UNITED STATES
SECURITIES AND EXCHANGE COMMISSION



Washington, D.C. 20549



FORM 10-K



(Mark One)

|                                            |                                                                                         
|------------------------------------------- | ----------------------------------------------------------------------------------------
|☒                                           | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934    
|                                            |                                                                                         
|For the fiscal year ended December 31, 2019
|                                           
|or                                         
|                                           
|☐                                           | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934



For the transition period from _____________ to _____________



333-180779-11
Commission File Number of issuing entity:



Morgan Stanley Bank of America Merrill Lynch
Trust 2014-C18

(Central Index Key Number 0001617760)

(Exact name of issuing entity as specified in
its charter)



Morgan Stanley Capital I Inc.

(Central Index Key Number 0001547361)

(Exact name of registrant as specified in its
charter)



Morgan Stanley Mortgage Capital Holdings
LLC

(Central Index Key Number 0001541557)



Bank of America, National Association

(Central Index Key Number 0001102113)



CIBC Inc.

(Central Index Key Number 0001548567)

(Exact names of sponsors as specified in their
charters)



47-208749447-209893147-210885047-6535473
(I.R.S. Employer Identification No.)



New York
(State or other jurisdiction of incorporation or organization)
c/o Morgan Stanley Capital I Inc.



1585 Broadway, New York, NY
(Address of principal executive offices)



10036
(Zip Code)



(212) 761-4000

(Registrant’s telephone number, including
area code of issuing entity)



Securities registered pursuant to Section 12(b) of the Act: None.



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



Indicate by check mark if the registrant is a well-known seasoned
issuer, as defined in Rule 405 of the Securities Act. Yes  ☐  No  ☒



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



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



Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for
such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days. Yes  ☒  No  ☐













Indicate by check mark whether the registrant has submitted electronically
and posted on its corporate Web Site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule
405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit and post such files).



Not Applicable.



Indicate by check mark if disclosure of delinquent filers pursuant
to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best
of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form
10-K or any amendment to this Form 10-K.



Not Applicable.



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

|                                                                        |                             
|----------------------------------------------------------------------- | ----------------------------
|Large accelerated filer  ☐                                              | Accelerated filer  ☐        
|                                                                        |                             
|Non-accelerated filer  ☒  (Do not check if a smaller reporting company) | Smaller reporting company  ☐



Emerging growth company  ☐



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



Not Applicable.



Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Act). Yes  ☐  No  ☒



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



Not Applicable.



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



Not Applicable.



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



Not Applicable.



DOCUMENTS INCORPORATED BY REFERENCE



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



Not Applicable.






















EXPLANATORY NOTES



Except as set forth below, each of the parties to each pooling and
servicing agreement listed in the Exhibit Index both (1) participates in the servicing function for purposes of Item 1122 of Regulation
AB and (2) constitutes a servicer that meets the criteria in Item 1108(a)(2)(i) through (iii) of Regulation AB for purposes of
Item 1123 of Regulation AB:

|                                                                                                                                                                           |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                           | ● | The trustee under a pooling and servicing agreement has a nominal role with respect to the mortgage pool securitized pursuant to such pooling and servicing agreement. The trustee’s only servicing function is the contingent obligation to make certain advances if the master servicer under such pooling and servicing agreement fails to do so, while all other servicing functions are performed by other parties. The trustee under each of the pooling and servicing agreements listed in the Exhibit Index has confirmed to the registrant that it has not made any such contingent advances during the reporting period, and consequently, each such trustee does not participate in the servicing function for purposes of Item 1122 of Regulation AB, nor does it perform the functions of a servicer for purposes of the definition of “servicer” under Item 1101 of Regulation AB or for purposes of Item 1123 of Regulation AB.                                                                                                                                                                                                                                                                                                                    
|                                                                                                                                                                           |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                           | ● | The operating advisor under a pooling and servicing agreement represents the interests of senior certificateholders in the transaction governed by such pooling and servicing agreement and is responsible for monitoring the performance of the special servicer under such pooling and servicing agreement and producing certain reports to certificateholders relating to the resolution of the mortgage pool securitized pursuant to such pooling and servicing agreement. While the operating advisor under a pooling and servicing agreement has certain reporting obligations in respect of the related mortgage pool, it has no obligation to collect or disburse funds in respect of the mortgage pool or to administer any of the underlying mortgage loans. Consequently, the operating advisor under a pooling and servicing agreement participates in the servicing function for purposes of Item 1122 of Regulation AB, but is not responsible for the “management or collection of the pool assets or making allocations or distributions to holders of the asset-backed securities” within the meaning of “servicer” under Item 1101 of Regulation AB and does not perform the functions of a servicer for purposes of Item 1123 of Regulation AB.
|                                                                                                                                                                           |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|In addition, each of the following parties engaged the services of certain servicing function participants and sub-servicers for the reporting period, as set forth below:
|                                                                                                                                                                           |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                           | ● | Wells Fargo Bank, National Association, as master servicer, engaged the services of CoreLogic Commercial Real Estate Services, Inc. and National Tax Search, LLC, in each case as a servicing function participant in respect of the entire mortgage pool for the reporting period.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               













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. Selected Financial Data.



