charged for suchadvances, are made, reviewed and approved as specified in the transactionagreements). However, during the reporting period, the trustee did not performany servicing function with respect to the servicing criteria specified in Item1122(d)(2)(iii) of Regulation AB.  The master servicer or the specialservicer, to the extent required, performed the servicing function identifiedwith respect to Item 1122(d)(2)(iii) of Regulation AB, and each such partyincluded Item 1122(d)(2)(iii) of Regulation AB in the assessment of compliancewith applicable servicing criteria and accountant’s attestation report for thesubject transaction.  As a result, this Annual Report on Form 10-K doesnot include an assessment of compliance with applicable servicing criteria ofthe trustee. One or more other servicers of  the mortgage loans servicedunder the Pooling and Servicing Agreement have delivered one or moreassessments of compliance with respect to Item 1122(d)(2)(iii) of RegulationAB.

Deutsche Bank Trust CompanyAmericas acts as trustee of the Boca Hamptons Plaza Portfolio MortgageLoan.  Pursuant to the pooling and servicing agreement for the CGCMT2015-GC27 Transaction, the trustee is required to provide an assessment ofcompliance with applicable servicing criteria solely with respect to Item1122(d)(2)(iii) of Regulation AB (regarding advances of funds or guaranteesregarding collections, cash flows or distributions, and any interest or otherfees charged for such advances, are made, reviewed and approved as specified inthe transaction agreements). However, during the reporting period, the trusteedid not perform any servicing function with respect to the servicing criteriaspecified in Item 1122(d)(2)(iii) of Regulation AB.  The master serviceror the special servicer, to the extent required, performed the servicingfunction identified with respect to Item 1122(d)(2)(iii) of Regulation AB, andeach such party included Item 1122(d)(2)(iii) of Regulation AB in theassessment of compliance with applicable servicing criteria and accountant’sattestation report for the subject transaction.  As a result, this AnnualReport on Form 10-K does not include an assessment of compliance withapplicable servicing criteria of the trustee. One or more other servicers ofthe Boca Hamptons Plaza Portfolio Mortgage Loan have delivered one or moreassessments of compliance with respect to Item 1122(d)(2)(iii) of RegulationAB.

This AnnualReport on Form 10-K includes assessments of compliance with applicableservicing criteria and accountants’ attestation reports from CoreLogicSolutions, LLC.  This entity was engaged by the master servicer under thePooling and Servicing Agreement (except with respect to those mortgage loansfor which PGIM Real Estate Loan Services, Inc. (formerly known as PrudentialAsset Resources, Inc.) is the primary servicer), the primary servicer under thePooling and Servicing Agreement and the primary servicer of the Boca HamptonsPlaza Portfolio Mortgage Loan to remit tax payments received from the escrowaccounts of borrowers to local taxing authorities, to report tax amounts due,to verify tax parcel information, and to verify non-escrow tax payments. With respect to the reports provided as servicing function participant onbehalf of Wells Fargo Bank, National Association, these servicing functions areincluded within the servicing criteria set forth in Items 1122(d)(4)(xi) and1122(d)(4)(xii) of Regulation AB.  With respect to the reports provided asservicing function participant on behalf of PGIM Real Estate Loan Services Inc.(formerly known as Prudential Asset Resources, Inc.), these servicing functionsare included within the servicing criteria set forth in Items 1122(d)(2)(ii),1122(d)(2)(vi), 1122(d)(4)(xi) and 1122(d)(4)(xii) or Regulation AB. Therefore, under the principles-based definition of “servicer” set forth inItem 1101(j) of Regulation AB that looks to the functions that an entityperforms, this vendor is a “servicer” for the purposes of Item 1122 ofRegulation AB.  *See* Compliance and Disclosure Interpretations,Section 301.01 (Item 1101(j)).

This Annual Report on Form 10-Kincludes an assessment of compliance with applicable servicing criteria,accountants’ attestation report and servicer compliance statement fromComputershare Trust Company, National Association (“CTCNA”).  CTCNAwas engaged by Wells Fargo Bank, National Association (“Wells Fargo”),in its capacity as certificate administrator and custodian, to perform certainspecified servicing functions identified in the assessment of compliance withapplicable servicing criteria and accountants’ attestation reports.  WellsFargo engaged CTCNA in connection with the sale of Wells Fargo’s corporatetrust services business to CTCNA and its affiliates.  Further, under theprinciples-based definition of “servicer” set forth in Item 1101(j) ofRegulation AB that looks to the functions that an entity performs, this partyis a “servicer” for the purposes of Item 1123 of Regulation AB.  SeeCompliance and Disclosure Interpretations, Section 301.01 (Item 1101(j)).

