| | | FILED PURSUANT TO RULE 424(h) |
| | | REGISTRATION FILE NO.: 333-206847-05 |
| | | |
SUPPLEMENT
(To Preliminary Prospectus Dated January 26, 2017)
$824,971,000 (Approximate)
Bank of America Merrill Lynch Commercial Mortgage Trust 2017-BNK3
(Central Index Key Number 0001694649)
Issuing Entity
Banc of America Merrill Lynch Commercial Mortgage Inc.
(Central Index Key Number 0001005007)
Depositor
Wells Fargo Bank, National Association
(Central Index Key Number 0000740906)
Morgan Stanley Mortgage Capital Holdings LLC
(Central Index Key Number 0001541557)
Bank of America, National Association
(Central Index Key Number 0001102113)
Sponsors and Mortgage Loan Sellers
Commercial Mortgage Pass-Through Certificates,
Series 2017-BNK3
This is a supplement to the preliminary prospectus dated January 26, 2017 (the “Preliminary Prospectus”).
The Preliminary Prospectus is updated in the manner set forth herein. Capitalized terms used herein but not defined herein will have such meanings ascribed to them in the Preliminary Prospectus.
| BofA Merrill Lynch | Morgan Stanley | Wells Fargo Securities |
| Co-Lead Manager and Joint Bookrunner | Co-Lead Manager and Joint Bookrunner | Co-Lead Manager and Joint Bookrunner |
| | Drexel Hamilton | |
| | Co-Manager | |
The date of this Supplement is January 27, 2017
STRUCTURAL UPDATE
1. The initial Certificate Balance of the Class A-3 Certificates will be increased to $175,000,000.
2. The initial Certificate Balance of the Class A-4 Certificates will be decreased to $361,236,000.
3. With respect to the “Offered Certificates”, the table set forth in “Summary of the Certificates” in the Preliminary Prospectus is deleted and replaced with the following:
Class or Interest | Approx.
Initial Certificate Balance or Notional Amount(1) | Approx. Initial Credit Support(2) | Approx. Initial Pass-Through Rate | Pass-Through Rate Description | Assumed
Final Distribution Date(3) | Weighted Average Life (Years)(4) | Expected Principal Window(4) |
| Offered Certificates |
| Class A-1 | $ 27,490,000 | 30.000% | % | (5) | February 2022 | 2.87 | 1 – 60 |
| Class A-2 | $ 52,680,000 | 30.000% | % | (5) | February 2022 | 5.00 | 60 – 60 |
| Class A-SB | $ 33,360,000 | 30.000% | % | (5) | June 2026 | 7.28 | 60 – 112 |
| Class A-3 | $ 175,000,000 | 30.000% | % | (5) | November 2026 | 9.71 | 112 – 117 |
| Class A-4 | $ 361,236,000 | 30.000% | % | (5) | January 2027 | 9.84 | 117 – 119 |
| Class X-A | $ 649,766,000(6) | NAP | % | Variable(7) | NAP | NAP | NAP |
| Class X-B | $ 139,236,000(8) | NAP | % | Variable(9) | NAP | NAP | NAP |
| Class A-S | $ 92,824,000 | 20.000% | % | (5) | January 2027 | 9.91 | 119 – 119 |
| Class B | $ 46,412,000 | 15.000% | % | (5) | January 2027 | 9.91 | 119 – 119 |
| Class C | $ 35,969,000 | 11.125% | % | (5) | January 2027 | 9.91 | 119 – 119 |
4. The table set forth under “Certificate Balances and Notional Amounts” in “Summary of Terms” in the Preliminary Prospectus is deleted and replaced with the following:
Class | Approx. Initial Aggregate Certificate Balance or Notional Amount | Approx. % of Initial Pool Balance | Approx. Initial Credit
Support(1) |
| Class A-1 | $ 27,490,000 | 2.813% | 30.000% |
| Class A-2 | $ 52,680,000 | 5.392% | 30.000% |
| Class A-SB | $ 33,360,000 | 3.414% | 30.000% |
| Class A-3 | $ 175,000,000 | 17.910% | 30.000% |
| Class A-4 | $ 361,236,000 | 36.970% | 30.000% |
| Class X-A | $ 649,766,000 | NAP | NAP |
| Class X-B | $ 139,236,000 | NAP | NAP |
| Class A-S | $ 92,824,000 | 9.500% | 20.000% |
| Class B | $ 46,412,000 | 4.750% | 15.000% |
| Class C | $ 35,969,000 | 3.681% | 11.125% |
5. The tables with respect to the Class A-3 and Class A-4 Certificates set forth in “Yield and Maturity Considerations—Weighted Average Life” are deleted and replaced in their entirety with the following:
Percent of the Initial Certificate Balance of
the Class A-3 Certificates at the Respective CPPs Set Forth Below:
| | Prepayment Assumption |
Distribution Date | 0% CPP | 25% CPP | 50% CPP | 75% CPP | 100% CPP |
| Closing Date | 100% | 100% | 100% | 100% | 100% |
| February 2018 | 100% | 100% | 100% | 100% | 100% |
| February 2019 | 100% | 100% | 100% | 100% | 100% |
| February 2020 | 100% | 100% | 100% | 100% | 100% |
| February 2021 | 100% | 100% | 100% | 100% | 100% |
| February 2022 | 100% | 100% | 100% | 100% | 100% |
| February 2023 | 100% | 100% | 100% | 100% | 100% |
| February 2024 | 100% | 100% | 100% | 100% | 100% |
| February 2025 | 100% | 100% | 100% | 100% | 100% |
| February 2026 | 100% | 100% | 100% | 100% | 100% |
| February 2027 and thereafter | 0% | 0% | 0% | 0% | 0% |
| Weighted Average Life (years) | 9.71 | 9.66 | 9.59 | 9.52 | 9.33 |
Percent of the Initial Certificate Balance
of the Class A-4 Certificates at the Respective CPPs Set Forth Below:
| | Prepayment Assumption |
Distribution Date | 0% CPP | 25% CPP | 50% CPP | 75% CPP | 100% CPP |
| Closing Date | 100% | 100% | 100% | 100% | 100% |
| February 2018 | 100% | 100% | 100% | 100% | 100% |
| February 2019 | 100% | 100% | 100% | 100% | 100% |
| February 2020 | 100% | 100% | 100% | 100% | 100% |
| February 2021 | 100% | 100% | 100% | 100% | 100% |
| February 2022 | 100% | 100% | 100% | 100% | 100% |
| February 2023 | 100% | 100% | 100% | 100% | 100% |
| February 2024 | 100% | 100% | 100% | 100% | 100% |
| February 2025 | 100% | 100% | 100% | 100% | 100% |
| February 2026 | 100% | 100% | 100% | 100% | 100% |
| February 2027 and thereafter | 0% | 0% | 0% | 0% | 0% |
| Weighted Average Life (years) | 9.84 | 9.82 | 9.80 | 9.77 | 9.53 |
The information in this supplement, if conveyed prior to the time of your contractual commitment to purchase any of the offered certificates, supersedes any conflicting information contained in the Preliminary Prospectus and any other prior similar materials relating to the offered certificates (including, without limitation, the free writing prospectus structural and collateral term sheet dated January 26, 2017). The information in this supplement may be amended or supplemented. This supplement is being delivered to you solely to provide you with information about the offering of the offered certificates referred to in the Preliminary Prospectus and to solicit an offer to purchase the offered certificates, when, as and if issued.
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