Form 8-K Wells Fargo Commercial For: Mar 31
Tweet
Share
E-mailUNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): March 31, 2015
| Wells Fargo Commercial Mortgage Trust 2015-LC20 |
(Exact name of Issuing Entity)
| Wells Fargo Commercial Mortgage Securities, Inc. |
| Ladder Capital Finance LLC | ||
| Wells Fargo Bank, National Association | ||
|
Silverpeak Real Estate Finance LLC
|
||
(Exact Names of the Sponsors as Specified in their Charters)
|
North Carolina
|
333-195164-06
|
56-1643598
|
||||||
|
(State or Other Jurisdiction of
|
(Commission File Number)
|
(I.R.S. Employer Identification No.)
|
||||||
| Incorporation) | ||||||||
| 301 South College Street, Charlotte, North Carolina | 28288-1066 | ||
| (Address of Principal Executive Offices) | (ZIP Code) |
Registrant’s telephone number, including area code (704) 374-6161
| 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 following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01. Other Events.
On March 31, 2015, Wells Fargo Commercial Mortgage Securities, Inc. (the “Registrant”) caused the issuance, pursuant to a Pooling and Servicing Agreement, dated as of March 1, 2015 (the “Pooling and Servicing Agreement”), between the Registrant, as depositor, Wells Fargo Bank, National Association, as master servicer, Rialto Capital Advisors, LLC, as special servicer, Trimont Real Estate Advisors, Inc., as trust advisor, Wells Fargo Bank, National Association, as certificate administrator, as tax administrator and as custodian, and Wilmington Trust, National Association, as trustee, of the Wells Fargo Commercial Mortgage Trust 2015-LC20, Commercial Mortgage Pass-Through Certificates, Series 2015-LC20 (the “Certificates”). The Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB, Class A-S, Class X-A, Class X-B, Class B, Class C and Class PEX Certificates (collectively, the “Publicly Offered Certificates”) were sold to Wells Fargo Securities, LLC, Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc., as underwriters (collectively, in such capacities, the “Underwriters”), pursuant to an Underwriting Agreement, dated as of March 25, 2015, between the Registrant, Wells Fargo Bank, National Association, and the Underwriters.
On March 31, 2015, the Class X-E, Class X-F, Class X-G, Class D, Class E, Class F, Class G, Class V and Class R Certificates (collectively, the “Privately Offered Certificates”) were sold to Wells Fargo Securities, LLC, Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc., as initial purchasers (collectively, in such capacities, the “Initial Purchasers”), pursuant to a Certificate Purchase Agreement, dated as of March 25, 2015, between the Registrant, Wells Fargo Bank, National Association, and the Initial Purchasers. The Privately Offered Certificates were sold in transactions exempt from registration under the Securities Act of 1933, as amended.
The Certificates represent, in the aggregate, the entire beneficial ownership in Wells Fargo Commercial Mortgage Trust 2015-LC20, a common law trust fund formed on March 31, 2015 under the laws of the State of New York pursuant to the Pooling and Servicing Agreement. The Issuing Entity’s primary assets are sixty-eight (68) commercial, multifamily and manufactured housing community mortgage loans (the “Mortgage Loans”). The net proceeds of the sale of the Certificates were applied to the purchase of the Mortgage Loans by the Registrant from Ladder Capital Finance LLC, Wells Fargo Bank, National Association and Silverpeak Real Estate Finance LLC.
The Registrant sold all of the Publicly Offered Certificates, having an aggregate certificate principal balance of $711,402,000, on March 31, 2015. The net proceeds of the offering to the Registrant of the issuance of the Publicly Offered Certificates, after deducting expenses payable by the Registrant of $7,008,380, were approximately $783,943,251. Of the expenses paid by the Registrant, approximately $505,066 were paid directly to affiliates of the Registrant, $2,509,617 in the form of fees were paid to the Underwriters, $489,661 were paid to or for the Underwriters and $3,503,996 were other expenses. All of the foregoing expense amounts are the Registrant’s reasonable estimates of such expenses. No underwriting discounts and commissions or finder’s fees were paid by the Registrant; the Publicly Offered Certificates were offered by the Underwriters for sale to the public in negotiated transactions or otherwise at varying prices determined at the time of sale. The Registrant also sold to the Initial Purchasers on such date the Privately Offered Certificates, having an aggregate principal amount of $118,222,316, in each case in private placement transactions exempt from registration under the Securities Act of 1933, as amended, pursuant to Section 4(2) of the Act. Further information regarding such sales has been previously provided on the Registrant’s Current Report on Form 8-K, filed March 31, 2015 (including, as to the price per class of Publicly Offered Certificates, on Schedule I to the Underwriting Agreement filed as an exhibit thereto) and in its Prospectus Supplement, dated March 27, 2015, to the accompanying Prospectus, dated January 28, 2015. The related registration statement (file no. 333-195164) was originally declared effective on June 25, 2014.
