Attached files
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
(Mark one)
/X/ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2013
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: 333-172366-07
WFRBS Commercial Mortgage Trust 2013-C14
(exact name of issuing entity as specified in its charter)
Commission file number of depositor: 333-172366
Wells Fargo Commercial Mortgage Securities, Inc.
(exact name of the depositor as specified in its charter)
Wells Fargo Bank, N.A.
C-III Commercial Mortgage LLC
Basis Real Estate Capital II, LLC
Liberty Island Group I LLC
The Royal Bank of Scotland plc
RBS Financial Products Inc.
(exact name of the sponsors as specified in its charter)
New York 38-3909189
(State or other jurisdiction of 38-3909190
incorporation or organization) 38-3909191
38-7092989
(I.R.S. Employer
Identification No.)
c/o Wells Fargo Bank, N.A.
9062 Old Annapolis Road
Columbia, MD 21045
(Address of principal executive (Zip Code)
offices)
Telephone number, including area code: (410) 884-2000
Securities registered pursuant to Section 12(b) of the Act:
NONE.
Securities registered pursuant to Section 12(g) of the Act:
NONE.
Indicate by check mark if the registrant is a well-known seasoned issuer, as
defined in Rule 405 of the Securities Act.
Yes ___ No X
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 X
Note - Checking the box above will not relieve any registrant required to
file reports pursuant to Section 13 or 15(d) of the Exchange Act from their
obligations under those Sections.
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes X No ___
Indicate by check mark whether the registrant has submitted electronically
and posted on its corporate Web site, if any, every Interactive Data File
required to be submitted and posted 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 and post such
files).
Not applicable.
Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K (Section 229.405 of this chapter) is not contained
herein, and will not be contained, to the best of registrant's knowledge, in
definitive proxy or information statements incorporated by reference in Part
III of this Form 10-K or any amendment to this Form 10-K.
Not applicable.
Indicate by check mark whether the registrant is a large accelerated filer,
an accelerated filer, a non-accelerated filer, or a smaller reporting
company. See the definitions of "large accelerated filer", "accelerated
filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer ___
Accelerated filer ___
Non-accelerated filer X (Do not check if a smaller reporting company)
Smaller reporting company ___
Indicate by check mark whether the registrant is a shell company (as defined
in Rule 12b-2 of the Act).
Yes ___ No X
State the aggregate market value of the voting and non-voting common equity
held by non-affiliates computed by reference to the price at which the
common equity was last sold, or the average bid and asked price of such
common equity, as of the last business day of the registrant's most recently
completed second fiscal quarter.
Not applicable.
Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Section 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a
plan confirmed by a court.
Not applicable.
Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Section 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a
plan confirmed by a court.
Not applicable.
Indicate the number of shares outstanding of each of the registrant's
classes of common stock, as of the latest practicable date.
Not applicable.
DOCUMENTS INCORPORATED BY REFERENCE
List hereunder the following documents if incorporated by reference and the
Part of the Form 10-K (e.g., Part I, Part II, etc.) into which the document
is incorporated: (1)Any annual report to security holders; (2) Any proxy or
information statement; and (3)Any prospectus filed pursuant to Rule 424(b)
or (c) under the Securities Act of 1933. The listed documents should be
clearly described for identification purposes (e.g., annual report to
security holders for fiscal year ended December 24, 1980).
Not applicable.
PART I
Item 1. Business.
Omitted.
Item 1A. Risk Factors.
Omitted.
Item 1B. Unresolved Staff Comments.
None.
Item 2. Properties.
Omitted.
Item 3. Legal Proceedings.
Omitted.
Item 4. Mine Safety Disclosures.
Omitted.
PART II
Item 5. Market for Registrant's Common Equity, Related Stockholder
Matters and Issuer Purchases of Equity Securities.
Omitted.
Item 6. Selected Financial Data.
Omitted.
Item 7. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
Omitted.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
Omitted.
Item 8. Financial Statements and Supplementary Data.
Omitted.
Item 9. Changes in and Disagreements With Accountants on Accounting and
Financial Disclosure.
Omitted.
Item 9A. Controls and Procedures.
Omitted.
Item 9A(T). Controls and Procedures.
Omitted.
Item 9B. Other Information.
None.
PART III
Item 10. Directors, Executive Officers and Corporate Governance.
Omitted.
Item 11. Executive Compensation.
Omitted.
Item 12. Security Ownership of Certain Beneficial Owners and Management
and Related Stockholder Matters.
Omitted.
Item 13. Certain Relationships and Related Transactions, and Director
Independence.
Omitted.
Item 14. Principal Accounting Fees and Services.
Omitted.
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).
