EDGAR 10-K Filing

Company CIK: 2006016
Filing Year: 2025
Filename: 2006016_10-K_2025_0001888524-25-005379.json

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ITEM 1. BUSINESS
Item 1.
Business.
Omitted.

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ITEM 1A. RISK FACTORS
Item 1A.
Risk Factors.
Omitted.

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ITEM 1B. UNRESOLVED STAFF COMMENTS
Item 1B.
Unresolved Staff Comments.
None.

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ITEM 2. PROPERTIES
Item 2.
Properties.
Omitted.

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ITEM 3. LEGAL PROCEEDINGS
Item 3.
Legal Proceedings.
Omitted.

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ITEM 4. MINE SAFETY DISCLOSURE
Item 4.
Mine Safety Disclosures.
Omitted.
PART II

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ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY
Item 5.
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Omitted.

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ITEM 6. SELECTED FINANCIAL DATA
Item 6.
[Reserved]

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ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS
Item 7.
Management's Discussion and Analysis of Financial Condition and Results of Operations.
Omitted.

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ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Item 7A.
Quantitative and Qualitative Disclosures About Market Risk.
Omitted.

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Item 8.
Financial Statements and Supplementary Data.
Omitted.

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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
Item 9.
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.
Omitted.

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ITEM 9A. CONTROLS AND PROCEDURES
Item 9A.
Controls and Procedures.
Omitted.

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ITEM 9B. OTHER INFORMATION
Item 9B.
Other Information.
None.

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ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
Item 10.
Directors, Executive Officers and Corporate Governance.
Omitted.

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ITEM 11. EXECUTIVE COMPENSATION
Item 11.
Executive Compensation.
Omitted.

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ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
Omitted.

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ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
Item 13.
Certain Relationships and Related Transactions, and Director Independence.
Omitted.

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ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
Item 14.
Principal Accountant Fees and Services.
Omitted.
ADDITIONAL DISCLOSURE ITEMS FOR REGULATION AB
Item 1112(b) of Regulation AB, Significant Obligor 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.
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)(2) filing dated February 1, 2024.
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

