CITIGROUP COMMERCIAL MORTGAGE TRUST 2014-GC21 FORM 10K MAR 2024

 UNITED
STATES

 SECURITIES
AND EXCHANGE COMMISSION

 Washington,
D.C. 20549

 FORM 10-K

 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 _____________

 333-189017-04

 (Commission File Number of Issuing entity)

 0001605257

 (Central Index Key Number of issuing entity)

 Citigroup
Commercial Mortgage Trust 2014-GC21

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

 333-189017

 (Commission File Number of depositor)

 0001258361

 (Central Index Key Number of depositor)

 Citigroup Commercial Mortgage Securities
Inc.

 (Exact name of depositor as specified in
its charter)

 Citigroup Global Markets Realty Corp.

 (Central Index Key Number: 0001541001)

 Goldman Sachs Mortgage Company

 (Central Index Key Number: 0001541502)

 Cantor Commercial Real Estate Lending,
L.P.

 (Central Index Key Number: 0001558761)

 MC-Five Mile Commercial Mortgage Finance
LLC

 (Central Index Key Number: 0001576832)

 RAIT Funding, LLC

 (Central Index Key Number: 0001587045)

 Redwood Commercial Mortgage Corporation

 (Central Index Key Number: 0001567746)

 (Exact name of sponsor(s) as specified in
its charter)

 New York

 (State or other jurisdiction of incorporation
or organization of the issuing entity)

 47-1127194

 47-1138900

 47-6309337

 (I.R.S. Employer Identification No.)

 c/o U.S. Bank National Association

 190 S. LaSalle Street 7th Floor Chicago,
Illinois 60603

 (Address of principal executive offices
of issuing entity)

 (312) 332-7464

 Registrant's telephone number, including
area code

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

 Title of each class

 Trading Symbol(s)

 Name of each exchange on which
 registered

 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

 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 (§
232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit
such files).

 Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an 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.

 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.

 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.

 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.

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

 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).

 EXPLANATORY NOTES

 1. The Greene Town
Center mortgage loan, which represented approximately 4.5% of the initial pool balance of the issuing entity, is part of a loan
combination comprised of the subject mortgage loan included in the issuing entity and a pari passu companion loan that is held
outside the issuing entity. The Greene Town Center mortgage loan and the related companion loan are serviced pursuant to the GS
2014-GC20 PSA.

 2. Pursuant to Instruction
3 to Item 1122 of Regulation AB, the reports on assessment of compliance with servicing criteria and attestation reports on assessment
of compliance with servicing criteria of (i) KeyBank National Association, as master servicer under the GS 2014-GC20 PSA pursuant
to which the Greene Towne Center mortgage loan is serviced and (ii) Trimont Real Estate Advisors, Inc., as operating advisor for
the Greene Towne Center mortgage loan under the GS 2014-GC20 PSA, are not included in this report on Form 10-K because each of
KeyBank National Association and Trimont Real Estate Advisors, Inc. performed activities that address the servicing criteria specified
in Item 1122(d) of Regulation AB with respect to 5% or less of the pool assets of the issuing entity. This annual report on Form
10-K does not include the report on assessment of compliance with servicing criteria and attestation report on assessment of compliance
with servicing criteria of Wells Fargo Bank, National Association as certificate administrator under the GS 2014-GC20 PSA, because
the certificate administrator under such pooling and servicing agreement does not perform any activities that address the servicing
criteria specified in Item 1122(d) of Regulation AB with respect to the issuing entity.

 3. This report on Form
10-K does not include the servicer compliance statement of KeyBank National Association, as master servicer under the GS 2014-GC20
PSA pursuant to which the Greene Towne Center mortgage loan is serviced, because KeyBank National Association is an unaffiliated
party that services less than 10% of the pool assets of the issuing entity, and therefore is not a "servicer" that
meets the criteria in Item 1108(a)(2)(i) through (iii) of Regulation AB. This annual report on Form 10-K does not include the servicer
compliance statement of Wells Fargo Bank, National Association, as certificate administrator under the GS 2014-GC20 PSA, because
the certificate administrator under the GS 2014-GC20 PSA is not a "servicer" that meets the criteria in Item 1108(a)(2)(i)
through (iii) of Regulation AB with respect to the issuing entity.

 Item 1. Business.

 Item 1A. Risk Factors.

 Item 1B. Unresolved Staff Comments.

 None.

 Item
1C. Cybersecurity.

 Item 2. Properties.

 Item 3. Legal Proceedings.

 Item 4. Mine Safety Disclosures.

 Not Applicable.

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

 Item 6. Selected Financial Data.

 Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operation.

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

 Item 8. Financial Statements and Supplementary Data.

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

 Item 9A. Controls and Procedures.

 Item 9B. Other Information.

 None.

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

 Not applicable.

 Item 10. Directors and Executive Officers and Corporate Governance.

 Item 11. Executive Compensation.

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

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

 Item 14. Principal Accounting Fees and Services.

 ADDITIONAL DISCLOSURE ITEMS REQUIRED
BY GENERAL INSTRUCTION J(2)

 Item 1112(b) of Regulation AB.

 The mortgaged property securing the Maine Mall mortgage loan
constitutes a significant obligor within the meaning of Item 1101(k)(2) of Regulation AB and as disclosed in the Prospectus
Supplement for Citigroup Commercial Mortgage Trust 2014-GC21 filed on May 22, 2014. With respect to the mortgaged property securing
the Maine Mall mortgage loan, the unaudited net operating income was $17,496,770 for the period January 1, 2023 through December
31, 2023.

 Item 1114(b)(2) and Item 1115(b) of Regulation AB.

 No entity or group of affiliated entities provides any external
credit enhancement, uses any derivative instruments or other support for the certificates within this transaction.

 Item 1117 of Regulation AB.

 Disclosure from U.S. Bank National Association, as Trustee and
Certificate Administrator:

 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.

 Provided previously in the prospectus supplement of the Registrant
relating to the issuing entity and filed on May 22, 2014 pursuant to Rule 424(b)(5) of the Securities Act of 1933, as amended.

 Item 1122 of Regulation AB.

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

 Item 1123 of Regulation AB.

 The servicer compliance statements are attached hereto under
Item 15.

 Item 15. Exhibits, Financial Statement Schedules.

 (a) List the following documents filed as a part of the report:

 (1) Not applicable

 (2) Not applicable

 (3) Exhibits listed below are either included or incorporated
by reference as indicated below:

 Exhibit Number

 Description.