The assessments of compliance withapplicable servicing criteria, accountants’ attestation reports and servicercompliance statements of the certificate administrator of the Westfield PalmDesert Mortgage Loan and the Boca Hamptons Plaza Portfolio Mortgage Loan areomitted from this Annual Report on Form 10-K as the certificate administratorpursuant to the related pooling and servicing agreement or trust and servicingagreement does not perform any activities that address servicing criteria withrespect to the issuing entity and because they are each not a “servicer” thatmeets the criteria in Item 1108(a)(2)(i) through (iii) of Regulation AB.

With respect to the *pari passu*loan combinations that include the Westfield Palm Desert Mortgage Loan and theBoca Hamptons Plaza Portfolio Mortgage Loan, (i) the reports on assessment ofcompliance with servicing criteria and attestation reports on assessment ofcompliance with servicing criteria of Deutsche Bank Trust Company Americas ascustodian of the Boca Hamptons Plaza Portfolio Mortgage Loan and Park BridgeLender Services LLC as operating advisor of the Boca Hamptons Plaza PortfolioMortgage Loan, listed on the Exhibit Index are omitted from this Annual Reporton Form 10-K as they are not required to be included on this Annual Report onForm 10-K per Instruction 3 to Item 1122 of Regulation AB because they are partiesperforming activities that address servicing criteria relating to 5% or less ofthe assets of the issuing entity; and (ii) the servicer compliance statementsof KeyBank National Association as primary servicer of the Westfield PalmDesert Mortgage Loan and Mount Street US (Georgia) LLP  as specialservicer of the Westfield Palm Desert Mortgage Loan, listed on the ExhibitIndex are omitted from this Annual Report on Form 10-K as they are not requiredby Item 1123 of Regulation AB to be included on this Annual Report on Form 10-Kbecause they are each an unaffiliated party that is not a “servicer” that meetsthe criteria in Item 1108(a)(2)(i) through (iii) of Regulation AB.

**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.**

Not applicable.

**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 ofFinancial Condition and Results of Operations.**

Omitted.

**Item 7A.  Quantitative and Qualitative DisclosuresAbout Market Risk.**

Omitted.

**Item 8.  Financial Statements and Supplementary Data.**

Omitted.

**Item 9.  Changes in and Disagreements WithAccountants on Accounting and Financial Disclosure.**

Omitted.

**Item 9A.  Controls and Procedures.**

Omitted.

**Item 9B.  Other Information.**

None.

**Item 9C.  Disclosure Regarding Foreign Jurisdictionsthat Prevent Inspections.**

None.

**PART III**

**Item 10.  Directors, Executive Officers and CorporateGovernance.**

Omitted.

**Item 11.  Executive Compensation.**

Omitted.

**Item 12.  Security Ownership of Certain BeneficialOwners and Management and Related Stockholder Matters.**

Omitted.

**Item 13.  Certain Relationships and RelatedTransactions, and Director Independence.**

Omitted.

**Item 14.  Principal Accountant Fees and Services.**

Omitted.

**ADDITIONAL DISCLOSURE ITEMS FOR REGULATION AB**

**Item 1112(b) of Regulation AB, Significant ObligorFinancial Information.**

No single obligor represents 10% or more of the pool assetsheld by the issuing entity. 

 

**Item 1114(b)(2) of Regulation AB, Significant EnhancementProvider Financial Information.**

No entity or group of affiliated entities provides any external creditenhancement or other support for the certificates within this transaction asdescribed under Item 1114(a) of Regulation AB.

**Item 1115(b) of Regulation AB, Certain DerivativesInstruments (Financial Information).**

No entity or group of affiliated entities provides anyderivative instruments or other support for the certificates within thistransaction as described under Item 1115 of Regulation AB.

**Item 1117 of Regulation AB, Legal Proceedings.**

The registrant knows of no material pending legal proceedinginvolving the trust or any party related to the trust, other than routinelitigation incidental to the duties of those respective parties, and thefollowing, with respect to Deutsche Bank Trust Company Americas, as trustee andcustodian, and Wells Fargo Bank, National Association, as trustee, certificateadministrator and custodian. 

