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, 2023
|                                               
|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 MerrillLynch 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 every Interactive Data File required to be submitted pursuant
to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that
the registrant was required to submit such files).



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 has filed a report on and attestation to its management’s assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report.



Not
applicable.



If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of
the registrant included in the filing reflect the correction of an error to previously issued financial
statements.



Not
applicable.



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



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 Solutions, LLC 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
1C. Cybersecurity.



Omitted.



Item
2. Properties.



Omitted.



Item
3. Legal Proceedings.



Omitted.



Item
4. Mine Safety Disclosures.



Omitted.



PART
II



Item
5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.



Omitted.



Item
6. [Reserved].



Item
7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.



Omitted.



Item
7A. Quantitative and Qualitative Disclosures About Market Risk.



Omitted.



Item
8. Financial Statements and Supplementary Data.



Omitted.



Item
9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.



Omitted.



Item
9A. Controls and Procedures.



Omitted.



Item
9B. Other Information.



None.



Item
9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.



None.



PART
III



Item
10. Directors, Executive Officers and Corporate Governance.



Omitted.



Item
11. Executive Compensation.



Omitted.



Item
12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.



Omitted.



Item
13. Certain Relationships and Related Transactions, and Director Independence.



Omitted.



Item
14. Principal Accountant Fees and Services.



Omitted.



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.



Not
applicable.



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 follows:



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.



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 “NCMSLT Action”). The complaint, as 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 special servicing
of the Student Loans. Since the filing of the NCMSLT Action, certain Student Loan borrowers have made assertions against U.S.
Bank concerning special servicing that appear to be based on certain allegations made on behalf of the DSTs in the NCMSLT Action.



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, a stay of the case while other prior filed disputes involving the DSTs and
the Student Loans are litigated. On November 7, 2018, the Court ruled that the case should be stayed in its entirety pending resolution
of the first-filed cases. On January 21, 2020, the Court entered an order consolidating for pretrial purposes the NCMSLT Action
and three other lawsuits pending in the Delaware Court of Chancery concerning the DSTs and the Student Loans, which remains pending.



U.S.
Bank denies liability in the NCMSLT Action and believes 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 and that it has meritorious
defenses. It has contested and intends to continue contesting the plaintiffs’ claims vigorously.



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



The
information regarding this Item has been provided previously in an annual report on Form 10-K of the issuing entity or 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 Solutions, 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 Solutions, 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 27, 2024 |