 4.1

 Pooling and Servicing Agreement, dated as of May 1, 2014, between Citigroup Commercial Mortgage Securities Inc., as depositor, Wells Fargo Bank, National Association, as master servicer, LNR Partners, LLC, as special servicer, U.S. Bank National Association, as certificate administrator and trustee, and Park Bridge Lender Services LLC, as operating advisor (filed as Exhibit 4.1 to the registrant's Current Report on Form 8-K dated May 22, 2014, and filed by the registrant on May 22, 2014 under Commission File No. 333-189017-04, and is incorporated by reference herein).

 4.2

 Pooling and Servicing Agreement, dated as of April 1, 2014 (the "GS 2014-GC20 PSA"), between GS Mortgage Securities Corporation II, as depositor, KeyBank National Association, as master servicer, LNR Partners, LLC, as special servicer, Wells Fargo Bank, National Association, as trustee and certificate administrator, and Trimont Real Estate Advisors, Inc., as operating advisor (filed as Exhibit 4.3 to the registrant's Current Report on Form 8-K dated May 22, 2014, and filed by the registrant on May 22, 2014 under Commission File No. 333-189017-04, and is incorporated by reference herein). (see Explanatory Note #1)

 10.1

 Mortgage Loan Purchase Agreement, dated as of May 1, 2014, between Citigroup Global Markets Realty Corp. and Citigroup Commercial Mortgage Securities Inc., pursuant to which Citigroup Global Markets Realty Corp. sold certain mortgage loans to Citigroup Commercial Mortgage Securities Inc. (filed as Exhibit 10.1 to the registrant's Current Report on Form 8-K dated May 22, 2014, and filed by the registrant on May 22, 2014 under Commission File No. 333-189017-04, and is incorporated by reference herein).

 10.2

 Mortgage Loan Purchase Agreement, dated as of May 1, 2014, between Goldman Sachs Mortgage Company and Citigroup Commercial Mortgage Securities Inc., pursuant to which Goldman Sachs Mortgage Company sold certain mortgage loans to Citigroup Commercial Mortgage Securities Inc. (filed as Exhibit 10.2 to the registrant's Current Report on Form 8-K dated May 22, 2014, and filed by the registrant on May 22, 2014 under Commission File No. 333-189017-04, and is incorporated by reference herein).

 10.3

 Mortgage Loan Purchase Agreement, dated as of May 1, 2014, between Cantor Commercial Real Estate Lending, L.P. and Citigroup Commercial Mortgage Securities Inc., pursuant to which Cantor Commercial Real Estate Lending, L.P. sold certain mortgage loans to Citigroup Commercial Mortgage Securities Inc. (filed as Exhibit 10.3 to the registrant's Current Report on Form 8-K dated May 22, 2014, and filed by the registrant on May 22, 2014 under Commission File No. 333-189017-04, and is incorporated by reference herein).

 10.4

 Mortgage Loan Purchase Agreement, dated as of May 1, 2014, between MC-Five Mile Commercial Mortgage Finance LLC and Citigroup Commercial Mortgage Securities Inc., pursuant to which MC-Five Mile Commercial Mortgage Finance LLC sold certain mortgage loans to Citigroup Commercial Mortgage Securities Inc. (filed as Exhibit 10.4 to the registrant's Current Report on Form 8-K dated May 22, 2014, and filed by the registrant on May 22, 2014 under Commission File No. 333-189017-04, and is incorporated by reference herein).

 10.5

 Mortgage Loan Purchase Agreement, dated as of May 1, 2014, between RAIT Funding, LLC and Citigroup Commercial Mortgage Securities Inc., pursuant to which RAIT Funding, LLC sold certain mortgage loans to Citigroup Commercial Mortgage Securities Inc. (filed as Exhibit 10.5 to the registrant's Current Report on Form 8-K dated May 22, 2014, and filed by the registrant on May 22, 2014 under Commission File No. 333-189017-04, and is incorporated by reference herein).

 10.6

 Mortgage Loan Purchase Agreement, dated as of May 1, 2014, between Redwood Commercial Mortgage Corporation and Citigroup Commercial Mortgage Securities Inc., pursuant to which Redwood Commercial Mortgage Corporation sold certain mortgage loans to Citigroup Commercial Mortgage Securities Inc. (filed as Exhibit 10.6 to the registrant's Current Report on Form 8-K dated May 22, 2014, and filed by the registrant on May 22, 2014 under Commission File No. 333-189017-04, and is incorporated by reference herein).

 Rule 13a-14(d)/15d-14(d) Certifications

 Reports on assessment of compliance with servicing criteria for asset-backed securities. (see Explanatory Note #2)

 33.1

 Report on assessment of compliance with servicing criteria for asset-backed securities, Wells Fargo Bank, National Association, as master servicer

 33.2

 Report on assessment of compliance with servicing criteria for asset-backed securities, LNR Partners, LLC, as special servicer

 33.3

 Report on assessment of compliance with servicing criteria for asset-backed securities, Park Bridge Lender Services LLC, as operating advisor

 33.4

 Report on assessment of compliance with servicing criteria for asset-backed securities, U.S. Bank National Association, as certificate administrator and trustee

 33.5

 Report on assessment of compliance with servicing criteria for asset-backed securities, CoreLogic Solutions, LLC, as servicing function participant

 33.6

 Report on assessment of compliance with servicing criteria for asset-backed securities, LNR Partners, LLC, as special servicer for the Greene Town Center mortgage loan under the GS 2014-GC20 PSA (see Exhibit 33.2)

 33.7

 Report on assessment of compliance with servicing criteria for asset-backed securities, Wells Fargo Bank, National Association, as trustee under the GS 2014-GC20 PSA pursuant to which the Greene Town Center mortgage loan is serviced

 33.8

 Report on assessment of compliance with servicing criteria for asset-backed securities, Computershare Trust Company, National Association, as agent for Wells Fargo Bank, National Association, as trustee under the GS 2014-GC20 PSA pursuant to which the Greene Town Center mortgage loan is serviced

 33.9

 Report on assessment of compliance with servicing criteria for asset-backed securities, Wells Fargo Bank, National Association, as custodian for the Greene Town Center mortgage loan under the GS 2014-GC20 PSA

 33.10

 Report on assessment of compliance with servicing criteria for asset-backed securities, Computershare Trust Company, National Association, as agent for Wells Fargo Bank, National Association, as custodian for the Greene Town Center mortgage loan under the GS 2014-GC20 PSA

 Attestation reports on assessment of compliance with servicing criteria for asset-backed securities.