Deutsche Bank Trust Company Americas (“DBTCA”) and DeutscheBank National Trust Company (“DBNTC”) have been sued by investors in civillitigation concerning their role as trustees of certain residentialmortgage-backed securities (“RMBS”) trusts. 

 

On June 18, 2014, a group of investors,including funds managed by Blackrock Advisors, LLC, PIMCO-Advisors, L.P., andothers, filed an action against DBNTC and DBTCA in New York State Supreme Courtalleging that DBNTC and DBTCA failed to perform purported duties, as trusteesfor 544 private-label RMBS trusts, to enforce breaches of representations andwarranties as to mortgage loans held by the trusts and to enforce breaches byservicers of their mortgage loan servicing obligations for the trusts. During the course of the litigation, plaintiffs dismissed the case from NewYork State Supreme Court and refiled two separate cases, one in the U.S.District Court for the Southern District of New York (the “*BlackRock*SDNYCase”) and the other in the Superior Court of California, Orange County (the “*BlackRock*California Case”).  Pursuant to a settlement among the parties, the *BlackRock*SDNY Case was dismissed on December 6, 2018, and the *BlackRock*CaliforniaCase was dismissed on January 11, 2019.

 

On September 27, 2017, DBTCA was addedas a defendant to a case brought by certain special purpose entities includingPhoenix Light SF Limited in the U.S. District Court for the Southern Districtof New York, in which the plaintiffs previously alleged incorrectly that DBNTCserved as trustee for all 43 of the trusts at issue.  On September 27,2017, plaintiffs filed a third amended complaint that names DBTCA as adefendant in addition to DBNTC.  DBTCA serves as trustee for one of the 43trusts at issue.  DBNTC serves as trustee for the other 42 trusts atissue.  Plaintiffs’ third amended complaint brings claims for violation ofthe U.S. Trust Indenture Act of 1939 (“TIA”); breach of contract; breach offiduciary duty; negligence and gross negligence; violation of New York’s StreitAct; and breach of the covenant of good faith.  However, in the thirdamended complaint, plaintiffs acknowledge that, before DBTCA was added to thecase, the court dismissed plaintiffs’ TIA Act claims, negligence and grossnegligence claims, Streit Act claims, claims for breach of the covenant of goodfaith, and certain theories of plaintiffs’ breach of contract claims, andplaintiffs only include these claims to preserve any rights on appeal. Plaintiffs allege damages of “hundreds of millions of dollars.”  OnNovember 13, 2017, DBNTC and DBTCA filed an answer to the third amendedcomplaint.  On December 7, 2018, DBNTC and DBTCA filed a motion forsummary judgment.  Also on December 7, 2018, plaintiffs, jointly withCommerzbank AG (see description of Commerzbank case below), filed a motion forpartial summary judgment.  On October 27, 2021, DBNTC and DBTCA filed asupplemental motion for summary judgment relating to plaintiffs’standing.  On February 8, 2022, the court issued an order in which itgranted DBNTC and DBTCA’s supplemental motion for summary judgment, granted inpart DBNTC and DBTCA’s initial motion for summary judgment, and deniedplaintiffs’ motion for partial summary judgment.  As a result of thatorder, all of plaintiffs’ claims were dismissed with prejudice. On March 10,2022, plaintiffs filed a notice of appeal to the United States Court of Appealsfor the Second Circuit with respect to the court’s orders on the motions todismiss and for summary judgment.

 

