# EDGAR Filing Document

**Accession Number:** 0002060542
**File Stem:** 0001539497-25-001627
**Filing Date:** 2025-6
**Character Count:** 20724
**Document Hash:** ec1b30251102200e0a384d0e1c4c88ec
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001539497-25-001627.hdr.sgml**: 20250612

**ACCESSION NUMBER**: 0001539497-25-001627

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250612

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250612

**DATE AS OF CHANGE**: 20250612

**ABS ASSET CLASS**: Commercial mortgages

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Benchmark 2025-V15 Mortgage Trust
- **CENTRAL INDEX KEY:** 0002060542
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-261764-06
- **FILM NUMBER:** 251042549

**BUSINESS ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282
- **BUSINESS PHONE:** 2129021000

**MAIL ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT<br> Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported) <u>June 12, 2025</u> 

<u>Benchmark 2025-V15 Mortgage Trust</u>

(Central Index Key Number 0002060542)<br> (Exact name of issuing entity)

<u>GS Mortgage Securities Corporation II</u>

(Central Index Key Number 0001004158)

(Exact name of the depositor as specified in its charter)

<u><br> Goldman Sachs Mortgage Company</u>

(Central Index Key Number 0001541502)

<u>Barclays Capital Real Estate Inc.</u> 

(Central Index Key Number 0001549574)

<u>Citi Real Estate Funding Inc.</u>

(Central Index Key Number 0001701238)

<u>German American Capital Corporation</u>

(Central Index Key Number 0001541294)

(Exact name of the sponsors as specified in its charters)

<u>Delaware</u> <u>333-261764-06</u> <u>22-3442024</u> <br> (State or other jurisdiction (Commission File Number (IRS Employer Identification <br> of incorporation of depositor) of issuing entity) No. of depositor)

200 West Street <br> <u>New York, New York</u> <u>10282</u> <br> (Address of principal executive offices of depositor) (Zip Code of depositor)

Depositor's telephone number, including area code <u>(212) 902-1000</u> 

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

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| &nbsp;&nbsp;Title of each class | &nbsp;&nbsp;Trading Symbol(s) | &nbsp;&nbsp;Name of each exchange on which registered |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. □

Item 8.01. <u>Other Events</u>.

On June 12, 2025 (the "<u>Closing Date</u>"), GS Mortgage Securities Corporation II (the "<u>Depositor</u>") caused the issuance of the Benchmark 2025-V15 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2025-V15 (the "<u>Certificates</u>") pursuant to a pooling and servicing agreement, dated as of June 1, 2025 (the "<u>Pooling and Servicing Agreement</u>"), among the Depositor, as depositor, Trimont LLC, as master servicer, Rialto Capital Advisors, LLC, as special servicer, Computershare Trust Company, National Association, as certificate administrator and as trustee, and Pentalpha Surveillance LLC, as operating advisor and as asset representations reviewer. Capitalized terms used but not defined herein shall have the meanings assigned to them in the Pooling and Servicing Agreement.

The Certificates will consist of the following classes, designated as (i) Class A-1, Class A-2, Class A-3, Class X-A, Class X-B, Class A-S, Class B and Class C Certificates (collectively, the "<u>Publicly Offered Certificates</u>"), (ii) Class X-D, Class D, Class E, Class F-RR, Class G-RR, Class J-RR, Class K-RR and Class R Certificates (collectively, the "<u>Privately Offered Certificates</u>") and (iii) the Class S Certificates.

The Depositor sold all of the Publicly Offered Certificates, having an aggregate initial principal amount of $644,342,000, to Goldman Sachs & Co. LLC ("<u>GS&Co.</u>"), Citigroup Global Markets Inc. ("<u>CGMI</u>"), Deutsche Bank Securities Inc. ("<u>DBSI</u>"), Barclays Capital Inc. ("<u>Barclays Capital</u>"), Academy Securities, Inc. ("<u>Academy</u>") and Drexel Hamilton, LLC ("<u>Drexel</u>", and together with GS&Co., CGMI, DBSI, Barclays Capital and Academy, in such capacities, the "<u>Underwriters</u>"), pursuant to an underwriting agreement, dated as of May 21, 2025 (the "<u>Underwriting Agreement</u>"), among the Depositor and the Underwriters. The Publicly Offered Certificates were offered by the Underwriters for sale to the public, pursuant to the Depositor's Preliminary Prospectus, dated May 15, 2025 (the "<u>Preliminary Prospectus</u>"), and the Depositor's Prospectus, dated May 22, 2025 (the "<u>Prospectus</u>"), in negotiated transactions or otherwise at varying prices determined at the time of sale.