 34.1

 Attestation report on assessment of compliance with servicing criteria for asset-backed securities, Wells Fargo Bank, National Association, as master servicer

 34.2

 Attestation report on assessment of compliance with servicing criteria for asset-backed securities, LNR Partners, LLC, as special servicer

 34.3

 Attestation report on assessment of compliance with servicing criteria for asset-backed securities, Park Bridge Lender Services LLC, as operating advisor

 34.4

 Attestation report on assessment of compliance with servicing criteria for asset-backed securities, U.S. Bank National Association, as certificate administrator and trustee

 34.5

 Attestation report on assessment of compliance with servicing criteria for asset-backed securities, CoreLogic Solutions, LLC, as servicing function participant

 34.6

 Attestation report on assessment of compliance with servicing criteria for asset-backed securities, LNR Partners, LLC, as special servicer for the Greene Town Center mortgage loan under the GS 2014-GC20 PSA (see Exhibit 34.2)

 34.7

 Attestation report on assessment of compliance with servicing criteria for asset-backed securities, Wells Fargo Bank, National Association, as trustee under the GS 2014-GC20 PSA pursuant to which the Greene Town Center mortgage loan is serviced

 34.8

 Attestation report on assessment of compliance with servicing criteria for asset-backed securities, Computershare Trust Company, National Association, as agent for Wells Fargo Bank, National Association, as trustee under the GS 2014-GC20 PSA pursuant to which the Greene Town Center mortgage loan is serviced

 34.9

 Attestation report on assessment of compliance with servicing criteria for asset-backed securities, Wells Fargo Bank, National Association, as custodian for the Greene Town Center mortgage loan under the GS 2014-GC20 PSA

 34.10

 Attestation report on assessment of compliance with servicing criteria for asset-backed securities, Computershare Trust Company, National Association, as agent for Wells Fargo Bank, National Association, as custodian for the Greene Town Center mortgage loan under the GS 2014-GC20 PSA

 Servicer compliance statements. (see Explanatory Note #3)

 35.1

 Servicer compliance statement, Wells Fargo Bank, National Association, as master servicer

 35.2

 Servicer compliance statement, LNR Partners, LLC, as special servicer

 35.3

 Servicer compliance statement, U.S. Bank National Association, as certificate administrator

 35.4

 Servicer compliance statement, LNR Partners, LLC, as special servicer for the Greene Town Center mortgage loan under the GS 2014-GC20 PSA

 (b) The exhibits required to be filed by Registrant pursuant
to Item 601 of Regulation S-K are listed 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.

 Date: March 28, 2024

 Citigroup Commercial Mortgage Securities Inc.

 (Depositor)

 /s/ Richard Simpson

 Name: Richard Simpson

 Title: President


ANNUAL REPORT

 UNITED
STATES

SECURITIES AND EXCHANGE COMMISSION

 Washington,
D.C. 20549

 FORM

 (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, 2024

or

 TRANSITION
 REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For
the transition period from _____ to _____

Commission file number of the issuing entity: 333-201743-01

 Central
Index Key Number of the issuing entity: 0001652031

 Bank
of America Merrill Lynch Commercial Mortgage Trust 2015-UBS7

 (exact
name of the issuing entity as specified in its charter)

 Central
Index Key Number of the depositor: 0001005007

 Banc
of America Merrill Lynch Commercial Mortgage Inc.

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

 Central
Index Key Number of the sponsor: 0001102113

 Bank
of America, National Association

 (exact
name of the sponsor as specified in its charter)

 Central
Index Key Number of the sponsor: 0001541886

 UBS
Real Estate Securities Inc.

 (exact
name of the sponsor as specified in its charter)

 New
 York

 (State or other jurisdiction of

 incorporation or organization of

 the
 issuing entity)

 38-3977507

 38-3977508

 38-7146424

 47-5304267

 (I.R.S.
 Employer

 Identification
 Numbers)

c/o U.S. Bank National Association

 as
Certificate Administrator

S. LaSalle Street

 Chicago,
IL

 (Address
of principal executive offices of the issuing entity)

 60603

 (Zip
Code)

 Registrant's
telephone number, including area code:

 (646)
855-3953

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

 Title
 of each class

 Trading
 Symbol(s)

 Name
 of each exchange on which registered

 None

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

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

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

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

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

by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an 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

 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.

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.

 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.

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).

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

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. Yes
No

 Not

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

 Not

 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

 EXPLANATORY
NOTES

 The
Exhibit Index describes exhibits provided by certain parties (in their capacities indicated on the Exhibit Index) with respect
to the Aviare Place Apartments Mortgage Loan, which constituted approximately 0.7% of the asset pool of the issuing entity as
of its cut-off date. The Aviare Place Apartments Mortgage Loan is an asset of the issuing entity and is part of a loan combination
that includes the Aviare Place Apartments Mortgage Loan and one other pari passu loan, which is not an asset of the issuing
entity. The other pari passu portion of the loan combination was securitized in the Morgan Stanley Bank of America Merrill
Lynch Trust 2015-C23 transaction, Commission File Number 333-180779-16 (the " MSBAM 2015-C23 Transaction ").
This loan combination, including the Aviare Place Apartments Mortgage Loan, is being serviced and administered pursuant to the
pooling and servicing agreement for the MSBAM 2015-C23 Transaction, which is incorporated by reference as Exhibit 4.2 to this
Annual Report on Form 10-K.

 The
Exhibit Index describes exhibits provided by certain parties (in their capacities indicated on the Exhibit Index) with respect
to the Charles River Plaza North Mortgage Loan and The Mall of New Hampshire Mortgage Loan, which constituted approximately 9.6%
and 6.6%, respectively, of the asset pool of the issuing entity as of its cut-off date. The Charles River Plaza North Mortgage
Loan and The Mall of New Hampshire Mortgage Loan are each an asset of the issuing entity and are each part of a loan combination
that includes (a) with respect to the Charles River Plaza North Mortgage Loan, three other pari passu loans and one subordinate
companion loan, which are not assets of the issuing entity or (b) with respect to The Mall of New Hampshire Mortgage Loan, one
other pari passu loan, which is not an asset of the issuing entity. A pari passu portion of each loan combination
was securitized in the CSAIL 2015-C3 Commercial Mortgage Trust transaction, Commission File Number 333-199921-03 (the " CSAIL
2015-C3 Transaction "). These loan combinations, including the Charles River Plaza North Mortgage Loan and The Mall of
New Hampshire Mortgage Loan, are being serviced and administered pursuant to the pooling and servicing agreement for the CSAIL
2015-C3 Transaction, which is incorporated by reference as Exhibit 4.3 to this Annual Report on Form 10-K.