On November 30, 2017, DBTCA was addedas a defendant to a case brought by Commerzbank AG (“Commerzbank”) in the U.S.District Court for the Southern District of New York, in which Commerzbankpreviously alleged incorrectly that DBNTC served as trustee for all 50 of thetrusts at issue.  On November 30, 2017, Commerzbank filed a second amendedcomplaint that names DBTCA as a defendant in addition to DBNTC.  DBTCAserves as trustee for 1 of the 50 trusts at issue.  DBNTC serves astrustee for the other 49 trusts at issue.  Commerzbank’s second amendedcomplaint brings claims for violation of the TIA; breach of contract; breach offiduciary duty; negligence; violation of the Streit Act; and breach of thecovenant of good faith.  However, in the second amended complaint,Commerzbank acknowledges that, before DBTCA was added to the case, the courtdismissed Commerzbank’s TIA claims for the trusts governed by pooling andservicing agreements, as well as its Streit Act claims and claims for breach ofthe covenant of good faith, and Commerzbank only includes these claims topreserve any rights on appeal.  The second amended complaint alleges thatDBNTC and DBTCA caused Commerzbank to suffer “hundreds of millions of dollarsin losses,” but the complaint does not include a demand for money damages in asum certain.  On January 29, 2018, DBNTC and DBTCA filed an answer to thesecond amended complaint.  On December 7, 2018, DBNTC and DBTCA filed amotion for summary judgment.  Also on December 7, 2018, Commerzbank,jointly with the *Phoenix Light*plaintiffs, filed a motion for partialsummary judgment.  On February 8, 2022, the courtissued an order in which it granted in part DBNTC and DBTCA’s motion forsummary judgment and denied plaintiffs’ motion for partial summaryjudgment.  As a result of that order, many of plaintiffs’ claims andtheories were dismissed with prejudice.  Discovery is ongoing.

 

On December 30, 2015, IKBInternational, S.A. in Liquidation and IKB Deutsche Industriebank A.G.(collectively, “IKB”), as an investor in 37 RMBS trusts, filed a summons withnotice in the Supreme Court of the State of New York, New York County, againstDBNTC and DBTCA as trustees of the trusts.  On May 27, 2016, IKB servedits complaint asserting claims for breach of contract, breach of fiduciaryduty, breach of duty to avoid conflicts of interest, violation of the StreitAct, violation of the TIA, violation of Regulation AB, and violation of Section9 of the Uniform Commercial Code.  IKB alleges that DBNTC and DBTCA areliable for over U.S. $268 million in damages.  On October 5, 2016, DBNTCand DBTCA, together with several other trustees defending lawsuits by IKB, fileda joint motion to dismiss.  On January 6, 2017 and June 20, 2017, IKBvoluntarily dismissed with prejudice all claims as to seven trusts.  On January 27, 2021, the court granted in part and deniedin part DBNTC and DBTCA’s motion to dismiss.  The court granted the motionto dismiss with respect to IKB’s claims for violations of the Streit Act,Regulation AB, and Section 9 of the Uniform Commercial Code, as well as certainaspects of IKB’s claims for breach of contract, breach of fiduciary duty, and violationof the TIA.  The court denied the remainder of the motion todismiss.  IKB’s remaining claims for breachof contract, breach of fiduciary duty, breach of duty to avoid conflicts ofinterest, and violation of the TIA will proceed.  On May 10, 2021, DBNTC and DBTCA filed a notice of appealwith the New York Supreme Court Appellate Division, First Department, regardingcertain aspects of the court’s order on the motion to dismiss.  On May 20,2021, IKB filed a notice of cross appeal with respect to other aspects of thatorder.  On August 30, 2022, the New York Supreme Court, AppellateDivision, First Department affirmed in part and reversed in part the court’sorder on the motion to dismiss.  On November 10, 2022, the FirstDepartment granted DBNTC and DBTCA’s motion for leave to appeal to the Court ofAppeals, and denied IKB’s separate motion for reargument and leave toappeal.  On June 2, 2021, IKB filed a motion for re-argument regardingcertain aspects of the court’s order on the motionto dismiss, which the court denied on August 3, 2021.  On May 13,2021, DBNTC and DBTCA filed an answer to the complaint.  On October 28,2021, the parties filed a stipulation, voluntarily dismissing with prejudiceall claims as to seven additional trusts.  OnDecember 29, 2021, the parties filed a stipulation, voluntarily dismissing withprejudice all claims as to one additional trust.  On April 22, 2022,the parties filed a stipulation, voluntarily dismissing with prejudice allclaims as to 17 certificates at issue (including all claims as to 5 trusts),leaving 17 trusts at issue.  Discovery is ongoing.

 

It is DBTCA’s belief that it has nopending legal proceedings (including, based on DBTCA’s present evaluation, thelitigation disclosed in the foregoing paragraphs) that would materially affectits ability to perform its duties under the related servicing agreement.