In connection with the issuance and sale to the Underwriters of the Publicly Offered Certificates, a legal opinion was rendered related to the validity of, and certain federal income tax considerations relating to, the Publicly Offered Certificates, which legal opinion is attached hereto as <u>Exhibits 5</u>, <u>8</u> and <u>23</u>.

The Depositor sold all of the Privately Offered Certificates, having an aggregate initial principal amount of $88,906,926, to GS&Co., CGMI, DBSI, Barclays Capital, Academy and Drexel (collectively in such capacity, the "<u>Initial Purchasers</u>"), pursuant to a certificate purchase agreement, dated as of May 21, 2025 (the "<u>Certificate Purchase Agreement</u>"), among the Depositor and the Initial Purchasers. The Privately Offered Certificates were sold in transactions exempt from registration under the Securities Act of 1933 (the "<u>Act</u>"), as amended, pursuant to Section 4(a)(2) of the Act.

The Certificates represent, in the aggregate, the entire beneficial ownership in Benchmark 2025-V15 Mortgage Trust (the "<u>Issuing Entity</u>"), a common law trust fund formed under the laws of the State of New York pursuant to the Pooling and Servicing Agreement. The assets of the Issuing Entity consist primarily of 29 fixed-rate mortgage loans (the "<u>Mortgage Loans</u>") secured by first liens on 44 commercial, multifamily and/or manufactured housing properties.

The compensation for the Mortgage Loans paid to the Sponsors included net proceeds of the sale of the Certificates. The net proceeds to the Depositor of the sale of the Certificates, after deducting expenses payable by the Depositor in connection with the issuance and distribution of the Certificates of approximately $4,379,660, were approximately $747,570,286. Of the expenses paid by the Depositor, approximately $218,388 were paid directly to affiliates of the Depositor, approximately $218,388 in the form of fees were paid to the Underwriters and the Initial Purchasers, approximately $135,000 were paid to or for the Underwriters and the Initial Purchasers, and approximately $3,976,272 were other expenses.

All of the foregoing expense amounts are the Depositor's reasonable estimates of such expenses. No underwriting discounts and commissions or finder's fees were paid by the Depositor. Further information regarding such sales relating to the price per class of Publicly Offered Certificates is set forth on Schedule II to the Underwriting Agreement.

Further information regarding such sales has been previously provided on the Depositor's Current Report on Form 8-K, as filed with the Securities and Exchange Commission (Filing Date: May 23, 2025) and in the Prospectus, dated May 22, 2025 and as filed with the Securities and Exchange Commission on May 23, 2025. The related registration statement (file no. 333-261764) was originally declared effective on March 30, 2022.

<u>Credit Risk Retention</u>

Goldman Sachs Mortgage Company, in its capacity as "retaining sponsor" (in such capacity, the "<u>Retaining Sponsor</u>") is satisfying its credit risk retention obligation under Regulation RR, 12 C.F.R. Part 244 (the "<u>Risk Retention Rule</u>") in connection with the securitization of the Mortgage Loans referred to above by the purchase on the Closing Date and holding by RREF V - D AIV RR H, LLC, acting as a third-party purchaser under the Risk Retention Rule, of the Class F-RR, Class G-RR, Class J-RR and Class K-RR Certificates (collectively, the "<u>HRR Certificates</u>").

The HRR Certificates constitute an "eligible horizontal residual interest" (as defined in the Risk Retention Rule). The aggregate fair value of the HRR Certificates is equal to approximately $65,992,926 (excluding accrued interest), representing approximately 5.03% of the aggregate fair value of all of the Certificates (other than the Class R Certificates). The fair value of the Certificates (other than the Class R Certificates) was determined based on the actual sale prices and finalized tranche sizes of such Certificates.

The fair value of the "eligible horizontal residual interest" (as defined in the Risk Retention Rule) that the Retaining Sponsor is required to retain under the credit risk retention requirements of the Risk Retention Rule is equal to approximately $37,520,160 representing 5.00% of the aggregate fair value of all of the Certificates (other than the Class R Certificates).

As of the Closing Date, there are no material differences between (a) the valuation methodology or any of the key inputs and assumptions that were used in calculating the fair value or range of fair values disclosed in the Depositor's Preliminary Prospectus, dated May 15, 2025, under the heading "*Credit Risk Retention*" prior to the pricing of the Certificates and (b) the methodology or the key inputs and assumptions that were used in calculating the fair value at the time of the Closing Date.