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ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
Item 15. Exhibits, Financial Statement Schedules.
(a) Exhibits.
(4.1) Pooling and Servicing Agreement, dated as of February 1, 2024, between Morgan Stanley Capital I Inc., as depositor, Wells Fargo Bank, National Association, as master servicer, K-Star Asset Management LLC, as special servicer, Computershare Trust Company, National Association, as certificate administrator and as trustee, and Park Bridge Lender Services LLC, as operating advisor and as asset representations reviewer (filed as Exhibit 4.1 to the registrant's Current Report on Form 8-K/A filed on March 19, 2025 under SEC File No. 333-259741-07 and incorporated by reference herein).
(4.2) Trust and Servicing Agreement, dated as of December 12, 2023, between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Berkadia Commercial Mortgage LLC, as master servicer, Situs Holdings, LLC, as special servicer, and Computershare Trust Company, National Association, as trustee, certificate administrator and custodian, relating to the TYSN 2023-CRNR securitization transaction, pursuant to which the Tysons Corner Center Mortgage Loan is serviced (filed as Exhibit 4.2 to the registrant's Current Report on Form 8-K filed on February 1, 2024 under SEC File No. 333-259741-07 and incorporated by reference herein).
(4.3) Pooling and Servicing Agreement, dated as of December 1, 2023, between Wells Fargo Commercial Mortgage Securities, Inc., as depositor, Wells Fargo Bank, National Association, as master servicer, KeyBank National Association, as special servicer, Computershare Trust Company, N.A., as certificate administrator and as trustee, and Park Bridge Lender Services LLC, as operating advisor and as asset representations reviewer, relating to the BANK5 2023-5YR4 securitization transaction, pursuant to which the Nvidia Santa Clara Mortgage Loan is serviced (filed as Exhibit 4.3 to the registrant's Current Report on Form 8-K filed on February 1, 2024 under SEC File No. 333-259741-07 and incorporated by reference herein).
(4.4) Pooling and Servicing Agreement, dated as of February 1, 2024, between BMO Commercial Mortgage Securities LLC, as depositor, Wells Fargo Bank, National Association, as master servicer, Greystone Servicing Company LLC, as special servicer, Computershare Trust Company, National Association, as certificate administrator and as trustee, and Park Bridge Lender Services LLC, as operating advisor and as asset representations reviewer, relating to the BMO 2024-5C3 securitization transaction, pursuant to which the 33 West State Street and 50 East State Street Mortgage Loan is serviced (filed as Exhibit 4.4 to the registrant's Current Report on Form 8-K filed on February 1, 2024 under SEC File No. 333-259741-07 and incorporated by reference herein).
(31) Rule 13a-14(d)/15d-14(d) Certification.
(33) Reports on assessment of compliance with servicing criteria for asset-backed securities.
33.1 Computershare Trust Company, National Association, as Certificate Administrator
33.2 Computershare Trust Company, National Association, as Custodian
33.3 Wells Fargo Bank, National Association, as Master Servicer
33.4 K-Star Asset Management LLC, as Special Servicer
33.5 Park Bridge Lender Services LLC, as Operating Advisor
33.6 CoreLogic Solutions, LLC, as Servicing Function Participant
33.7 Berkadia Commercial Mortgage LLC, as Master Servicer under the TYSN 2023-CRNR securitization, pursuant to which the following mortgage loans were serviced by such party: Tysons Corner Center (from 2/14/24 to 12/31/24)
33.8 Wells Fargo Bank, National Association, as Master Servicer under the BANK5 2023-5YR4 securitization, pursuant to which the following mortgage loans were serviced by such party: Nvidia Santa Clara (from 2/14/24 to the date of repayment) (see Exhibit 33.3)
33.9 CoreLogic Solutions, LLC, as Servicing Function Participant under the BANK5 2023-5YR4 securitization, pursuant to which the following mortgage loans were serviced by such party: Nvidia Santa Clara (from 2/14/24 to the date of repayment) (see Exhibit 33.6)
33.10 Midland Loan Services, a Division of PNC Bank, National Association, as Servicing Function Participant under the BANK5 2023-5YR4 securitization, pursuant to which the following mortgage loans were serviced by such party: Nvidia Santa Clara (from 2/14/24 to the date of repayment)
33.11 Wells Fargo Bank, National Association, as Master Servicer under the BMO 2024-5C3 securitization, pursuant to which the following mortgage loans were serviced by such party: 33 West State Street and 50 East State Street (from 2/14/24 to 12/31/24) (see Exhibit 33.3)
33.12 CoreLogic Solutions, LLC, as Servicing Function Participant under the BMO 2024-5C3 securitization, pursuant to which the following mortgage loans were serviced by such party: 33 West State Street and 50 East State Street (from 2/14/24 to 12/31/24) (see Exhibit 33.6)
33.13 Situs Holdings, LLC, as Special Servicer under the TYSN 2023-CRNR securitization, pursuant to which the following mortgage loans were serviced by such party: Tysons Corner Center (from 2/14/24 to 12/31/24)