In December2014, Phoenix Light SF Limited (Phoenix Light) and certain related entitiesfiled a complaint in the United States District Court for the Southern Districtof New York alleging claims against Wells Fargo Bank, N.A., in its capacity astrustee for a number of residential mortgage-backed securities (RMBS) trusts.Complaints raising similar allegations have been filed by Commerzbank AG in theSouthern District of New York and by IKB International and IKB DeutscheIndustriebank in New York state court. In each case, the plaintiffs allege thatWells Fargo Bank, N.A., as trustee, caused losses to investors, and plaintiffsassert causes of action based upon, among other things, the trustee’s allegedfailure to notify and enforce repurchase obligations of mortgage loan sellersfor purported 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. InAugust 2022, Phoenix Light and Commerzbank AG appealed the district court’sdecision to the United States Court of Appeals for the Second Circuit. TheCompany previously settled two class actions filed by institutional investorsand an action filed by the National Credit Union Administration with similarallegations. In addition, Park Royal I LLC and Park Royal II LLC have filedsubstantially similar lawsuits in New York state court alleging Wells FargoBank, N.A., as trustee, failed to take appropriate actions upon learning ofdefective mortgage loan documentation.

**Item 1119 of Regulation AB, Affiliations and CertainRelationships and Related Transactions.**

The information regarding this Item has been previouslyprovided in a prospectus supplement of the Registrant relating to the issuingentity filed on March 12, 2015 pursuant to Rule 424(b)(5).

**Item 1122 of Regulation AB, Compliance with ApplicableServicing Criteria.**

The reports on assessments of compliance with the servicingcriteria for asset-backed securities and related attestation reports on suchassessments of compliance with respect to the mortgage loans are attachedhereto under Item 15 to this Annual Report on Form 10-K. Attached as ScheduleIII to the Pooling and Servicing Agreement incorporated by reference as Exhibit4.1 to this Annual Report on Form 10-K is a chart identifying the entitiesparticipating in a servicing function for the transaction responsible for eachapplicable servicing criteria set forth in Item 1122(d).

The reports on assessments of compliance with the servicingcriteria for asset-backed securities and related attestation reports on suchassessments of compliance with respect to the Boca Hamptons Plaza PortfolioMortgage Loan, which is being serviced and administered pursuant to the poolingand servicing agreement for the CGCMT 2015-GC27 Transaction, are attachedhereto under Item 15 to this Annual Report on Form 10-K. Attached as Exhibit Oto the pooling and servicing agreement for the CGCMT 2015-GC27 Transactionincorporated by reference as Exhibit 4.2 to this Annual Report on Form 10-K isa chart identifying the entities participating in a servicing function for theCGCMT 2015-GC27 Transaction responsible for each applicable servicing criteriaset forth in Item 1122(d).

The reports on assessments of compliance with the servicingcriteria for asset-backed securities and related attestation reports on suchassessments of compliance with respect to the Westfield Palm Desert MortgageLoan, which is being serviced and administered pursuant to the pooling andservicing agreement for the MSBAM 2015-C21 Transaction, are attached heretounder Item 15 to this Annual Report on Form 10-K. Attached as Schedule X to thepooling and servicing agreement for the MSBAM 2015-C21 Transaction incorporatedby reference as Exhibit 4.3 to this Annual Report on Form 10-K is a chartidentifying the entities participating in a servicing function for the MSBAM2015-C21 Transaction responsible for each applicable servicing criteria setforth in Item 1122(d).

The report on assessment of compliance for the twelvemonths ended December 31, 2022, furnished pursuant to Item 1122 of RegulationAB by KeyBank National Association (“KeyBank”), as servicer, discloses that thefollowing material instance of noncompliance occurred with respect to itsplatform:

The examinationperformed by Ernst & Young LLP identified an instance of materialnoncompliance with the servicing criteria set forth in Item 1122(d)(4)(ix) ofRegulation AB applicable to KeyBank during the year ended December 31, 2022.During compliance testing, it was discovered,that not all FlexARM loan mortgagors were offered loan rates within 45-60 daysbefore the rate change date, as required per the related pool asset documents.Per the related note, if the holder fails to offer a loan rate within 45-60days of any change date a margin of 2.25% is to be used. Given the notificationwas not made to the borrowers, a 3% margin was incorrectly applied. Thenoncompliance in Item 1122 (d)(4)(ix) is related to a servicing portfolio whichis wholly owned by the investor and is not held in a publicly traded security.