Wells Fargo Bank, N.A. provides an Interest Rate Swap derivative instrument for
the trust as disclosed in the 424 Prospectus. No additional disclosure is
necessary because the significance percentage for the Interest Rate Swap is less
than 10%.
Item 1117 of Regulation AB, Legal Proceedings.
The registrant knows of no material pending legal proceedings involving the
Trust and all parties related to such Trust, other than routine litigation
incidental to the duties of those respective parties.
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 filed on June 5, 2013 pursuant to Rule 424(b)(5).
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.
Material Instances of Noncompliance by National Tax Search, LLC
1122(d)(2)(vii): Reconciliations are prepared on a monthly basis for all
asset-backed securities related to bank accounts, including custodial accounts
and related clearing accounts. These reconciliations (B) Are prepared within 30
calendar days after the bank statement cutoff date, or such other number of days
specificied in the transaction agreement and (D) Contain explanations for
reconciling items. These reconciling items are resolved within 90 calendar days
of their original identification, or such other number of days specificied in
transaction agreements.
Noncompliance
During the reporting period, certain reconciliations were not completed within
30 calendar days after the bank statement cutoff date. Certain reconciling items
lacked proper explanations and were not resolved within 90 day calendar days of
their original identification.
Remediation
Management corrected the timeliness of reconciliations within the Period and
Plante Moran auditors have reviewed, under an agreed-upon procedures engagement,
the compliance with the servicing criteria of section 1122(d)(2)(vii),
attributes B & D, as defined above, as of January 31, 2014, noting no matters of
concern.
In the first quarter of 2014 Management will also complete installation of a
Treasury Workstation system, which allows for the automation of daily
reconciliation allowing for review and research throughout the month instead of
the days after a bank statement cutoff date. This daily reconciliation will be
accompanied by proper explanation of all reconciling items. Management will
review any items that require resolution and reporting will provide aging of
items at 30, 45 and 60 day levels to prevent exceeding the 90 calendar day
requirement.
Item 1123 of Regulation AB, Servicer Compliance Statement.
The servicer compliance statements are attached hereto under Item 15.
Part IV
Item 15. Exhibits, Financial Statement Schedules.
(a) Exhibits.
(4.1) Pooling and Servicing Agreement, dated as of June 1, 2013,
incorporated by reference from Exhibit 4.1 of the issuing entity's Current
Report on Form 8-K/A filed with the Commission on October 15, 2013.
(31) Rule 13a-14(d)/15d-14(d) Certification.
(33) Reports on assessment of compliance with servicing criteria for
asset-backed securities.
33.1 CoreLogic Commercial Real Estate Services, Inc. as Vendor for Wells Fargo as Master
Servicer and General Master Servicer
33.2 National Tax Search, LLC as Vendor for Wells Fargo as Master Servicer and General
Master Servicer
33.3 Park Bridge Lender Services LLC as Trust Advisor for the Cumberland Mall Mortgage
Loan and the 100 and 150 South Wacker Drive Mortgage Loan
33.4 Pentalpha Surveillance LLC as Trust Advisor
33.5 Rialto Capital Advisors, LLC as Special Servicer
33.6 Rialto Capital Advisors, LLC as Special Servicer for the 100 & 150 South Wacker
Drive & Cumberland Mall Mortgage Loans
33.7 Wells Fargo Bank, N.A. as Master Servicer
33.8 Wells Fargo Bank, N.A. as Certificate Administrator
33.9 Wells Fargo Bank, N.A. as Custodian
33.10 Wells Fargo Bank, N.A. as Custodian for the 100 & 150 South Wacker Drive &
Cumberland Mall Mortgage Loans
33.11 Wells Fargo Bank, N.A. as Master Servicer for the 100 & 150 South Wacker Drive &
Cumberland Mall Mortgage Loans
33.12 Wells Fargo Bank, N.A., as Certificate Administrator and Trustee for the 100 & 150
South Wacker Drive & Cumberland Mall Mortgage Loans
(34) Attestation reports on assessment of compliance with servicing criteria
for asset-backed securities.
