UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D. C. 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): July 21, 2014
J.P. Morgan Chase Commercial Mortgage Securities Trust 2013-LC11
(Exact name of issuing entity as specified in its charter)
J.P. Morgan Chase Commercial Mortgage Securities Corp.
(Exact name of depositor as specified in its charter)
JPMorgan Chase Bank, National Association
Ladder Capital Finance LLC
(Exact name of sponsor(s) as specified in its charter)
New York 333-165147-07 38-3906828
(State or other (Commission 38-3906829
jurisdiction File Number) 38-7092972
of Incorporation) (IRS Employer
Identification No.)
c/o Wells Fargo Bank, N.A.
9062 Old Annapolis Road
Columbia, MD 21045
(Address of principal executive offices) (Zip Code)
Telephone number, including area code: (410) 884-2000
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act(17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act(17 CFR 240.13e-4(c))
Section 6 - Asset-Backed Securities
Item 6.02 - Change of Servicer or Trustee.
Pursuant to Section 7.01(d) of the Pooling and Servicing Agreement (the "PSA")
relating to the issuing entity known as J.P Morgan Chase Commercial Mortgage
Securities Trust 2013-LC11, the Directing Certificateholder (as defined in the
PSA) under the PSA removed CWCapital Asset Management LLC ("CWCAM"), as special
servicer under the PSA (other than with respect to the Andaz Wall Street
Mortgage Loan and the Portofino Hotel and Yacht Club Mortgage Loan), and
appointed C-III Asset Management LLC ("C-III"), as the successor special
servicer under the PSA (other than with respect to the Andaz Wall Street
Mortgage Loan and the Portofino Hotel and Yacht Club Mortgage Loan). The
removal of CWCAM as special servicer and appointment of C-III as successor
special servicer under the PSA was effective as of July 21, 2014. Pursuant to
Section 7.01(d) of the PSA, at any time prior to the occurrence and continuance
of a Control Event (as defined in the PSA), the Directing Certificateholder
under the PSA is entitled to terminate the rights and obligations of the
existing special servicer, with or without cause, and appoint the successor
special servicer under the PSA in accordance with Section 7.02 of the PSA.
A description of the terms and conditions of the pooling and servicing
agreement regarding the servicing of the mortgage loans is included in the
Prospectus Supplement (SEC File Number 333-165147-07) filed by the J.P. Morgan
Chase Commercial Mortgage Securities Trust 2013-LC11 with the Securities and
Exchange Commission on May 9, 2013 pursuant to Rule 424(b)(5) (and incorporated
by reference herein).
C-III Asset Management LLC ("C-III") is a limited liability company organized
under the laws of the state of Delaware and is a wholly-owned subsidiary of
C-III Capital Partners LLC. The principal offices of C-III are located at 5221
N. O'Connor Blvd., Suite 600, Irving, Texas 75039, and its telephone number is
972-868-5300.
C-III has a special servicer rating of CSS 1- from Fitch and MOR CS 1 from
Morningstar Credit Ratings LLC. C-III is also on S&P's Select Servicer list as
a U.S. Commercial Mortgage Special Servicer and is ranked "STRONG" by S&P. As
of June 30, 2014, C-III was the named special servicer in approximately 126
transactions representing approximately 11,165 commercial real estate loans,
with an aggregate stated principal balance of approximately $116.218 billion.
Of those 126 transactions, 123 are commercial mortgage-backed securities
transactions representing approximately 11,105 commercial real estate loans,
with an aggregate stated principal balance of approximately $115.5 billion. The
remaining three transactions are made up of three CDOs. The portfolio includes
multifamily, office, retail, hospitality, industrial and other types of
income-producing properties, located in the United States, the Virgin Islands
and Puerto Rico. With respect to such transactions, as of such date, the special
servicer was administering approximately 505 assets with a stated principal
balance of approximately $6.5 million. All of these specially serviced assets
are serviced in accordance with the applicable procedures set forth in the
related pooling and servicing agreement that governs the asset. Since its
inception in 2002 and through June 30, 2014, C-III has resolved 3,890 total
assets, including multifamily, office, retail, hospitality, industrial and
other types of income-producing properties, with an aggregate principal balance
of $37.42 billion. C-III has not made an advance on the overall servicing
portfolio for the past three years.
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.
J.P. Morgan Chase Commercial Mortgage Securities Corp.
(Depositor)
/s/ Kunal K. Singh
Kunal K. Singh, Executive Director
Date: July 24, 201