The followingremediation procedures have been initiated by KeyBank: (i) the impactedmortgage loans are currently in the process of being identified, (ii) investorcontact has been initiated, (iii) corrective actions are being considered andwill be tracked and monitored by senior management, (iv) procedures will bereviewed and revised, if necessary, to include new tracking and action steps toprevent this situation from recurring in the future, and (v) training will beprovided to the relevant staff members to prevent a recurrence.

**Item 1123 of Regulation AB, Servicer Compliance Statement.**

The servicer compliance statements are attached as Exhibitsto this Annual Report on Form 10-K.

**PART IV**

**Item 15. Exhibit and Financial Statement Schedules.**

(a) The following is a list of documents filed as part ofthis Annual Report on Form 10-K:

(1) Not applicable

(2) Not applicable

(3) See below

4.1          Poolingand Servicing Agreement, dated as of March 1, 2015, by and among Wells FargoCommercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, NationalAssociation, as Master Servicer, Rialto Capital Advisors, LLC, as SpecialServicer, Trimont Real Estate Advisors, Inc., as Trust Advisor, Wells FargoBank, National Association, as Certificate Administrator, as Tax Administratorand as Custodian, and Wilmington Trust, National Association, as Trustee (filedas Exhibit 4.1 to the registrant’s Current Report on Form 8-K filed on March13, 2015 under Commission File No. 333-195164-05 and incorporated by referenceherein).

4.2          Poolingand Servicing Agreement, dated as of February 1, 2015, by and among CitigroupCommercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, NationalAssociation, as Master Servicer, Midland Loan Services, a Division of PNC Bank,National Association, as Special Servicer, Park Bridge Lender Services LLC, asOperating Advisor, Citibank, N.A., as Certificate Administrator, and DeutscheBank Trust Company Americas, as Trustee (filed as Exhibit 4.4 to theregistrant’s Current Report on Form 8-K filed on March 13, 2015 underCommission File No. 333-195164-05 and incorporated by reference herein).

4.3          Poolingand Servicing Agreement, dated as of February 1, 2015, by and among MorganStanley Capital I Inc., as Depositor, KeyBank National Association, as MasterServicer, LNR Partners, LLC, as General Special Servicer, CWCapital AssetManagement LLC, as Excluded Mortgage Loan Special Servicer, Situs Holdings,LLC, as Trust Advisor, and Wells Fargo Bank, National Association, as Trustee,Certificate Administrator, Certificate Registrar, Authenticating Agent andCustodian (filed as Exhibit 4.2 to the registrant’s Current Report on Form 8-Kfiled on March 13, 2015 under Commission File No. 333-195164-05 andincorporated by reference herein).

31           Rule 13a-14(d)/15d-14(d) Certifications.

33           Reports on assessment of compliance with servicing criteria for asset-backedsecurities.

33.1        Wells Fargo Bank, National Association, as MasterServicer

33.2        Rialto Capital Advisors, LLC, as Special Servicer

33.3        Wilmington Trust, National Association, as Trustee (Omitted. See ExplanatoryNotes.)

33.4        Wells Fargo Bank, National Association, asCertificate Administrator

33.5        Wells Fargo Bank, National Association, asCustodian

33.6        TriMont Real Estate Advisors, Inc., as TrustAdvisor prior to April 1, 2022

33.7        Fintech Trust Advisors LLC d.b.a. CRED iQ, as TrustAdvisor on and after April 1, 2022

33.8        CoreLogic Solutions, LLC, as Servicing FunctionParticipant

33.9        PGIM Real Estate Loan Services, Inc. (formerlyknown as Prudential Asset Resources, Inc.), as Primary Servicer

33.10      CoreLogic Solutions, LLC, as Servicing FunctionParticipant for PGIM Real Estate Loan Services, Inc. (formerly known asPrudential Asset Resources, Inc.) (see Exhibit 33.8)

33.11      Principal Global Investors, LLC, as PrimaryServicer

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

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

33.14      Wells Fargo Bank, National Association, as PrimaryServicer of the Boca Hamptons Plaza Portfolio Mortgage Loan (see Exhibit 33.1)

33.15      Rialto Capital Advisors, LLC, as Special Servicerof the Boca Hamptons Plaza Portfolio Mortgage Loan (see Exhibit 33.2)

33.16      Deutsche Bank Trust Company Americas, as Trustee and Custodian of the BocaHamptons Plaza Portfolio Mortgage Loan (Omitted. See Explanatory Notes.)