34.1 CoreLogic Commercial Real Estate Services, Inc. as Vendor for Wells Fargo as
Master Servicer and General Master Servicer
34.2 National Tax Search, LLC as Vendor for Wells Fargo as Master Servicer and General
Master Servicer
34.3 Park Bridge Lender Services LLC as Trust Advisor for the Cumberland Mall Mortgage
Loan and the 100 and 150 South Wacker Drive Mortgage Loan
34.4 Pentalpha Surveillance LLC as Trust Advisor
34.5 Rialto Capital Advisors, LLC as Special Servicer
34.6 Rialto Capital Advisors, LLC as Special Servicer for the 100 & 150 South Wacker
Drive & Cumberland Mall Mortgage Loans
34.7 Wells Fargo Bank, N.A. as Master Servicer
34.8 Wells Fargo Bank, N.A. as Certificate Administrator
34.9 Wells Fargo Bank, N.A. as Custodian
34.10 Wells Fargo Bank, N.A. as Custodian for the 100 & 150 South Wacker Drive &
Cumberland Mall Mortgage Loans
34.11 Wells Fargo Bank, N.A. as Master Servicer for the 100 & 150 South Wacker Drive &
Cumberland Mall Mortgage Loans
34.12 Wells Fargo Bank, N.A., as Certificate Administrator and Trustee for the 100 &
150 South Wacker Drive & Cumberland Mall Mortgage Loans
(35) Servicer compliance statement.
35.1 Rialto Capital Advisors, LLC as Special Servicer
35.2 Rialto Capital Advisors, LLC as Special Servicer for the 100 & 150 South Wacker
Drive & Cumberland Mall Mortgage Loans
35.3 Wells Fargo Bank, N.A. as Master Servicer
35.4 Wells Fargo Bank, N.A. as Certificate Administrator
35.5 Wells Fargo Bank, N.A. as Master Servicer for the 100 & 150 South Wacker Drive &
Cumberland Mall Mortgage Loans
35.6 Wells Fargo Bank, N.A., as Certificate Administrator and Trustee for the 100 & 150
South Wacker Drive & Cumberland Mall Mortgage Loans
(99.1) This Mortgage Loan Purchase Agreement, dated May 23, 2013,
between Wells Fargo Bank, National Association and Wells Fargo Commercial
Mortgage Securities, Inc. of the issuing entitys Current Report on Form
8-K/A filed with the Commission on October 15, 2013.
(99.2) This Mortgage Loan Purchase Agreement, dated May 23, 2013, between
The Royal Bank of Scotland plc and Wells Fargo Commercial Mortgage
Securities, Inc., of the issuing entitys Current Report on Form 8-K/A
filed with the Commission on October 15, 2013.
(99.3) This Mortgage Loan Purchase Agreement, dated May 23, 2013, between
RBS Financial Products Inc. and Wells Fargo Commercial Mortgage Securities,
Inc., of the issuing entitys Current Report on Form 8-K/A filed with the
Commission on October 15, 2013.
(99.4) This Mortgage Loan Purchase Agreement, dated May 23, 2013, between
Liberty Island Group I LLC and Wells Fargo Commercial Mortgage Securities,
Inc., and Liberty Island Group LLC of the issuing entitys Current Report
on Form 8-K/A filed with the Commission on October 15, 2013.
(99.5) This Mortgage Loan Purchase Agreement, dated May 23, 2013, between
Basis Real Estate Capital II, LLC, Wells Fargo Commercial Mortgage
Securities, Inc., and Basis Investment Group LLC of the issuing entitys
Current Report on Form 8K/A filed with the Commission on October 15, 2013.
(99.6) This Mortgage Loan Purchase Agreement, dated May 23, 2013, between
C-III Commercial Mortgage LLC and Wells Fargo Commercial Mortgage
Securities, Inc. of the issuing entitys Current Report on Form 8-K/A filed
with the Commission on October 15, 2013.
(b) Not applicable.
(c) Omitted.
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.
Wells Fargo Commercial Mortgage Securities, Inc.
(Depositor)
/s/ Anthony Sfarra
Anthony Sfarra, President
(senior officer in charge of securitization of the depositor)
Date: March 31, 2014
Exhibit Index
Exhibit No.
(4.1) Pooling and Servicing Agreement, dated as of June 1, 2013,
incorporated by reference from Exhibit 4.1 of the issuing entity's Current
Report on Form 8-K/A filed with the Commission on October 15, 2013.
(31) Rule 13a-14(d)/15d-14(d) Certification.
(33) Reports on assessment of compliance with servicing criteria for
asset-backed securities.