33.14 KeyBank National Association, as Special Servicer under the BANK5 2023-5YR4 securitization, pursuant to which the following mortgage loans were serviced by such party: Nvidia Santa Clara (from 2/14/24 to the date of repayment)
33.15 Greystone Servicing Company LLC, as Special Servicer under the BMO 2024-5C3 securitization, pursuant to which the following mortgage loans were serviced by such party: 33 West State Street and 50 East State Street (from 2/14/24 to 12/31/24)
33.16 Computershare Trust Company, National Association, as Custodian under the TYSN 2023-CRNR securitization, pursuant to which the following mortgage loans were serviced by such party: Tysons Corner Center (from 2/14/24 to 12/31/24) (see Exhibit 33.2)
33.17 Computershare Trust Company, National Association, as Custodian under the BANK5 2023-5YR4 securitization, pursuant to which the following mortgage loans were serviced by such party: Nvidia Santa Clara (from 2/14/24 to the date of repayment) (see Exhibit 33.2)
33.18 Computershare Trust Company, National Association, as Custodian under the BMO 2024-5C3 securitization, pursuant to which the following mortgage loans were serviced by such party: 33 West State Street and 50 East State Street (from 2/14/24 to 12/31/24) (see Exhibit 33.2)
(34) Attestation reports on assessment of compliance with servicing criteria for asset-backed securities.
34.1 Computershare Trust Company, National Association, as Certificate Administrator
34.2 Computershare Trust Company, National Association, as Custodian
34.3 Wells Fargo Bank, National Association, as Master Servicer
34.4 K-Star Asset Management LLC, as Special Servicer
34.5 Park Bridge Lender Services LLC, as Operating Advisor
34.6 CoreLogic Solutions, LLC, as Servicing Function Participant
34.7 Berkadia Commercial Mortgage LLC, as Master Servicer under the TYSN 2023-CRNR securitization, pursuant to which the following mortgage loans were serviced by such party: Tysons Corner Center (from 2/14/24 to 12/31/24)
34.8 Wells Fargo Bank, National Association, as Master Servicer under the BANK5 2023-5YR4 securitization, pursuant to which the following mortgage loans were serviced by such party: Nvidia Santa Clara (from 2/14/24 to the date of repayment) (see Exhibit 34.3)
34.9 CoreLogic Solutions, LLC, as Servicing Function Participant under the BANK5 2023-5YR4 securitization, pursuant to which the following mortgage loans were serviced by such party: Nvidia Santa Clara (from 2/14/24 to the date of repayment) (see Exhibit 34.6)
34.10 Midland Loan Services, a Division of PNC Bank, National Association, as Servicing Function Participant under the BANK5 2023-5YR4 securitization, pursuant to which the following mortgage loans were serviced by such party: Nvidia Santa Clara (from 2/14/24 to the date of repayment)
34.11 Wells Fargo Bank, National Association, as Master Servicer under the BMO 2024-5C3 securitization, pursuant to which the following mortgage loans were serviced by such party: 33 West State Street and 50 East State Street (from 2/14/24 to 12/31/24) (see Exhibit 34.3)
34.12 CoreLogic Solutions, LLC, as Servicing Function Participant under the BMO 2024-5C3 securitization, pursuant to which the following mortgage loans were serviced by such party: 33 West State Street and 50 East State Street (from 2/14/24 to 12/31/24) (see Exhibit 34.6)
34.13 Situs Holdings, LLC, as Special Servicer under the TYSN 2023-CRNR securitization, pursuant to which the following mortgage loans were serviced by such party: Tysons Corner Center (from 2/14/24 to 12/31/24)
34.14 KeyBank National Association, as Special Servicer under the BANK5 2023-5YR4 securitization, pursuant to which the following mortgage loans were serviced by such party: Nvidia Santa Clara (from 2/14/24 to the date of repayment)
34.15 Greystone Servicing Company LLC, as Special Servicer under the BMO 2024-5C3 securitization, pursuant to which the following mortgage loans were serviced by such party: 33 West State Street and 50 East State Street (from 2/14/24 to 12/31/24)
34.16 Computershare Trust Company, National Association, as Custodian under the TYSN 2023-CRNR securitization, pursuant to which the following mortgage loans were serviced by such party: Tysons Corner Center (from 2/14/24 to 12/31/24) (see Exhibit 34.2)
34.17 Computershare Trust Company, National Association, as Custodian under the BANK5 2023-5YR4 securitization, pursuant to which the following mortgage loans were serviced by such party: Nvidia Santa Clara (from 2/14/24 to the date of repayment) (see Exhibit 34.2)
34.18 Computershare Trust Company, National Association, as Custodian under the BMO 2024-5C3 securitization, pursuant to which the following mortgage loans were serviced by such party: 33 West State Street and 50 East State Street (from 2/14/24 to 12/31/24) (see Exhibit 34.2)
(35) Servicer compliance statement.
35.1 Computershare Trust Company, National Association, as Certificate Administrator
35.2 Computershare Trust Company, National Association, as Custodian
35.3 Wells Fargo Bank, National Association, as Master Servicer
35.4 K-Star Asset Management LLC, as Special Servicer
35.5 Berkadia Commercial Mortgage LLC, as Master Servicer under the TYSN 2023-CRNR securitization, pursuant to which the following mortgage loans were serviced by such party: Tysons Corner Center (from 2/14/24 to 12/31/24)