33.17      Park Bridge Lender Services LLC, as Operating Advisor of the Boca HamptonsPlaza Portfolio Mortgage Loan (Omitted. See Explanatory Notes.)

33.18      CoreLogic Solutions, LLC, as Servicing FunctionParticipant of the Boca Hamptons Plaza Portfolio Mortgage Loan (see Exhibit33.8)

33.19      KeyBank National Association, as Primary Servicerof the Westfield Palm Desert Mortgage Loan

33.20      Mount Street US (Georgia) LLP , as SpecialServicer of the Westfield Palm Desert Mortgage Loan

33.21      Wells Fargo Bank, National Association, as Trustee of the Westfield Palm DesertMortgage Loan (Omitted. See Explanatory Notes.)

33.22      Wells Fargo Bank, National Association, asCustodian of the Westfield Palm Desert Mortgage Loan (see Exhibit 33.5)

33.23      Situs Holdings, LLC, as Trust Advisor of theWestfield Palm Desert Mortgage Loan

33.24      Computershare Trust Company, National Association,as Servicing Function Participant for the Custodian (see Exhibit 33.13)

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

34.1        Wells Fargo Bank, National Association, as MasterServicer

34.2        Rialto Capital Advisors, LLC, as Special Servicer

34.3        Wilmington Trust, National Association, as Trustee (Omitted. See ExplanatoryNotes.)

34.4        Wells Fargo Bank, National Association, asCertificate Administrator

34.5        Wells Fargo Bank, National Association, asCustodian

34.6        TriMont Real Estate Advisors, Inc., as TrustAdvisor prior to April 1, 2022

34.7        Fintech Trust Advisors LLC d.b.a. CRED iQ, as TrustAdvisor on and after April 1, 2022

34.8        CoreLogic Solutions, LLC, as Servicing FunctionParticipant

34.9        PGIM Real Estate Loan Services, Inc. (formerlyknown as Prudential Asset Resources, Inc.), as Primary Servicer

34.10      CoreLogic Solutions, LLC, as Servicing FunctionParticipant for PGIM Real Estate Loan Services, Inc. (formerly known asPrudential Asset Resources, Inc.) (see Exhibit 34.8)

34.11      Principal Global Investors, LLC, as PrimaryServicer

34.12       Computershare Trust Company, National Association, asServicing Function Participant for the Certificate Administrator

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

34.14      Wells Fargo Bank, National Association, as PrimaryServicer of the Boca Hamptons Plaza Portfolio Mortgage Loan (see Exhibit 34.1)

34.15      Rialto Capital Advisors, LLC, as Special Servicerof the Boca Hamptons Plaza Portfolio Mortgage Loan (see Exhibit 34.2)

34.16      Deutsche Bank Trust Company Americas, as Trustee and Custodian of the BocaHamptons Plaza Portfolio Mortgage Loan (Omitted. See Explanatory Notes.)

34.17      Park Bridge Lender Services LLC, as Operating Advisor of the Boca HamptonsPlaza Portfolio Mortgage Loan (Omitted. See Explanatory Notes.)

34.18      CoreLogic Solutions, LLC, as Servicing FunctionParticipant of the Boca Hamptons Plaza Portfolio Mortgage Loan (see Exhibit34.8)

34.19      KeyBank National Association, as Primary Servicerof the Westfield Palm Desert Mortgage Loan

34.20      Mount Street US (Georgia) LLP , as SpecialServicer of the Westfield Palm Desert Mortgage Loan

34.21      Wells Fargo Bank, National Association, as Trustee of the Westfield Palm DesertMortgage Loan (Omitted. See Explanatory Notes.)

34.22      Wells Fargo Bank, National Association, asCustodian of the Westfield Palm Desert Mortgage Loan (see Exhibit 34.5)

34.23      Situs Holdings, LLC, as Trust Advisor of theWestfield Palm Desert Mortgage Loan

34.24      Computershare Trust Company, National Association,as Servicing Function Participant for the Custodian (see Exhibit 34.13)

35           Servicer compliance statements.

35.1        Wells Fargo Bank, National Association, as MasterServicer

35.2        Rialto Capital Advisors, LLC, as Special Servicer

35.3        Wells Fargo Bank, National Association, asCertificate Administrator

35.4        PGIM Real Estate Loan Services, Inc. (formerlyknown as Prudential Asset Resources, Inc.), as Primary Servicer