 The
Exhibit Index describes exhibits provided by certain parties (in their capacities indicated on the Exhibit Index) with respect
to the 261 Fifth Avenue Mortgage Loan, which constituted approximately 9.2% of the asset pool of the issuing entity as of its
cut-off date. The 261 Fifth Avenue Mortgage Loan is an asset of the issuing entity and is part of a loan combination that includes
the 261 Fifth Avenue Mortgage Loan and one other pari passu loan, which is not an asset of the issuing entity. This loan
combination, including the 261 Fifth Avenue Mortgage Loan, was serviced under the Pooling and Servicing Agreement for the issuing
entity prior to the closing of the securitization of the other pari passu portion of the 261 Fifth Avenue loan combination
in the Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25 transaction, Commission File Number 333-201743-02 (the " MSBAM
2015-C25 Transaction "). After the closing of the MSBAM 2015-C25 Transaction on October 15, 2015, this loan combination,
including the 261 Fifth Avenue Mortgage Loan was, and will continue to be, serviced and administered pursuant to the pooling and
servicing agreement with respect to the MSBAM 2015-C25 Transaction, which is incorporated by reference as Exhibit 4.4 to this
Annual Report on Form 10-K.

 The
master servicer of a pooling and servicing agreement or trust and servicing agreement also functions as the primary servicer of
the related mortgage loans serviced and administered pursuant to such agreement unless a separate primary servicer is identified
herein. If this report does not identify a separate primary servicer, the servicer compliance statement provided by the master
servicer under any such agreement also encompasses its responsibilities as primary servicer of the related mortgage loan or mortgage
loans.

Loan Services, a Division of PNC Bank, National Association is the master servicer of the mortgage loans serviced under the Pooling
and Servicing Agreement, the primary servicer of the Charles River Plaza North Mortgage Loan and The Mall of New Hampshire Mortgage
Loan. As a result, Midland Loan Services, a Division of PNC Bank, National Association is a "servicer" as defined
in Item 1108(a)(2)(iii) of Regulation AB, in the capacities described above, because it is servicing mortgage loans that constituted
10% or more of the assets of the issuing entity as of its cut-off date. The assessments of compliance with applicable servicing
criteria, accountants' attestation reports and servicer compliance statements delivered by Midland Loan Services, a Division
of PNC Bank, National Association in the capacities described above are listed in the Exhibit Index.

 LNR
Partners, LLC is the special servicer of the mortgage loans serviced under the Pooling and Servicing Agreement and the special
servicer of the 261 Fifth Avenue Mortgage Loan. As a result, LNR Partners, LLC is a "servicer" as defined in Item
1108(a)(2)(iii) of Regulation AB, in the capacities described above, because it is servicing mortgage loans that constituted 10%
or more of the assets of the issuing entity as of its cut-off date. The assessments of compliance with applicable servicing criteria,
accountants' attestation reports and servicer compliance statements delivered by LNR Partners, LLC in the capacities described
above are listed in the Exhibit Index.

Surveillance LLC is the trust advisor of the mortgage loans serviced under the Pooling and Servicing Agreement, the Charles River
Plaza North Mortgage Loan, the 261 Fifth Avenue Mortgage Loan, The Mall of New Hampshire Mortgage Loan and the Aviare Place Apartments
Mortgage Loan. As a result, Pentalpha Surveillance LLC is a servicing function participant in the capacities described above,
because it is servicing mortgage loans that constituted 5% or more of the assets of the issuing entity as of its cut-off date.
The assessments of compliance with applicable servicing criteria and accountants' attestation reports delivered by Pentalpha
Surveillance LLC in the capacities described above are listed in the Exhibit Index.

 Wells
Fargo Bank, National Association is the primary servicer and special servicer of the Aviare Place Apartments Mortgage Loan and
the primary servicer of the 261 Fifth Avenue Mortgage Loan. These mortgage loans constitute more than 5%, but less than 10%, of
the pool assets of the issuing entity. Therefore, the Depositor included in this Annual Report on Form 10-K an assessment of compliance
with applicable servicing criteria for Wells Fargo Bank, National Association and an accountants' attestation report pursuant
to Item 1122 of Regulation AB because Wells Fargo Bank, National Association is servicing more than 5% of the pool assets. However,
the Depositor is not required to include in this Annual Report on Form 10-K a servicer compliance statement pursuant to Item 1123
of Regulation AB of Wells Fargo Bank, National Association because Wells Fargo Bank, National Association is an unaffiliated servicer
servicing less than 10% of pool assets.

 Wells
Fargo Bank, National Association is the custodian of the Charles River Plaza North Mortgage Loan, The Mall of New Hampshire Mortgage
Loan and the Aviare Place Apartments Mortgage Loan. As a result, Wells Fargo Bank, National Association is a servicing function
participant in the capacities described above, because it is servicing mortgage loans that constituted 5% or more of the assets
of the issuing entity as of its cut-off date. The assessments of compliance with applicable servicing criteria and accountants'
attestation reports delivered by Wells Fargo Bank, National Association in the capacities described above are listed in the Exhibit
Index.

 U.S.
Bank National Association is the custodian of the mortgage loans serviced under the Pooling and Servicing Agreement and the 261
Fifth Avenue Mortgage Loan. As a result, U.S. Bank National Association is a servicing function participant in the capacities
described above, because it is servicing mortgage loans that constituted 5% or more of the assets of the issuing entity as of
its cut-off date. The assessments of compliance with applicable servicing criteria and accountants' attestation reports
delivered by U.S. Bank National Association in the capacities described above are listed in the Exhibit Index.

 Wells
Fargo Bank, National Association acts as trustee of the Charles River Plaza North Mortgage Loan and The Mall of New Hampshire
Mortgage Loan. Pursuant to the pooling and servicing agreement for the CSAIL 2015-C3 Transaction, the trustee is required to provide
an assessment of compliance with applicable servicing criteria solely with respect to Item 1122(d)(2)(iii) of Regulation AB (regarding
advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for
such advances, are made, reviewed and approved as specified in the transaction agreements). However, during the reporting period,
the trustee did not perform any servicing function with respect to the servicing criteria specified in Item 1122(d)(2)(iii) of
Regulation AB. The master servicer or the special servicer, to the extent required, performed the servicing function identified
with respect to Item 1122(d)(2)(iii) of Regulation AB, and each such party included Item 1122(d)(2)(iii) of Regulation AB in the
assessment of compliance with applicable servicing criteria and accountant's attestation report for the subject transaction.
As a result, this Annual Report on Form 10-K does not include an assessment of compliance with applicable servicing criteria of
the trustee. One or more other servicers of the Charles River Plaza North Mortgage Loan and The Mall of New Hampshire Mortgage
Loan have delivered one or more assessments of compliance with respect to Item 1122(d)(2)(iii) of Regulation AB.

