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EX-5.1 - LEGALITY OPINION OF SIDLEY AUSTIN LLP, DATED OCTOBER 13, 2015 - Wells Fargo Commercial Mortgage Trust 2015-NXS3exhibit_5-1.htm

 

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
 
 

FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
Date of report (Date of earliest event reported):  October 13, 2015
 
Wells Fargo Commercial Mortgage Trust 2015-NXS3
(Exact name of Issuing Entity)
 
Wells Fargo Commercial Mortgage Securities, Inc.
(Exact Name of Registrant as Specified in its Charter)
 
Natixis Real Estate Capital LLC
Wells Fargo Bank, National Association
Silverpeak Real Estate Finance LLC
National Cooperative Bank, N.A.
 (Exact Names of the Sponsors as Specified in their Charters)

 

 

North Carolina 333-195164-14 56-1643598
(State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.)

 

301 South College Street, Charlotte, North Carolina   28288-1066
(Address of Principal Executive Offices)    (ZIP Code)

 

Not Applicable
(Former name or former address, if not changed since last report.)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any following provisions:
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))

 

 

 

  
 

Item 8.01. Other Events.

On October 13, 2015, Wells Fargo Commercial Mortgage Securities, Inc. (the “Registrant”) caused the issuance, pursuant to a Pooling and Servicing Agreement, dated as of October 1, 2015 (the “Pooling and Servicing Agreement”), between the Registrant, as depositor, Wells Fargo Bank, National Association, as general master servicer, LNR Partners, LLC, as general special servicer, National Cooperative Bank, N.A., as NCB master servicer and as NCB special servicer, Midland Loan Services, a Division of PNC Bank, National Association, as One Court Square special servicer, Pentalpha Surveillance LLC, as trust advisor, Wells Fargo Bank, National Association, as certificate administrator, as tax administrator and as custodian, and Wilmington Trust, National Association, as trustee, of the Wells Fargo Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through Certificates, Series 2015-NXS3 (the “Certificates”). The Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB, Class A-S, Class X-A, Class B, Class C and Class PEX Certificates (collectively, the “Publicly Offered Certificates”) were sold to Wells Fargo Securities, LLC, Deutsche Bank Securities Inc. and Natixis Securities Americas LLC, as underwriters (collectively, in such capacities, the “Underwriters”), pursuant to an Underwriting Agreement, dated as of September 25, 2015, between the Registrant, Wells Fargo Bank, National Association, and the Underwriters.

 

On October 13, 2015, the Class X-D, Class X-E, Class X-FG, Class X-H, Class D, Class E, Class F, Class G, Class H and Class R Certificates (collectively, the “Privately Offered Certificates”) were sold to Wells Fargo Securities, LLC, Deutsche Bank Securities Inc. and Natixis Securities Americas LLC, as initial purchasers (collectively, in such capacities, the “Initial Purchasers”), pursuant to a Certificate Purchase Agreement, dated as of September 25, 2015, between the Registrant, Wells Fargo Bank, National Association, and the Initial Purchasers. The Privately Offered Certificates were sold in transactions exempt from registration under the Securities Act of 1933, as amended.

 

The Certificates represent, in the aggregate, the entire beneficial ownership in Wells Fargo Commercial Mortgage Trust 2015-NXS3, a common law trust fund formed on October 13, 2015 under the laws of the State of New York pursuant to the Pooling and Servicing Agreement. The Issuing Entity’s primary assets are fifty-six (56) commercial, multifamily and manufactured housing community mortgage loans (the “Mortgage Loans”). The net proceeds of the sale of the Certificates were applied to the purchase of the Mortgage Loans by the Registrant from Natixis Securities Americas LLC, Wells Fargo Bank, National Association, Silverpeak Real Estate Finance LLC and National Cooperative Bank, N.A.

 

The Registrant sold all of the Publicly Offered Certificates, having an aggregate certificate principal balance of $712,687,000, on October 13, 2015. The net proceeds of the offering to the Registrant of the issuance of the Publicly Offered Certificates, after deducting expenses payable by the Registrant of $7,012,867, were approximately $766,848,232. Of the expenses paid by the Registrant, approximately $18,100 were paid directly to affiliates of the Registrant, $2,589,877 in the form of fees were paid to the Underwriters, $463,910 were paid to or for the Underwriters and $3,940,979 were other expenses. All of the foregoing expense amounts are the Registrant’s reasonable estimates of such expenses. No underwriting discounts and commissions or finder’s fees were paid by the Registrant; the Publicly Offered Certificates were offered by the Underwriters for sale to the public in negotiated transactions or otherwise at varying prices determined at the time of sale. The Registrant also sold to the Initial Purchasers on such date the Privately Offered Certificates, having an aggregate principal amount of $101,812,765, in each case in private placement transactions exempt from registration under the Securities Act of 1933, as amended, pursuant to Section 4(2) of the Act. Further information regarding such sales has been previously provided on the Registrant’s Current Report on Form 8-K, filed October 13, 2015 (including, as to the price per class of Publicly Offered Certificates, on Schedule I to the Underwriting Agreement filed as an exhibit thereto) and in its Prospectus Supplement, dated September 29, 2015, to the accompanying Prospectus, dated August 3, 2015. The related registration statement (file no. 333-195164) was originally declared effective on June 25, 2014.

 

In connection with the issuance and sale to the Underwriters of the Publicly Offered Certificates, a legal opinion was rendered related to the validity of, and certain federal income tax considerations relating to, the Publicly Offered Certificates, which legal opinion is attached as an exhibit to this report.

 

 

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Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits:
   
5.1 Legality Opinion of Sidley Austin LLP, dated October 13, 2015.
   
8.1 Tax Opinion of Sidley Austin LLP, dated October 13, 2015 (included as part of Exhibit 5.1).
   
23.1    Consent of Sidley Austin LLP (included as part of Exhibit 5.1).

 

 

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SIGNATURES

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

    WELLS FARGO COMMERCIAL MORTGAGE
    SECURITIES, INC.
     
     
     
   

By: /s/ Matthew Orrino                               

   

Name: Matthew Orrino

   

Title: Director

     

Dated: October 13, 2015

   

 

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Exhibit Index

Exhibit No. Description
5.1 Legality Opinion of Sidley Austin LLP, dated October 13, 2015.
   
8.1 Tax Opinion of Sidley Austin LLP, dated October 13, 2015 (included as part of Exhibit 5.1).
   
23.1 Consent of Sidley Austin LLP (included as part of Exhibit 5.1).

 

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