35.5        Principal Global Investors, LLC, as PrimaryServicer

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

35.7        Wells Fargo Bank, National Association, as Primary Servicerof the Boca Hamptons Plaza Portfolio Mortgage Loan (see Exhibit 35.1)

35.8        Rialto Capital Advisors, LLC, as Special Servicerof the Boca Hamptons Plaza Portfolio Mortgage Loan (see Exhibit 35.2)

35.9        KeyBank National Association, as Primary Servicer of the Westfield Palm DesertMortgage Loan (Omitted. See Explanatory Notes.) 

35.10      Mount Street US (Georgia) LLP , as Special Servicer of the Westfield PalmDesert Mortgage Loan (Omitted. See Explanatory Notes.)

99.1        MortgageLoan Purchase Agreement, dated as of March 3, 2015, between Wells FargoCommercial Mortgage Securities, Inc. and Wells Fargo Bank, National Association(filed as Exhibit 99.1 to the registrant’s Current Report on Form 8-K filed onMarch 13, 2015 under Commission File No. 333-195164-05 and incorporated byreference herein)

99.2        MortgageLoan Purchase Agreement, dated as of March 3, 2015, between Wells FargoCommercial Mortgage Securities, Inc. and Rialto Mortgage Finance, LLC (filed asExhibit 99.2 to the registrant’s Current Report on Form 8-K filed on March 13,2015 under Commission File No. 333-195164-05 and incorporated by referenceherein)

99.3        MortgageLoan Purchase Agreement, dated as of March 3, 2015, between Wells FargoCommercial Mortgage Securities, Inc. and Macquarie US Trading LLC d/b/aPrincipal Commercial Capital (filed as Exhibit 99.3 to the registrant’s CurrentReport on Form 8-K filed on March 13, 2015 under Commission File No.333-195164-05 and incorporated by reference herein)

99.4        MortgageLoan Purchase Agreement, dated as of March 3, 2015, among Wells FargoCommercial Mortgage Securities, Inc., Liberty Island Group I LLC and LibertyIsland Group LLC (filed as Exhibit 99.4 to the registrant’s Current Report onForm 8-K filed on March 13, 2015 under Commission File No. 333-195164-05 andincorporated by reference herein)

99.5        MortgageLoan Purchase Agreement, dated as of March 3, 2015, between Wells FargoCommercial Mortgage Securities, Inc. and C-III Commercial Mortgage LLC (filedas Exhibit 99.5 to the registrant’s Current Report on Form 8-K filed on March13, 2015 under Commission File No. 333-195164-05 and incorporated by referenceherein)

99.6        MortgageLoan Purchase Agreement, dated as of March 3, 2015, among Wells FargoCommercial Mortgage Securities, Inc., Basis Real Estate Capital II, LLC andBasis Investment Group LLC (filed as Exhibit 99.6 to the registrant’s CurrentReport on Form 8-K filed on March 13, 2015 under Commission File No.333-195164-05 and incorporated by reference herein)

99.7        PrimaryServicing Agreement, dated as of March 1, 2015, between Wells Fargo Bank,National Association, as Master Servicer, and Prudential Asset Resources, Inc.,as Primary Servicer (filed as Exhibit 99.7 to the registrant’s Current Reporton Form 8-K filed on March 13, 2015 under Commission File No. 333-195164-05 andincorporated by reference herein)

99.8        Sub-ServicingAgreement, dated as of March 1, 2015, between Wells Fargo Bank, NationalAssociation, as Master Servicer, and Principal Global Investors, LLC, asSub-Servicer (filed as Exhibit 99.8 to the registrant’s Current Report on Form8-K filed on March 13, 2015 under Commission File No. 333-195164-05 and incorporatedby reference herein)

(b)   The exhibits required to be filed by theRegistrant pursuant to Item 601 of Regulation S-K are listed above.

(c)    Not Applicable.

 

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of theSecurities Exchange Act of 1934, the registrant has duly caused this report tobe signed on its behalf by the undersigned, thereunto duly authorized.

Wells Fargo Commercial MortgageSecurities, Inc.(Depositor)

/s/ AnthonySfarra

AnthonySfarra, President

(senior officer in charge ofsecuritization of the depositor)

Date: March 15, 2023