8-K 1 n4265_x20-8k.htm 8-K

 

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: August 29, 2024
(Date of earliest event reported)

 

BANK 2024-BNK47

(Central Index Key Number 0002023106)

(Exact name of issuing entity)

 

Wells Fargo Bank, National Association

(Central Index Key Number 0000740906)

Bank of America, National Association

(Central Index Key Number 0001102113)

Goldman Sachs Mortgage Company

(Central Index Key Number 0001541502)

Morgan Stanley Mortgage Capital Holdings LLC

(Central Index Key Number 0001541557)

Citi Real Estate Funding Inc.

(Central Index Key Number 0001701238)

JPMorgan Chase Bank, National Association

(Central Index Key Number 0000835271)

National Cooperative Bank, N.A.

(Central Index Key Number 0001577313)

 

Wells Fargo Commercial Mortgage Securities, Inc.

(Central Index Key Number 0000850779)

(Exact name of registrant as specified in its charter)

North Carolina 333-257991-10 56-1643598
(State or other jurisdiction of incorporation) (Commission File No.) (IRS Employer Identification No.)

 

301 South College Street  
Charlotte, North Carolina 28202
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code      (704) 374-6161

Not Applicable

(Former name or former address, if changed since last report.)

 

 

 

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

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

Title of each class Trading Symbol(s) Name of each exchange on which registered
     

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

[_] 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.

 

 

Item 1.01.Entry into a Material Definitive Agreement.

On June 26, 2024, Wells Fargo Commercial Mortgage Securities, Inc. (the “Depositor”) caused the issuance, pursuant to a pooling and servicing agreement, dated and effective as of June 1, 2024 (the “Pooling and Servicing Agreement”), among the Depositor, as depositor, Wells Fargo Bank, National Association, as general master servicer, Rialto Capital Advisors, LLC, as general special servicer, National Cooperative Bank, N.A. (“NCB”), as NCB master servicer and as NCB special servicer, Computershare Trust Company, National Association, as certificate administrator and as trustee, and Park Bridge Lender Services LLC, as operating advisor and as asset representations reviewer, of the BANK 2024-BNK47, Commercial Mortgage Pass-Through Certificates, Series 2024-BNK47 (the “Certificates”).

The Certificates represent, in the aggregate, the entire beneficial ownership in BANK 2024-BNK47 (the “Issuing Entity”), a common law trust fund formed on June 26, 2024 under the laws of the State of New York pursuant to the Pooling and Servicing Agreement. The Issuing Entity’s primary assets are fifty-two (52) fixed rate mortgage loans (the “Mortgage Loans”) secured by first liens on eighty-one (81) commercial, multifamily, manufactured housing and/or residential cooperative properties.

The Mortgage Loan secured by the mortgaged property identified as “St. Johns Town Center” on Exhibit B to the Pooling and Servicing Agreement (the “St. Johns Town Center Mortgage Loan”), which is an asset of the Issuing Entity, is part of a whole loan (the “St. Johns Town Center Whole Loan”) that also includes fifty-two additional pari passu promissory notes, which are not assets of the Issuing Entity. Prior to August 29, 2024, the St. Johns Town Center Whole Loan was being serviced and administered pursuant to the Pooling and Servicing Agreement.

As of August 29, 2024, the St. Johns Town Center Whole Loan is being serviced and administered pursuant to a pooling and servicing agreement, dated and effective as of August 1, 2024 (the “BBCMS 2024-C28 Pooling and Servicing Agreement”) among Barclays Commercial Mortgage Securities LLC, as depositor, Wells Fargo Bank, National Association, as master servicer, LNR Partners, LLC, as special servicer, Computershare Trust Company, National Association, as certificate administrator and as trustee, and Pentalpha Surveillance LLC, as operating advisor and as asset representations reviewer, relating to the BBCMS 2024-C28 securitization transaction into which the controlling companion loan is deposited.

The terms and conditions of the BBCMS 2024-C28 Pooling and Servicing Agreement applicable to the servicing of the St. Johns Town Center Mortgage Loan are substantially similar to the terms and conditions of the Pooling and Servicing Agreement applicable to the servicing of the other Mortgage Loans, but will differ in certain respects, as described under “Pooling and Servicing Agreement—Servicing of the Non-Serviced Mortgage Loans” in the Prospectus filed by the Issuing Entity pursuant to Rule 424(b)(2) with respect to the Certificates on June 13, 2024.

 

 

 

 

Item 9.01.Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
Exhibit 4.1 Pooling and Servicing Agreement, dated and effective as of August 1, 2024, among Barclays Commercial Mortgage Securities LLC, as depositor, Wells Fargo Bank, National Association, as master servicer, LNR Partners, LLC, as special servicer, Computershare Trust Company, National Association, as certificate administrator and as trustee, and Pentalpha Surveillance LLC, as operating advisor and as asset representations reviewer.

 

 

 

 

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

 

Date: August 29, 2024 WELLS FARGO COMMERCIAL MORTGAGE SECURITIES INC.
  (Registrant)
   
   
   By:   /s/ Anthony J. Sfarra
    Name:   Anthony J. Sfarra
    Title: President
       

 

 

 

 

 

INDEX TO EXHIBITS

Item 601(a) of Regulation S-K Exhibit No.   Description Paper (P) or Electronic (E)
4.1   Pooling and Servicing Agreement, dated and effective as of August 1, 2024, among Barclays Commercial Mortgage Securities LLC, as depositor, Wells Fargo Bank, National Association, as master servicer, LNR Partners, LLC, as special servicer, Computershare Trust Company, National Association, as certificate administrator and as trustee, and Pentalpha Surveillance LLC, as operating advisor and as asset representations reviewer. (E)