 Wilmington
Trust, National Association acts as trustee of the Aviare Place Apartments Mortgage Loan. Pursuant to the pooling and servicing
agreement for the MSBAM 2015-C23 Transaction, the trustee is required to provide an assessment of compliance with applicable servicing
criteria solely with respect to Item 1122(d)(2)(iii) of Regulation AB (regarding advances of funds or guarantees regarding collections,
cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified
in the transaction agreements). However, during the reporting period, the trustee did not perform any servicing function with
respect to the servicing criteria specified in Item 1122(d)(2)(iii) of Regulation AB. The master servicer or the special servicer,
to the extent required, performed the servicing function identified with respect to Item 1122(d)(2)(iii) of Regulation AB, and
each such party included Item 1122(d)(2)(iii) of Regulation AB in the assessment of compliance with applicable servicing criteria
and accountant's attestation report for the subject transaction. As a result, this Annual Report on Form 10-K does not include
an assessment of compliance with applicable servicing criteria of the trustee. One or more other servicers of the Aviare Place
Apartments Mortgage Loan have delivered one or more assessments of compliance with respect to Item 1122(d)(2)(iii) of Regulation
AB.

 This
Annual Report on Form 10-K includes assessments of compliance with applicable servicing criteria and accountants' attestation
reports from CoreLogic Solutions, LLC. This entity was engaged by the primary servicer of the Aviare Place Apartments Mortgage
Loan and the 261 Fifth Avenue Mortgage Loan to remit tax payments received from the escrow accounts of borrowers to local taxing
authorities, to report tax amounts due, to verify tax parcel information, and to verify non-escrow tax payments. These servicing
functions are included within the servicing criteria set forth in Item 1122(d)(4)(xi) of Regulation AB. Therefore, under the principles-based
definition of "servicer" set forth in Item 1101(j) of Regulation AB that looks to the functions that an entity performs,
this vendor is a "servicer" for the purposes of Item 1122 of Regulation AB. See Compliance and Disclosure Interpretations,
Section 301.01 (Item 1101(j)).

 This
Annual Report on Form 10-K includes an assessment of compliance with applicable servicing criteria, accountants' attestation
report and servicer compliance statement from Computershare Trust Company, National Association (" CTCNA ").
CTCNA was engaged by Wells Fargo Bank, National Association (" Wells Fargo "), in its capacity as custodian,
to perform certain specified servicing functions identified in the assessment of compliance with applicable servicing criteria
and accountants' attestation reports. Wells Fargo engaged CTCNA in connection with the sale of Wells Fargo's corporate
trust services business to CTCNA and its affiliates.

 The
assessments of compliance with applicable servicing criteria, accountants' attestation reports and servicer compliance statements
of the certificate administrator of the 261 Fifth Avenue Mortgage Loan, the Aviare Place Apartments Mortgage Loan, the Charles
River Plaza North Mortgage Loan and The Mall of New Hampshire Mortgage Loan are omitted from this Annual Report on Form 10-K as
the certificate administrator pursuant to the related pooling and servicing agreement or trust and servicing agreement does not
perform any activities that address servicing criteria with respect to the issuing entity and because they are each not a "servicer"
that meets the criteria in Item 1108(a)(2)(i) through (iii) of Regulation AB.

 With
respect to the pari passu loan combinations that include the Aviare Place Apartments Mortgage Loan, the 261 Fifth Avenue
Mortgage Loan, the Charles River Plaza North Mortgage Loan and The Mall of New Hampshire Mortgage Loan, the servicer compliance
statements of Wells Fargo Bank, National Association as primary servicer of the Aviare Place Apartments Mortgage Loan and the
261 Fifth Avenue Mortgage Loan, Situs Holdings, LLC as special servicer of the Charles River Plaza North Mortgage Loan and Rialto
Capital Advisors, LLC as special servicer of The Mall of New Hampshire Mortgage Loan, listed on the Exhibit Index are omitted
from this Annual Report on Form 10-K as they are not required by Item 1123 of Regulation AB to be included on this Annual Report
on Form 10-K because they are each an unaffiliated party that is not a "servicer" that meets the criteria in Item
1108(a)(2)(i) through (iii) of Regulation AB.

 PART
I

 Item
1. Business.

 Item
1A. Risk Factors.

 Item
1B. Unresolved Staff Comments.

 None.

 Item
1C. Cybersecurity.

 Item
2. Properties.

 Item
3. Legal Proceedings.

 Item
4. Mine Safety Disclosures.

 Not

 PART
II

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

 Item
6.

 [Reserved].

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

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

 Item
8. Financial Statements and Supplementary Data.

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

 Item
9A. Controls and Procedures.

 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.

 Item
11. Executive Compensation.

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

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

 Item
14. Principal Accountant Fees and Services.

 ADDITIONAL
DISCLOSURE ITEMS FOR REGULATION AB

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

 No
single obligor represents 10% or more of the pool assets held by the issuing entity.

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

 No
entity or group of affiliated entities provides any external credit enhancement or other support for the certificates within this
transaction 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 or other support for the certificates within this transaction
as described under Item 1115 of Regulation AB.

 Item
1117 of Regulation AB, Legal Proceedings.

 The
registrant knows of no material pending legal proceeding involving the trust or any party related to the trust, other than routine
litigation incidental to the duties of those respective parties, and the following, with respect to U.S. Bank National Association,
as trustee, certificate administrator and custodian, and Wells Fargo Bank, National Association, as trustee, certificate administrator
and custodian.

 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.