Omitted.



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.



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 Accounting Fees and Services.



Omitted.



PURSUANT TO GENERAL INSTRUCTION J(2) THE FOLLOWING SUBSTITUTE
INFORMATION IS BEING PROVIDED IN THIS REPORT ON FORM 10-K



Item 1112(b) of Regulation AB, Significant Obligors Financial
Information.



The mortgaged property securing the TKG Retail Portfolio A loan
constitutes a significant obligor within the meaning of 1101(k)(2) of Regulation AB. The most recent unaudited net operating income of the
significant obligor for the calendar quarter ending March 31, 2019 is $2,188,689. The TKG Retail Portfolio A loan was paid
in full on July 2, 2019.













Item 1114(b)(2) of Regulation AB, Significant Enhancement Provider
Financial Information.



No entity or group of affiliated entities provides any enhancement
or other support for the certificates as described under Item 1114(a) of Regulation AB.



Item 1115(b) of Regulation AB, Certain Derivatives Instruments
(Financial Information).



No entity or group of affiliated entities provides any derivative
instruments for the certificates as described under Item 1115 of Regulation AB.



Item 1117 of Regulation AB, Legal Proceedings.



The registrant knows of no legal proceeding pending against the
sponsors, depositor, trustee, issuing entity, servicer contemplated by Item 1108(a)(3) of Regulation AB, originator contemplated
by Item 1110(b) of Regulation AB, or other party contemplated by Item 1100(d)(1) of Regulation AB, or of which any property of
the foregoing is the subject, that is material to security holders, other than as disclosed in the prospectus of the issuing entity
filed in a 424(b)(5) filing dated October 1, 2014, and other than as follows:



In the last several years, U.S. Bank National
Association (“U.S. Bank”) and other large financial institutions have been sued in their capacity as trustee or successor
trustee for certain residential mortgage backed securities (“RMBS”) trusts. The complaints, primarily filed by investors
or investor groups against U.S. Bank and similar institutions, allege the trustees caused losses to investors as a result of alleged
failures by the sponsors, mortgage loan sellers and servicers to comply with the governing agreements for these RMBS trusts. Plaintiffs
generally assert causes of action based upon the trustees’ purported failures to enforce repurchase obligations of mortgage
loan sellers for alleged breaches of representations and warranties, notify securityholders of purported events of default allegedly
caused by breaches of servicing standards by mortgage loan servicers and abide by a heightened standard of care following alleged
events of default. Currently, U.S. Bank is a defendant in multiple actions alleging individual or class action claims against it.

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

On March 9, 2018, a law firm purporting to
represent fifteen Delaware statutory trusts (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 trustee and successor special servicer, and three other institutions in their respective transaction
capacities, with respect to the DSTs and the Student Loans. This lawsuit is captioned The National Collegiate Student Loan Master
Trust I, et al. v. U.S. Bank National Association, et al., C.A. No. 2018-0167-JRS (Del. Ch.). The complaint, which was later amended
on June 15, 2018, alleged that the DSTs have been harmed as a result of purported misconduct or omissions by the defendants concerning
administration of the trusts and servicing of the student loans.

U.S. Bank believes that it has performed its
obligations as indenture trustee and special servicer in good faith and in compliance in all material respects with the terms of
the agreements governing the DSTs (the “Governing Agreements”), and accordingly that the claims against it in the lawsuit
are without merit.

U.S. Bank has filed a motion seeking dismissal of the operative
complaint in its entirety with prejudice pursuant to Chancery Court Rules 12(b)(1) and 12(b)(6) or, in the alternative, U.S. Bank
requested a stay of the case while other prior filed disputes involving the DSTs and the Student Loans are being litigated. On
November 7, 2018, the Court ruled that the case should be stayed in its entirety pending resolution of the first-filed cases.



Item 1119 of Regulation AB, Affiliations and Certain Relationships
and Related Transactions.