33.1 CoreLogic Commercial Real Estate Services, Inc. as Vendor for Wells Fargo as Master
Servicer and General Master Servicer
33.2 National Tax Search, LLC as Vendor for Wells Fargo as Master Servicer and General
Master Servicer
33.3 Park Bridge Lender Services LLC as Trust Advisor for the Cumberland Mall Mortgage
Loan and the 100 and 150 South Wacker Drive Mortgage Loan
33.4 Pentalpha Surveillance LLC as Trust Advisor
33.5 Rialto Capital Advisors, LLC as Special Servicer
33.6 Rialto Capital Advisors, LLC as Special Servicer for the 100 & 150 South Wacker
Drive & Cumberland Mall Mortgage Loans
33.7 Wells Fargo Bank, N.A. as Master Servicer
33.8 Wells Fargo Bank, N.A. as Certificate Administrator
33.9 Wells Fargo Bank, N.A. as Custodian
33.10 Wells Fargo Bank, N.A. as Custodian for the 100 & 150 South Wacker Drive &
Cumberland Mall Mortgage Loans
33.11 Wells Fargo Bank, N.A. as Master Servicer for the 100 & 150 South Wacker Drive &
Cumberland Mall Mortgage Loans
33.12 Wells Fargo Bank, N.A., as Certificate Administrator and Trustee for the 100 & 150
South Wacker Drive & Cumberland Mall Mortgage Loans
(34) Attestation reports on assessment of compliance with servicing
criteria for asset-backed securities.
34.1 CoreLogic Commercial Real Estate Services, Inc. as Vendor for Wells Fargo as Master
Servicer and General Master Servicer
34.2 National Tax Search, LLC as Vendor for Wells Fargo as Master Servicer and General
Master Servicer
34.3 Park Bridge Lender Services LLC as Trust Advisor for the Cumberland Mall Mortgage
Loan and the 100 and 150 South Wacker Drive Mortgage Loan
34.4 Pentalpha Surveillance LLC as Trust Advisor
34.5 Rialto Capital Advisors, LLC as Special Servicer
34.6 Rialto Capital Advisors, LLC as Special Servicer for the 100 & 150 South Wacker
Drive & Cumberland Mall Mortgage Loans
34.7 Wells Fargo Bank, N.A. as Master Servicer
34.8 Wells Fargo Bank, N.A. as Certificate Administrator
34.9 Wells Fargo Bank, N.A. as Custodian
34.10 Wells Fargo Bank, N.A. as Custodian for the 100 & 150 South Wacker Drive &
Cumberland Mall Mortgage Loans
34.11 Wells Fargo Bank, N.A. as Master Servicer for the 100 & 150 South Wacker Drive &
Cumberland Mall Mortgage Loans
34.12 Wells Fargo Bank, N.A., as Certificate Administrator and Trustee for the 100 & 150
South Wacker Drive & Cumberland Mall Mortgage Loans
(35) Servicer compliance statement.
35.1 Rialto Capital Advisors, LLC as Special Servicer
35.2 Rialto Capital Advisors, LLC as Special Servicer for the 100 & 150 South Wacker
Drive & Cumberland Mall Mortgage Loans
35.3 Wells Fargo Bank, N.A. as Master Servicer
35.4 Wells Fargo Bank, N.A. as Certificate Administrator
35.5 Wells Fargo Bank, N.A. as Master Servicer for the 100 & 150 South Wacker Drive &
Cumberland Mall Mortgage Loans
35.6 Wells Fargo Bank, N.A., as Certificate Administrator and Trustee for the 100 & 150
South Wacker Drive & Cumberland Mall Mortgage Loans
(99.1) This Mortgage Loan Purchase Agreement, dated May 23, 2013,
between Wells Fargo Bank, National Association and Wells Fargo Commercial
Mortgage Securities, Inc. of the issuing entitys Current Report on Form
8-K/A filed with the Commission on October 15, 2013.
(99.2) This Mortgage Loan Purchase Agreement, dated May 23, 2013, between
The Royal Bank of Scotland plc and Wells Fargo Commercial Mortgage
Securities, Inc., of the issuing entitys Current Report on Form 8-K/A
filed with the Commission on October 15, 2013.
(99.3) This Mortgage Loan Purchase Agreement, dated May 23, 2013, between
RBS Financial Products Inc. and Wells Fargo Commercial Mortgage Securities,
Inc., of the issuing entitys Current Report on Form 8-K/A filed with the
Commission on October 15, 2013.
(99.4) This Mortgage Loan Purchase Agreement, dated May 23, 2013, between
Liberty Island Group I LLC and Wells Fargo Commercial Mortgage Securities,
Inc., and Liberty Island Group LLC of the issuing entitys Current Report
on Form 8-K/A filed with the Commission on October 15, 2013.
(99.5) This Mortgage Loan Purchase Agreement, dated May 23, 2013, between
Basis Real Estate Capital II, LLC, Wells Fargo Commercial Mortgage
Securities, Inc., and Basis Investment Group LLC of the issuing entitys
Current Report on Form 8K/A filed with the Commission on October 15, 2013.
(99.6) This Mortgage Loan Purchase Agreement, dated May 23, 2013, between
C-III Commercial Mortgage LLC and Wells Fargo Commercial Mortgage
Securities, Inc. of the issuing entitys Current Report on Form 8-K/A filed
with the Commission on October 15, 2013.