 In
December 2014, Phoenix Light SF Limited (Phoenix Light) and certain related entities filed a complaint in the United States District
Court for the Southern District of New York alleging claims against Wells Fargo Bank, N.A., in its capacity as trustee for a number
of residential mortgage-backed securities (RMBS) trusts. Complaints raising similar allegations have been filed by Commerzbank
AG in the Southern District of New York, IKB International and IKB Deutsche Industriebank (together, IKB) in New York state court,
and Park Royal I LLC and Park Royal II LLC in New York state court. In each case, the plaintiffs allege that Wells Fargo Bank,
N.A., as trustee, caused losses to investors, and plaintiffs assert causes of action based upon, among other things, the trustee's
alleged failure to notify and enforce repurchase obligations of mortgage loan sellers for purported breaches of representations
and warranties, notify investors of alleged events of default, and abide by appropriate standards of care following alleged events
of default. In July 2022, the district court dismissed Phoenix Light's claims and certain of the claims asserted by Commerzbank
AG, and subsequently entered judgment in each case in favor of Wells Fargo Bank, N.A. In August 2022, Phoenix Light and Commerzbank
AG each appealed the district court's decision to the United States Court of Appeals for the Second Circuit. Phoenix Light
dismissed its appeal in May 2023, terminating its case. In October 2024, the Second Circuit denied Commerzbank AG's appeal.
In November 2023, Wells Fargo Bank, N.A. entered into an agreement with IKB to resolve IKB's claims. Wells Fargo Bank, N.A.
previously settled two class actions filed by institutional investors and an action filed by the National Credit Union Administration
with similar allegations.

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

 The
information regarding this Item has been previously provided in a prospectus supplement of the Registrant relating to the issuing
entity filed on September 24, 2015 pursuant to Rule 424(b)(5).

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

 The
reports on assessments of compliance with the servicing criteria for asset-backed securities and related attestation reports on
such assessments of compliance with respect to the mortgage loans are attached hereto under Item 15 to this Annual Report on Form
10-K. Attached as Schedule VIII to the Pooling and Servicing Agreement incorporated by reference as Exhibit 4.1 to this Annual
Report on Form 10-K is a chart identifying the entities participating in a servicing function for the transaction responsible
for each applicable servicing criteria set forth in Item 1122(d).

 The
reports on assessments of compliance with the servicing criteria for asset-backed securities and related attestation reports on
such assessments of compliance with respect to the Aviare Place Apartments Mortgage Loan, which is being serviced and administered
pursuant to the pooling and servicing agreement for the MSBAM 2015-C23 Transaction, are attached hereto under Item 15 to this
Annual Report on Form 10-K. Attached as Schedule X to the pooling and servicing agreement for the MSBAM 2015-C23 Transaction incorporated
by reference as Exhibit 4.2 to this Annual Report on Form 10-K is a chart identifying the entities participating in a servicing
function for the MSBAM 2015-C23 Transaction responsible for each applicable servicing criteria set forth in Item 1122(d).

 The
reports on assessments of compliance with the servicing criteria for asset-backed securities and related attestation reports on
such assessments of compliance with respect to the Charles River Plaza North Mortgage Loan and The Mall of New Hampshire Mortgage
Loan, which are being serviced and administered pursuant to the pooling and servicing agreement for the CSAIL 2015-C3 Transaction,
are attached hereto under Item 15 to this Annual Report on Form 10-K. Attached as Exhibit O to the pooling and servicing agreement
for the CSAIL 2015-C3 Transaction incorporated by reference as Exhibit 4.3 to this Annual Report on Form 10-K is a chart identifying
the entities participating in a servicing function for the CSAIL 2015-C3 Transaction responsible for each applicable servicing
criteria set forth in Item 1122(d).

 The
reports on assessments of compliance with the servicing criteria for asset-backed securities and related attestation reports on
such assessments of compliance with respect to the 261 Fifth Avenue Mortgage Loan, which is being serviced and administered pursuant
to the pooling and servicing agreement for the MSBAM 2015-C25 Transaction, are attached hereto under Item 15 to this Annual Report
on Form 10-K. Attached as Schedule X to the pooling and servicing agreement for the MSBAM 2015-C25 Transaction incorporated by
reference as Exhibit 4.4 to this Annual Report on Form 10-K is a chart identifying the entities participating in a servicing function
for the MSBAM 2015-C25 Transaction responsible for each applicable servicing criteria set forth in Item 1122(d).

 Item
1123 of Regulation AB, Servicer Compliance Statement.

 The
servicer compliance statements are attached as Exhibits to this Annual Report on Form 10-K.

 PART
IV

 Item
15. Exhibit and Financial Statement Schedules.

 (a)
The following is a list of documents filed as part of this Annual Report on Form 10-K:

 (1)
Not applicable

 (2)
Not applicable

 (3)
See below

 4.1
 Pooling
 and Servicing Agreement, dated as of September 1, 2015, by and among Banc of America
 Merrill Lynch Commercial Mortgage Inc., as Depositor, Midland Loan Services, a Division
 of PNC Bank, National Association, as Master Servicer, LNR Partners, LLC, as Special
 Servicer, Pentalpha Surveillance LLC, as Trust Advisor and U.S. Bank National Association,
 as Trustee, Certificate Administrator, Certificate Registrar, Authenticating Agent and
 Custodian (filed as Exhibit 4.1 to the registrant's Current Report on Form 8-K/A
 filed on October 19, 2015 under Commission File No. 333-201743-01 and incorporated by
 reference herein).

 4.2
 Pooling
 and Servicing Agreement, dated as of June 1, 2015, by and among Morgan Stanley Capital
 I Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer, LNR
 Partners, LLC, as General Special Servicer, Wells Fargo Bank, National Association, as
 Excluded Mortgage Loan Special Servicer, Pentalpha Surveillance LLC, as Trust Advisor,
 Wilmington Trust, National Association, as Trustee and Wells Fargo Bank, National Association,
 as Certificate Administrator, Certificate Registrar, Authenticating Agent and Custodian
 (filed as Exhibit 4.3 to the registrant's Current Report on Form 8-K filed on September
 25, 2015 under Commission File No. 333-201743-01 and incorporated by reference herein).

 4.3
 Pooling
 and Servicing Agreement, dated as of August 1, 2015, by and among Credit Suisse First
 Boston Mortgage Securities Corp., as Depositor, Midland Loan Services, a Division of
 PNC Bank, National Association, as Master Servicer, Rialto Capital Advisors, LLC, as
 Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor, Wells Fargo Bank,
 National Association, as Certificate Administrator and Wells Fargo Bank, National Association,
 as Trustee (filed as Exhibit 4.2 to the registrant's Current Report on Form 8-K
 filed on September 25, 2015 under Commission File No. 333-201743-01 and incorporated
 by reference herein).

 4.4
 Pooling
 and Servicing Agreement, dated as of October 1, 2015, by and among Banc of America Merrill
 Lynch Commercial Mortgage Inc., as Depositor, Wells Fargo Bank, National Association,
 as Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association,
 as Special Servicer, Pentalpha Surveillance LLC, as Trust Advisor and U.S. Bank National
 Association, as Trustee, Certificate Administrator, Certificate Registrar, Authenticating
 Agent and Custodian (filed as Exhibit 4.2 to the registrant's Current Report on
 Form 8-K/A filed on October 19, 2015 under Commission File No. 333-201743-01 and incorporated
 by reference herein).