The information regarding this Item has been disclosed in the prospectus
of the issuing entity filed in a 424(b)(5) filing dated October 1, 2014.













Item 1122 of Regulation AB, Compliance with Applicable Servicing
Criteria.



The reports on assessment of compliance with the servicing criteria
for asset-backed securities and the related attestation reports on such assessments of compliance are attached hereto under Item
15.



Item 1123 of Regulation AB, Servicer Compliance Statement.



The servicer compliance statements are attached hereto under Item
15.



PART IV



Item 15. Exhibits, Financial Statement Schedules.



(a) Exhibits

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 
|4.1  | Pooling and Servicing Agreement, dated as of September 1, 2014, between Morgan Stanley Capital I Inc., as depositor, Wells Fargo Bank, National Association, as master servicer, Rialto Capital Advisors, LLC, as special servicer, Park Bridge Lender Services LLC, as trust advisor, and U.S. Bank National Association, as custodian, trustee, certificate administrator, certificate registrar and authenticating agent (filed as Exhibit 4.1 to the registrant’s Current Report on Form 8-K/A filed on October 17, 2014 under SEC File No. 333-180779-11 and incorporated by reference herein).
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 
|31   | Rule 13a-14(d)/15d-14(d) Certifications.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 
|33   | Reports on assessment of compliance with servicing criteria for asset-backed securities.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 
|     | 33.1 U.S. Bank National Association, as Certificate Administrator                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|     | 33.2 U.S. Bank National Association, as Custodian (See Exhibit 33.1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|     | 33.3 Wells Fargo Bank, National Association, as Master Servicer                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|     | 33.4 Rialto Capital Advisors, LLC, as Special Servicer                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|     | 33.5 Park Bridge Lender Services LLC, as Operating Advisor                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|     | 33.6 CoreLogic Commercial Real Estate Services, Inc., as Servicing Function Participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|     | 33.7 National Tax Search, LLC, as Servicing Function Participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 
|34   | Attestation reports on assessment of compliance with servicing criteria for asset-backed securities.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 
|     | 34.1 U.S. Bank National Association, as Certificate Administrator                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|     | 34.2 U.S. Bank National Association, as Custodian (See Exhibit 34.1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|     | 34.3 Wells Fargo Bank, National Association, as Master Servicer                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|     | 34.4 Rialto Capital Advisors, LLC, as Special Servicer                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|     | 34.5 Park Bridge Lender Services LLC, as Operating Advisor                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|     | 34.6 CoreLogic Commercial Real Estate Services, Inc., as Servicing Function Participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|     | 34.7 National Tax Search, LLC, as Servicing Function Participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 
|35   | Servicer compliance statements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 
|     | 35.1 U.S. Bank National Association, as Certificate Administrator                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|     | 35.2 U.S. Bank National Association, as Custodian                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|     | 35.3 Wells Fargo Bank, National Association, as Master Servicer                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|     | 35.4 Rialto Capital Advisors, LLC, as Special Servicer                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 
|99.1 | Mortgage
    Loan Purchase Agreement, dated September 18, 2014, between Morgan Stanley Capital I Inc. and Morgan Stanley Mortgage Capital
    Holdings LLC (filed as Exhibit 99.1 to the registrant’s Current Report on Form 8-K filed on October 1, 2014 under SEC
    File No. 333-180779-11 and incorporated by reference herein).                                                                                                                                                                                                                                                               













|     |                                                                                                                                                                                                                                                                                                                   
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|99.2 | Mortgage Loan Purchase Agreement, dated September 18, 2014, between Morgan Stanley Capital I Inc. and Bank of America, National Association (filed as Exhibit 99.2 to the registrant’s Current Report on Form 8-K filed on October 1, 2014 under SEC File No. 333-180779-11 and incorporated by reference herein).
|     |                                                                                                                                                                                                                                                                                                                   
|99.3 | Mortgage Loan Purchase Agreement, dated September 18, 2014, between Morgan Stanley Capital I Inc. and CIBC Inc. (filed as Exhibit 99.3 to the registrant’s Current Report on Form 8-K filed on October 1, 2014 under SEC File No. 333-180779-11 and incorporated by reference herein).                            



(b) See Item (a) above.



(c) Not Applicable.













SIGNATURES



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



|                     | Morgan Stanley Capital I Inc.
|-------------------- | -----------------------------
|                     | (Depositor)                  
|                     |                              
|                     | By:                          
|                     |                              
|                     |                              
|Date: March 26, 2020 |