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 as an exhibit to this report.
2
| (d) | Exhibits: |
| 5.1 | Legality Opinion of Sidley Austin LLP, dated March 31, 2015. |
| 8.1 | Tax Opinion of Sidley Austin LLP, dated March 31, 2015 (included as part of Exhibit 5.1). |
| 23.1 |
Consent of Sidley Austin LLP (included as part of Exhibit 5.1).
|
3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| WELLS FARGO COMMERCIAL MORTGAGE SECURITIES, INC. |
|||
|
|
By:
|
/s/ Matthew Orrino | |
| Name: Matthew Orrino | |||
| Title: Director | |||
Dated: March 31, 2015
4
Exhibit Index
| Exhibit No. | Description | ||
| 5.1 | Legality Opinion of Sidley Austin LLP, dated March 31, 2015. | ||
| 8.1 | Tax Opinion of Sidley Austin LLP, dated March 31, 2015 (included as part of Exhibit 5.1). | ||
| 23.1 | Consent of Sidley Austin LLP (included as part of Exhibit 5.1). | ||
5
Exhibit 5.1
 |
NEW YORK, NY 10019
|
BEIJING
BOSTON
BRUSSELS
CHICAGO
DALLAS
GENEVA
|
HONG KONG
HOUSTON
LONDON
LOS ANGELES
NEW YORK
PALO ALTO
|
SAN FRANCISCO
SHANGHAI SINGAPORE
SYDNEY
TOKYO
WASHINGTON, D.C.
|
||
|
FOUNDED 1866
|
March 31, 2015
Wells Fargo Commercial Mortgage Securities, Inc.
375 Park Avenue, 2nd Floor
New York, New York 10152
|
|
Re:
|
Wells Fargo Commercial Mortgage Trust 2015-LC20
|
|
|
Commercial Mortgage Pass-Through Certificates, Series 2015-LC20
|
Ladies and Gentlemen:
We have acted as counsel to Wells Fargo Commercial Mortgage Securities, Inc., a North Carolina corporation (the “Depositor”), in connection with the issuance of approximately $829,624,316 aggregate principal balance of Commercial Mortgage Pass-Through Certificates, Series 2015-LC20, Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB, Class A-S, Class X-A, Class X-B, Class B, Class C and Class PEX Certificates (collectively, the “Registered Certificates”), Class X-E, Class X-F, Class X-G, Class D, Class E, Class F, Class G, Class V and Class R Certificates, pursuant to the Pooling and Servicing Agreement, dated as of March 1, 2015 (the “Pooling and Servicing Agreement”), between the Depositor, as depositor, Wells Fargo Bank, National Association, as master servicer, Rialto Capital Advisors, LLC, as special servicer, Trimont Real Estate Advisors, Inc., as trust advisor, Wells Fargo Bank, National Association, as certificate administrator, as tax administrator and as custodian, and Wilmington Trust, National Association, as trustee.
For purposes of rendering this opinion letter, we have reviewed:
(i) the Registration Statement on Form S-3 (Registration No. 333-195164) relating to the Registered Certificates (the “Registration Statement”), filed with the Securities and Exchange Commission (the “Commission”) under the Securities Act of 1933, as amended (the “Act”), on June 17, 2014;
(ii) the Prospectus, dated January 28, 2015 (the “Base Prospectus”) and the Prospectus Supplement, dated March 27, 2015 (the “Prospectus Supplement”), relating to the Registered Certificates;
(iii) the Underwriting Agreement, dated as of March 25, 2015 (the “Underwriting Agreement”), between the Depositor, Wells Fargo Bank, National Association, Wells Fargo Securities, LLC, Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. (collectively, the “Underwriters”);
Sidley Austin (NY) LLP is a Delaware limited liability partnership doing business as Sidley Austin LLP and practicing in affiliation with other Sidley Austin partnerships.
|
WELLS FARGO COMMERCIAL MORTGAGE TRUST 2015-LC20
MARCH 31, 2015
PAGE 2
|
NEW YORK
|
(iv) evidence satisfactory to us with respect to the effectiveness of the Registration Statement under the Act; and
(v) the forms of the Registered Certificates attached as exhibits to the Pooling and Servicing Agreement.