 4.5
 Amended
 and Restated Agreement Between Noteholders, dated as of September 15, 2015, by and between
 Wells Fargo Bank, National Association, not in its individual capacity but solely as
 Trustee, for the benefit of the Holders of CSAIL 2015 C-3 Mortgage Trust Commercial Mortgage
 Pass-Through Certificates, as Note A-1 Holder and Note A-2 Holder, UBS Real Estate Securities
 Inc., as Note A-3-1 Holder and Note A-3-2 Holder, and Prima Mortgage Investment Trust,
 LLC, as Junior Noteholder (filed as Exhibit 4.4 to the registrant's Current Report
 on Form 8-K filed on September 25, 2015 under Commission File No. 333-201743-01 and incorporated
 by reference herein).

 4.6
 Agreement
 Between Note Holders, dated as of September 3, 2015, by and between Bank of America,
 N.A., as Initial Note A-1 Holder, and Bank of America, N.A., as Initial Note A-2 Holder
 (filed as Exhibit 4.5 to the registrant's Current Report on Form 8-K filed on September
 25, 2015 under Commission File No. 333-201743-01 and incorporated by reference herein).

 4.7
 Co-Lender
 Agreement, dated as of August 18, 2015, by and between UBS Real Estate Securities Inc.,
 as Initial Note A-1 Holder, and UBS Real Estate Securities Inc., as Initial Note A-2
 Holder (filed as Exhibit 4.6 to the registrant's Current Report on Form 8-K filed
 on September 25, 2015 under Commission File No. 333-201743-01 and incorporated by reference
 herein).

 4.8
 Agreement
 Between Noteholders, dated as of September 24, 2015, by and between UBS Real Estate Securities
 Inc., as Senior Noteholder, and UBS Real Estate Securities Inc., as Junior Noteholder
 (filed as Exhibit 4.7 to the registrant's Current Report on Form 8-K filed on September
 25, 2015 under Commission File No. 333-201743-01 and incorporated by reference herein).

 4.9
 Agreement
 Between Note Holders, dated as of June 4, 2015, by and between Bank of America, N.A.,
 as Initial Note A-1 Holder, and Bank of America, N.A., as Initial Note A-2 Holder (filed
 as Exhibit 4.9 to the registrant's Current Report on Form 8-K filed on September
 25, 2015 under Commission File No. 333-201743-01 and incorporated by reference herein).

 Rule
 13a-14(d)/15d-14(d) Certifications.

 Reports
 on assessment of compliance with servicing criteria for asset-backed securities.

 33.1
 Loan Services, a Division of PNC Bank, National Association, as Master Servicer

 33.2
 LNR
 Partners, LLC, as Special Servicer

 33.3
 U.S.
 Bank National Association, as Trustee, Certificate Administrator and Custodian

 33.4
 Surveillance LLC, as Trust Advisor

 33.5
 Wells
 Fargo Bank, National Association, as Primary Servicer of the Aviare Place Apartments
 Mortgage Loan

 33.6
 Wells
 Fargo Bank, National Association, as Special Servicer of the Aviare Place Apartments
 Mortgage Loan (see Exhibit 33.5)

 33.7
 Wilmington
 Trust, National Association, as Trustee of the Aviare Place Apartments Mortgage Loan

 33.8
 Wells
 Fargo Bank, National Association, as Custodian of the Aviare Place Apartments Mortgage
 Loan

 33.9
 Surveillance LLC, as Trust Advisor of the Aviare Place Apartments Mortgage Loan (see
 Exhibit 33.4)

 33.10
 CoreLogic
 Solutions, LLC, as Servicing Function Participant of the Aviare Place Apartments Mortgage
 Loan

 33.11
 Trust Company, National Association, as Servicing Function Participant for the Custodian

 33.12
 Loan Services, a Division of PNC Bank, National Association, as Primary Servicer of the
 Charles River Plaza North Mortgage Loan (see Exhibit 33.1)

 33.13
 Situs
 Holdings, LLC, as Special Servicer of the Charles River Plaza North Mortgage Loan

 33.14
 Wells
 Fargo Bank, National Association, as Trustee of the Charles River Plaza North Mortgage
 Loan (Omitted. See Explanatory Notes.)

 33.15
 Wells
 Fargo Bank, National Association, as Custodian of the Charles River Plaza North Mortgage
 Loan (see Exhibit 33.8)

 33.16
 Surveillance LLC, as Operating Advisor of the Charles River Plaza North Mortgage Loan
 (see Exhibit 33.4)

 33.17
 Trust Company, National Association, as Servicing Function Participant for the Custodian
 (see Exhibit 33.11)

 33.18
 Loan Services, a Division of PNC Bank, National Association, as Primary Servicer of The
 Mall of New Hampshire Mortgage Loan (see Exhibit 33.1)

 33.19
 Rialto
 Capital Advisors, LLC, as Special Servicer of The Mall of New Hampshire Mortgage Loan

 33.20
 Wells
 Fargo Bank, National Association, as Trustee of The Mall of New Hampshire Mortgage Loan

 33.21
 Wells
 Fargo Bank, National Association, as Custodian of The Mall of New Hampshire Mortgage
 Loan (see Exhibit 33.8)

 33.22
 Surveillance LLC, as Operating Advisor of The Mall of New Hampshire Mortgage Loan (see
 Exhibit 33.4)

 33.23
 Trust Company, National Association, as Servicing Function Participant for the Custodian
 (see Exhibit 33.11)

 33.24
 Wells
 Fargo Bank, National Association, as Primary Servicer of the 261 Fifth Avenue Mortgage
 Loan (see Exhibit 33.5)

 33.25
 LNR
 Partners, LLC, as Special Servicer of the 261 Fifth Avenue Mortgage Loan (see Exhibit
 33.2)

 33.26
 U.S.
 Bank National Association, as Trustee and Custodian of the 261 Fifth Avenue Mortgage
 Loan (see Exhibit 33.3)

 33.27
 Surveillance LLC, as Trust Advisor of the 261 Fifth Avenue Mortgage Loan (see Exhibit
 33.4)

 33.28
 CoreLogic
 Solutions, LLC, as Servicing Function Participant of the 261 Fifth Avenue Mortgage Loan
 (see Exhibit 33.10)

 Attestation
 reports on assessment of compliance with servicing criteria for asset-backed securities.