Item 9.01. <u>Financial Statements, Pro Forma Financial Information and Exhibits</u>.

(d) *Exhibits*

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| | |
|:---|:---|
| &nbsp;&nbsp;[Exhibit 5](n4912_x27-exh5.htm) | &nbsp;&nbsp;[Legality Opinion of Cadwalader, Wickersham & Taft LLP, dated June 12, 2025.](n4912_x27-exh5.htm) |
| &nbsp;&nbsp;[Exhibit 8](n4912_x27-exh5.htm) | &nbsp;&nbsp;[Tax Opinion of Cadwalader, Wickersham & Taft LLP, dated June 12, 2025 (included as part of Exhibit 5).](n4912_x27-exh5.htm) |
| &nbsp;&nbsp;[Exhibit 23](n4912_x27-exh5.htm) | &nbsp;&nbsp;[Consent Opinion of Cadwalader, Wickersham & Taft LLP, dated June 12, 2025 (included as part of Exhibit 5).](n4912_x27-exh5.htm) |

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Pursuant to the requirements of the Securities Exchange Act of 1934, the depositor has caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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|:---|:---|:---|:---|
| &nbsp;&nbsp;Date: June 12, 2025 | GS MORTGAGE SECURITIES CORPORATION II | GS MORTGAGE SECURITIES CORPORATION II | GS MORTGAGE SECURITIES CORPORATION II |
|  | By: | /s/ Scott Epperson | /s/ Scott Epperson |
|  |  | Name: | Scott Epperson |
|  |  | Title: | Chief Executive Officer |

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<u>INDEX TO EXHIBITS</u>

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|:---|:---|
| &nbsp;&nbsp;Item 601(a) of Regulation S-K <u>Exhibit No.</u> | &nbsp;&nbsp;<u>Description</u> |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;Legality Opinion of Cadwalader, Wickersham & Taft LLP, dated June 12, 2025. &nbsp;&nbsp;(E) |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;Tax Opinion of Cadwalader, Wickersham & Taft LLP, dated June 12, 2025 (included as part of Exhibit 5). &nbsp;&nbsp;(E) |
| &nbsp;&nbsp;23 | &nbsp;&nbsp;Consent Opinion of Cadwalader, Wickersham & Taft LLP, dated June 12, 2025 (included as part of Exhibit 5). &nbsp;&nbsp;(E) |

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## Ex-5

**Exhibit 5**

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|:---|:---|
| ![[LOGO]](cwtlogo.jpg) | Cadwalader, Wickersham & Taft LLP<br> 200 Liberty Street, New York, NY 10281<br> Tel +1 212 504 6000 Fax +1 212 504 6666<br> www.cadwalader.com  |

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June 12, 2025

GS Mortgage Securities Corporation II

200 West Street

New York, New York 10282

Re: Benchmark 2025-V15 Mortgage Trust Commercial Mortgage <br> <u>Pass-Through Certificates, Series 2025-V15</u>

To the Addressees of this Letter:

We have acted as special counsel to GS Mortgage Securities Corporation II (the "<u>Company</u>") in connection with the proposed sale by the Company and purchase by Goldman Sachs & Co. LLC ("<u>GS&Co.</u>"), Barclays Capital Inc. ("<u>Barclays Capital</u>"), Citigroup Global Markets Inc. ("<u>CGMI</u>"), Deutsche Bank Securities Inc. ("<u>DBSI</u>"), Drexel Hamilton, LLC ("<u>Drexel</u>") and Academy Securities, Inc. (together with GS&Co., Barclays Capital, CGMI, DBSI and Drexel, the "<u>Underwriters</u>") of the Company's Commercial Mortgage Pass-Through Certificates, Series 2025-V15, Class A-1, Class A-2, Class A-3, Class X-A, Class X-B, Class A-S, Class B and Class C (the "<u>Securities</u>"), pursuant to the terms of the Underwriting Agreement, dated as of May 21, 2025 (the "<u>Underwriting Agreement</u>"), among the Company and the Underwriters. The Securities are being issued pursuant to a Pooling and Servicing Agreement, dated as of June 1, 2025 (the "<u>Pooling and Servicing Agreement</u>"), among the Company, as depositor, Trimont LLC, as master servicer, Rialto Capital Advisors, LLC, as special servicer, Computershare Trust Company, National Association, as certificate administrator (in such capacity, the "<u>Certificate Administrator</u>") and as trustee, and Pentalpha Surveillance LLC, as operating advisor and as asset representations reviewer. This letter is being delivered at the request of the Company pursuant to Section 7(b) of the Underwriting Agreement. Capitalized terms used herein but not defined herein have the respective meanings given them in the Pooling and Servicing Agreement.