In connection with the foregoing, we have examined originals, or copies certified or otherwise identified to our satisfaction, of such documents, corporate records and other instruments as we deemed necessary for the purposes of this opinion letter. In our examination, we have assumed the following: (a) the genuineness of all signatures; (b) the legal capacity of natural persons; (c) the authenticity of all documents submitted to us as originals; (d) the conformity to original documents of all documents submitted to us as certified or photostatic copies and the authenticity of the originals of such documents; (e) the conformity of the text of each document filed with the Commission through its Electronic Data Gathering, Analysis and Retrieval System to the printed documents reviewed by us; and (f) the truth, accuracy and completeness of the information, representations and warranties contained in the records, documents, instruments and certificates that we have reviewed. As to any facts material to the opinions expressed herein that were not known to us, we have relied upon certificates, statements and representations of officers and other representatives of the Depositor and others.
Our opinions set forth below are subject to: (1) general principles of equity, including concepts of materiality, reasonableness, good faith and fair dealing and the doctrine of estoppel; (2) the possible unavailability of specific performance and injunctive relief, regardless of whether considered in a proceeding in equity or at law; (3) the effect of certain laws, rules, regulations and judicial and other decisions upon enforceability; (4) bankruptcy, insolvency, receivership, reorganization, liquidation, voidable preference, fraudulent conveyance and transfer, moratorium and other similar laws affecting the rights of creditors or secured parties generally and the effect of, to the extent applicable, the rights of creditors or of secured creditors of national banks or of “financial companies” (as defined in Section 201 of the Dodd-Frank Wall Street Reform and Consumer Protection Act) or their affiliates; and (5) public policy considerations underlying the securities laws, to the extent that such public policy considerations limit the enforceability of any provision of any agreement that purports or is construed to provide indemnification with respect to securities law violations.
|
WELLS FARGO COMMERCIAL MORTGAGE TRUST 2015-LC20
MARCH 31, 2015
PAGE 3
|
NEW YORK
|
Based upon and subject to the foregoing, we are of the opinion that—
A. The Registered Certificates, when duly and validly executed and authenticated in accordance with the terms of the Pooling and Servicing Agreement, and when delivered and paid for by the Underwriters pursuant to the Underwriting Agreement, will be validly issued and outstanding, fully paid and non-assessable and entitled to the benefits provided by the Pooling and Servicing Agreement.
B. The descriptions set forth under the caption “Material Federal Income Tax Consequences” in the Base Prospectus and “Material Federal Income Tax Consequences” in the Prospectus Supplement, although they do not discuss all federal income tax consequences that may be applicable to the individual circumstances of particular investors (some of which may be subject to special treatment under the Internal Revenue Code of 1986), otherwise correctly describe, as of the date hereof, the material aspects of the federal income tax treatment of an investment in the Registered Certificates commonly applicable to investors that are U.S. Persons (as defined in Annex D attached to the Prospectus Supplement) and, where expressly indicated therein, to investors that are not U.S. Persons. We also hereby confirm the opinion expressly set forth under such headings as our opinion.
We hereby consent to the filing of this opinion letter as an exhibit to the Registration Statement and to the discussion of our opinions set forth in this opinion letter under the headings “Legal Matters” and “Material Federal Income Tax Consequences” in the Base Prospectus and “Legal Matters” and “Material Federal Income Tax Consequences” in the Prospectus Supplement. In giving such consent, we do not consider that we are “experts”, within the meaning of the term as used in the Act or the rules and regulations of the Commission issued thereunder, with respect to any part of the Registration Statement, including this opinion letter as an exhibit or otherwise.
We express no opinion as to any laws other than the federal laws of the United States of America and the laws of the State of New York. We do not express any opinion, either implicitly or otherwise, on any issue not expressly addressed above. We express no opinion with respect to any Series of Certificates for which we do not act as counsel to the Depositor.
|
Very truly yours,
|
|
| /s/ Sidley Austin LLP |
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Wells Fargo Upgrades Neurocrine Bio. (NBIX) to Overweight 'as the Company is Knocking on the Doors of the Large-Cap Club'
- Boston Scientific (BSX) PT Raised to $82 at Wells Fargo
- AZZ, Inc. (AZZ) Announces Proposed 4M Share Offering
Create E-mail Alert Related Categories
SEC FilingsRelated Entities
Wells FargoSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