 34.1
 Loan Services, a Division of PNC Bank, National Association, as Master Servicer

 34.2
 LNR
 Partners, LLC, as Special Servicer

 34.3
 U.S.
 Bank National Association, as Trustee, Certificate Administrator and Custodian

 34.4
 Surveillance LLC, as Trust Advisor

 34.5
 Wells
 Fargo Bank, National Association, as Primary Servicer of the Aviare Place Apartments
 Mortgage Loan

 34.6
 Wells
 Fargo Bank, National Association, as Special Servicer of the Aviare Place Apartments
 Mortgage Loan (see Exhibit 34.5)

 34.7
 Wilmington
 Trust, National Association, as Trustee of the Aviare Place Apartments Mortgage Loan

 34.8
 Wells
 Fargo Bank, National Association, as Custodian of the Aviare Place Apartments Mortgage
 Loan

 34.9
 Surveillance LLC, as Trust Advisor of the Aviare Place Apartments Mortgage Loan (see
 Exhibit 34.4)

 34.10
 CoreLogic
 Solutions, LLC, as Servicing Function Participant of the Aviare Place Apartments Mortgage
 Loan

 34.11
 Trust Company, National Association, as Servicing Function Participant for the Custodian

 34.12
 Loan Services, a Division of PNC Bank, National Association, as Primary Servicer of the
 Charles River Plaza North Mortgage Loan (see Exhibit 34.1)

 34.13
 Situs
 Holdings, LLC, as Special Servicer of the Charles River Plaza North Mortgage Loan

 34.14
 Wells
 Fargo Bank, National Association, as Trustee of the Charles River Plaza North Mortgage
 Loan (Omitted. See Explanatory Notes.)

 34.15
 Wells
 Fargo Bank, National Association, as Custodian of the Charles River Plaza North Mortgage
 Loan (see Exhibit 34.8)

 34.16
 Surveillance LLC, as Operating Advisor of the Charles River Plaza North Mortgage Loan
 (see Exhibit 34.4)

 34.17
 Trust Company, National Association, as Servicing Function Participant for the Custodian
 (see Exhibit 34.11)

 34.18
 Loan Services, a Division of PNC Bank, National Association, as Primary Servicer of The
 Mall of New Hampshire Mortgage Loan (see Exhibit 34.1)

 34.19
 Rialto
 Capital Advisors, LLC, as Special Servicer of The Mall of New Hampshire Mortgage Loan

 34.20
 Wells
 Fargo Bank, National Association, as Trustee of The Mall of New Hampshire Mortgage Loan

 34.21
 Wells
 Fargo Bank, National Association, as Custodian of The Mall of New Hampshire Mortgage
 Loan (see Exhibit 34.8)

 34.22
 Surveillance LLC, as Operating Advisor of The Mall of New Hampshire Mortgage Loan (see
 Exhibit 34.4)

 34.23
 Trust Company, National Association, as Servicing Function Participant for the Custodian
 (see Exhibit 34.11)

 34.24
 Wells
 Fargo Bank, National Association, as Primary Servicer of the 261 Fifth Avenue Mortgage
 Loan (see Exhibit 34.5)

 34.25
 LNR
 Partners, LLC, as Special Servicer of the 261 Fifth Avenue Mortgage Loan (see Exhibit
 34.2)

 34.26
 U.S.
 Bank National Association, as Trustee and Custodian of the 261 Fifth Avenue Mortgage
 Loan (see Exhibit 34.3)

 34.27
 Surveillance LLC, as Trust Advisor of the 261 Fifth Avenue Mortgage Loan (see Exhibit
 34.4)

 34.28
 CoreLogic
 Solutions, LLC, as Servicing Function Participant of the 261 Fifth Avenue Mortgage Loan
 (see Exhibit 34.10)

 Servicer
 compliance statements.

 35.1
 Loan Services, a Division of PNC Bank, National Association, as Master Servicer

 35.2
 LNR
 Partners, LLC, as Special Servicer

 35.3
 U.S.
 Bank National Association, as Certificate Administrator

 35.4
 Wells
 Fargo Bank, National Association, as Primary Servicer of the Aviare Place Apartments
 Mortgage Loan (Omitted. See Explanatory Notes.)

 35.5
 Wells
 Fargo Bank, National Association, as Special Servicer of the Aviare Place Apartments
 Mortgage Loan (Omitted. See Explanatory Notes.)

 35.6
 Loan Services, a Division of PNC Bank, National Association, as Primary Servicer of the
 Charles River Plaza North Mortgage Loan (see Exhibit 35.1)

 35.7
 Situs
 Holdings, LLC, as Special Servicer of the Charles River Plaza North Mortgage Loan (Omitted.
 See Explanatory Notes.)

 35.8
 Loan Services, a Division of PNC Bank, National Association, as Primary Servicer of The
 Mall of New Hampshire Mortgage Loan (see Exhibit 35.1)

 35.9
 Rialto
 Capital Advisors, LLC, as Special Servicer of The Mall of New Hampshire Mortgage Loan

 35.10
 Wells
 Fargo Bank, National Association, as Primary Servicer of the 261 Fifth Avenue Mortgage
 Loan (Omitted. See Explanatory Notes.)

 35.11
 LNR
 Partners, LLC, as Special Servicer of the 261 Fifth Avenue Mortgage Loan (see Exhibit
 35.2)

 99.1
 Mortgage
 Loan Purchase Agreement, dated as of September 14, 2015, between Banc of America Merrill
 Lynch Commercial Mortgage Inc. and Bank of America, National Association (filed as Exhibit
 99.1 to the registrant's Current Report on Form 8-K/A filed on October 19, 2015
 under Commission File No. 333-201743-01 and incorporated by reference herein)

 99.2
 Mortgage
 Loan Purchase Agreement, dated as of September 14, 2015, between Banc of America Merrill
 Lynch Commercial Mortgage Inc. and UBS Real Estate Securities Inc. (filed as Exhibit
 99.2 to the registrant's Current Report on Form 8-K/A filed on October 19, 2015
 under Commission File No. 333-201743-01 and incorporated by reference herein)

 (b) The
exhibits required to be filed by the Registrant pursuant to Item 601 of Regulation S-K are listed 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.

 Banc
of America Merrill Lynch Commercial Mortgage Inc.

(Depositor)

 /s/
 Leland F. Bunch, III

 Leland
F. Bunch, III, President and Chief Executive Officer

 (senior
officer in charge of securitization of the depositor)

 Date:
March 19, 2025