In rendering the opinions set forth below, we have examined and relied upon the originals, copies or specimens, certified or otherwise identified to our satisfaction, of the Underwriting Agreement and the Pooling and Servicing Agreement and such certificates, corporate and public records, agreements and instruments and other documents, including, among other things, the documents delivered on the date hereof, as we have deemed appropriate as a basis for the opinions expressed below. In such examination we have assumed the genuineness of all signatures, the authenticity of all documents, agreements and instruments submitted to us as originals, the conformity to original documents, agreements and instruments

of all documents, agreements and instruments submitted to us as copies or specimens, the authenticity of the originals of such documents, agreements and instruments submitted to us as copies or specimens, the conformity of the text of each document filed with the Securities and Exchange Commission (the "<u>Commission</u>") through the Commission's Electronic Data Gathering, Analysis and Retrieval System to the printed document reviewed by us, the accuracy of the matters set forth in the documents, agreements and instruments we reviewed, and that such documents, agreements and instruments evidence the entire understanding between the parties thereto and have not been amended, modified or supplemented in any manner material to the opinions expressed herein. As to matters of fact relevant to the opinions expressed herein, we have relied upon, and assumed the accuracy of, the representations and warranties contained in the Underwriting Agreement and the Pooling and Servicing Agreement and we have relied upon certificates and oral or written statements and other information obtained from the Company, the other parties to the transaction referenced herein, and public officials. Except as expressly set forth herein, we have not undertaken any independent investigation (including, without limitation, conducting any review, search or investigation of any public files, records or dockets) to determine the existence or absence of the facts that are material to our opinions, and no inference as to our knowledge concerning such facts should be drawn from our reliance on the representations of the Company and others in connection with the preparation and delivery of this letter.

We have also assumed (x) the legal capacity of all natural persons and (y) (except to the extent expressly opined on herein) that all documents, agreements and instruments have been duly authorized, executed and delivered by all parties thereto, that all such parties are validly existing and in good standing under the laws of their respective jurisdictions of organization, that all such parties had the power and legal right to execute and deliver all such documents, agreements and instruments, and that such documents, agreements and instruments constitute the legal, valid and binding obligations of such parties, enforceable against such parties in accordance with their respective terms. As used herein, "to our knowledge", "known to us" or words of similar import mean the actual knowledge, without independent investigation, of any lawyer in our firm actively involved in representing the Company with respect to the transactions contemplated by the Underwriting Agreement.

We express no opinion concerning the laws of any jurisdiction other than the laws of the State of New York and, to the extent expressly referred to in this letter, the federal laws of the United States of America.

Based upon and subject to the foregoing, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. When the Securities have been duly executed, authenticated and delivered by the Certificate Administrator in the manner contemplated in the Pooling and Servicing Agreement and paid for by and sold to the Underwriters pursuant to the Underwriting Agreement, the Securities will be validly issued and outstanding, fully paid and non-assessable and entitled to the benefits provided by the Pooling and Servicing Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The descriptions of federal income tax consequences appearing under the heading "MATERIAL FEDERAL INCOME TAX CONSIDERATIONS" in the Prospectus accurately describe the material federal income tax consequences to holders of the Securities, under existing law and subject to the qualifications and assumptions stated therein. We also hereby confirm and adopt the opinions expressly set forth under such headings, under existing law and subject to the qualifications and assumptions stated therein.

We hereby consent to the filing of this letter as an exhibit to the Company's Registration Statement on Form SF-3 (File No. 333-261764) (the "<u>Registration Statement</u>") as it relates to the Securities, and to the reference to Cadwalader, Wickersham & Taft LLP and the discussion of our opinions set forth in this letter under the headings "LEGAL MATTERS" and "MATERIAL FEDERAL INCOME TAX CONSIDERATIONS" in the Prospectus. This consent is not to be construed as an admission that we are a person whose consent is required to be filed with the Registration Statement under the provisions of the Securities Act of 1933, as amended.

In addition, we disclaim any obligation to update this letter or communicate with or advise you as to any changes in fact or law, or otherwise.

Very truly yours,

**/s/** Cadwalader, Wickersham & Taft LLP