35.6 Wells Fargo Bank, National Association, as Master Servicer under the BANK5 2023-5YR4 securitization, pursuant to which the following mortgage loans were serviced by such party: Nvidia Santa Clara (from 2/14/24 to the date of repayment) (see Exhibit 35.3)
35.7 Wells Fargo Bank, National Association, as Master Servicer under the BMO 2024-5C3 securitization, pursuant to which the following mortgage loans were serviced by such party: 33 West State Street and 50 East State Street (from 2/14/24 to 12/31/24) (see Exhibit 35.3)
35.8 Situs Holdings, LLC, as Special Servicer under the TYSN 2023-CRNR securitization, pursuant to which the following mortgage loans were serviced by such party: Tysons Corner Center (from 2/14/24 to 12/31/24)
35.9 Computershare Trust Company, National Association, as Custodian under the TYSN 2023-CRNR securitization, pursuant to which the following mortgage loans were serviced by such party: Tysons Corner Center (from 2/14/24 to 12/31/24) (see Exhibit 35.2)
35.10 Computershare Trust Company, National Association, as Custodian under the BANK5 2023-5YR4 securitization, pursuant to which the following mortgage loans were serviced by such party: Nvidia Santa Clara (from 2/14/24 to the date of repayment) (see Exhibit 35.2)
35.11 Computershare Trust Company, National Association, as Custodian under the BMO 2024-5C3 securitization, pursuant to which the following mortgage loans were serviced by such party: 33 West State Street and 50 East State Street (from 2/14/24 to 12/31/24) (see Exhibit 35.2)
(99.1) Mortgage Loan Purchase Agreement, dated as of January 30, 2024, 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 February 1, 2024 under SEC File No. 333-259741-07 and incorporated by reference herein).
(99.2) Mortgage Loan Purchase Agreement, dated as of January 30, 2024, between Morgan Stanley Capital I Inc. and Wells Fargo Bank, National Association (filed as Exhibit 99.2 to the registrant's Current Report on Form 8-K filed on February 1, 2024 under SEC File No. 333-259741-07 and incorporated by reference herein).
(99.3) Mortgage Loan Purchase Agreement, dated as of January 30, 2024, between Morgan Stanley Capital I Inc. and JPMorgan Chase Bank, National Association (filed as Exhibit 99.3 to the registrant's Current Report on Form 8-K filed on February 1, 2024 under SEC File No. 333-259741-07 and incorporated by reference herein).
(99.4) Mortgage Loan Purchase Agreement, dated as of January 30, 2024, between Morgan Stanley Capital I Inc. and Bank of America, National Association (filed as Exhibit 99.4 to the registrant's Current Report on Form 8-K filed on February 1, 2024 under SEC File No. 333-259741-07 and incorporated by reference herein).
(99.5) Co-Lender Agreement, dated as of December 12, 2023, by and between Deutsche Bank AG, New York Branch, as initial note A holder, Bank of Montreal, as initial note A holder, JPMorgan Chase Bank, National Association, as initial note A holder, and Goldman Sachs Bank USA, as initial note A holder, relating to the Tysons Corner Center loan combination (filed as Exhibit 99.5 to the registrant's Current Report on Form 8-K filed on February 1, 2024 under SEC File No. 333-259741-07 and incorporated by reference herein).
(99.6) Co-Lender Agreement, dated as of January 17, 2024, by and between Wells Fargo Bank, National Association, as initial note A-1 holder, and Wells Fargo Bank, National Association, as initial note A-2 holder, relating to the 11755 Wilshire loan combination (filed as Exhibit 99.6 to the registrant's Current Report on Form 8-K filed on February 1, 2024 under SEC File No. 333-259741-07 and incorporated by reference herein).
(99.7) Co-Lender Agreement, dated as of November 17, 2023, by and among JPMorgan Chase Bank, National Association, as initial note A-1 holder, JPMorgan Chase Bank, National Association, as initial note A-2 holder, JPMorgan Chase Bank, National Association, as initial note A-3 holder, JPMorgan Chase Bank, National Association, as initial note A-4 holder, and JPMorgan Chase Bank, National Association, as initial note A-5 holder, relating to the Nvidia Santa Clara loan combination (filed as Exhibit 99.7 to the registrant's Current Report on Form 8-K filed on February 1, 2024 under SEC File No. 333-259741-07 and incorporated by reference herein).
(99.8) Co-Lender Agreement, dated as of January 17, 2024, by and between Citi Real Estate Funding Inc., as initial note A-1 holder, and Morgan Stanley Bank, N.A., as initial note A-2 holder, relating to the 33 West State Street and 50 East State Street loan combination (filed as Exhibit 99.8 to the registrant's Current Report on Form 8-K filed on February 1, 2024 under SEC File No. 333-259741-07 and incorporated by reference herein).
(99.9) Co-Lender Agreement, dated as of January 19, 2024, by and between Wells Fargo Bank, National Association, as initial note A-1 holder, and Citi Real Estate Funding Inc., as initial note A-2 holder, relating to the Timber Creek Crossing loan combination (filed as Exhibit 99.9 to the registrant's Current Report on Form 8-K filed on February 1, 2024 under SEC File No. 333-259741-07 and incorporated by reference herein).
(b) See (a) above.
(c) Not Applicable.