<PAGE>
8-K
Current Report
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): February 9, 1999
DEUTSCHE MORTGAGE & ASSET RECEIVING CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 333-08328 04-3310019
(State or other Jurisdiction (Commission (I.R.S. Employer
Incorporation) File Number) Identification Number)
---------------------
31 West 52nd Street
New York, New York 10019
(principal executive offices)
(212) 469-5000
<PAGE>
Item 5. OTHER EVENTS
Description of the Certificates
Deutsche Mortgage & Asset Receiving Corporation (the "Depositor") will
cause to be filed with the Securities and Exchange Commission (the "Commission")
pursuant to the Commission's Rule 424 a Prospectus Supplement and the Prospectus
filed as part of Registration Statement, File No. 333-08328, in connection with
the Depositor's issuance of a series of certificates, entitled Commercial
Mortgage Pass-Through Certificates, Series 1999-1 (the "Certificates"), to be
issued pursuant to a pooling and servicing agreement among the Depositor,
Banc One Mortgage Capital Markets, LLC, as master servicer and as special
servicer, LaSalle National Bank, as Trustee and ABN AMRO Bank, N.V., as
fiscal agent.
Computational Materials
Deutsche Bank Securities as underwriter of certain of the Certificates
(the "Underwriter") has provided certain prospective purchasers of the Class
A1, Class A2, Class B, Class C, Class D and Class E Certificates (collectively,
the "Offered Certificates") with certain yield tables and other computational
materials, collateral term sheets and structural term sheets (the
"Computational Materials") in written form, which Computational Materials are
in the nature of data tables and term sheet information relating to the assets
of the trust fund in which the Certificates represent beneficial ownership, the
structure of the Certificates and terms of certain classes of Certificates, and
the hypothetical characteristics and hypothetical performance of certain
classes and Certificates based on collateral information provided by German
American Capital Corporation and/or Banc One Mortgage Capital Markets, LLC and
under certain assumptions and scenarios.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Not applicable
(b) Not applicable
(c) Exhibits
EXHIBIT NO. 99 DESCRIPTION
Computational Materials (as defined in Item 5) that have been provided
by the Underwriter to certain prospective purchasers of the Offered
Certificates. Such Computational materials are not required to be filed
electronically, but have been filed manually with the Commission.
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 thereunto duly authorized.
Dated: February 9, 1999
DEUTSCHE MORTGAGE &
ASSET RECEIVING CORPORATION
By: /s/ Delores A. Bitar
------------------------
Name: Delores A. Bitar
Title: Vice-President
2
<PAGE>
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 thereunto duly authorized.
Dated: February 9, 1999
DEUTSCHE MORTGAGE &
ASSET RECEIVING CORPORATION
By: /s/ Delores A. Bitar
------------------------
Name: Delores A. Bitar
Title: Vice President
3
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE
INFORMATION CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD
TO YOU.
STRUCTURAL AND COLLATERAL TERM SHEET
$1,185,200,000 (Approximate) February 8, 1999
COMM Mortgage Trust
Mortgage Pass-Through Certificates
Series 1999-C1
Approximate Securities Structure:
- ---------------------------------
Expected Expected
Approximate Credit Weighted Expected
Face/Notional Support Average Life Payment
Class Expected Rating Amount(MM) (% of UPB) (years) Window
- --------------------------------------------------------------------------------
Publicly Offered Classes
X AAAr/AAA $1,311.1 (a)
A1 AAA/AAA $174.4 30.00% 5.00 4/99-12/07
A2 AAA/AAA 743.4 30.00 9.26 12/07-10/08
B AA/AA 65.5 25.00 9.59 10/08-10/08
C A/A 72.1 19.50 9.59 10/08-10/08
D BBB/BBB 78.7 13.50 9.59 10/08-10/08
E BBB-/BBB- 19.7 12.00 9.67 10/08-10/08
Privately Offered Classes(b)
- -------------------------------------------------------------------------------
F -- -- -- -- --
G -- -- -- -- --
H -- -- -- -- --
J -- -- -- -- --
K -- -- -- -- --
Total Securities: $1,311.1
- -------------------------------------------------------------------------------
(a) Notional amount on interest only class.
(b) Not offered hereby.
Co-Lead Mangers: Deutsche Bank Securities (bookrunner)
Lehman Brothers
JP Morgan
Mortgage Loan Sellers: German American Capital Corporation
Banc One Mortgage Capital Markets
Master Servicer Banc One Mortgage Capital Markets
Special Servicer Banc One Mortgage Capital Markets
Trustee: Lasalle National Bank
Fiscal Agent: ABN/AMRO
Launch: Early February
Pricing: Mid/Late February
Closing: Early March
Cut-Off Date: March 1, 1999
Distribution Date: 15th of each month, or following business day
(commencing April 1999)
Payment Delay: 14 days
ERISA Eligible: Classes A1, A2, X
SMMEA Eligible: No
Structure: Sequential pay
Day Count: 30/360
Tax Treatment: REMIC
Rated Final Distribution
Date:
Clean up Call: 1%
Minimum Denominations: Publicly offered classes except Class X; $50,000
Class X; $1,000,000
Delivery: DTC
KEY FEATURES:
- --------------
- -------------------------------------------------------------------------------
COLLATERAL FACTS:
- -----------------
Initial Pool Balance: $1,311,125,920
Number of Mortgage Loans: 221
Number of Mortgaged Properties: 272
Average Cut-Off Date Balance: $5,932,696
Weighted Average Current Mortgage Rate: 7.149%
Weighted Average U/W DSCR: 1.41x
Weighted Average Cut-Off Date LTV Ratio: 71.32%
Weighted Average Remaining Term to Maturity (months): 113.4
Weighted Average Remaining Amortization Term (months): 270.8
Weighted Average Seasoning (months): 6.6
Balloon Loans as % of Total: 26.65%
Ten Largest Loans as % of Total: 29.63%
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<TABLE>
<CAPTION>
TEN LARGEST LOANS
- -----------------
Loan Balance % by UPB LTV DSCR Property Type
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Neshaminy Mall 60,000,000 4.58% 58.71% 1.92x Anchoned Retail
JPI Portfolio 58,800,000 4.48 76.58 1.20 Multifamily
Lasalle Office Portfolio 43,242,000 3.30 49.76 1.51 Office
Capital Automotive Portfolio 38,050,000 2.90 56.79 2.09 Specialty Retail
Columbia Office Center 35,018,169 2.67 70.32 1.29 Office
3665 N. First Street 34,639,734 2.64 74.49 1.38 Office
ElderTrust Meridian 6 Portfolio 32,827,463 2.50 74.95 1.60 Nursing Home
Prime Care Six Portfolio 29,819,346 2.27 79.10 1.39 Assisted Living
Blockbuster Distribution Center 29,349,944 2.24 77.65 1.25 Industrial
200 East 87th Street 26,829,956 2.05 74.12 1.23 Multifamily
Total $388,576,612 29.63% 67.67% 1.53x
- --------------------------------------------------------------------------------------------
</TABLE>
SELECTED LOAN DATA:
- --------------------
Number of Cut-Off Date Balance
Mortgaged ----------------------------------------
Geographic Distribution Properties (MM) % by UPB Wtd. Avg. DSCR
- --------------------------------------------------------------------------------
California 50 $241.9 18.45% 1.35x
Texas 50 160.9 12.27 1.37
Florida 16 141.1 10.76 1.33
New York 21 121.4 9.26 1.38
Pennsylvania 13 103.7 7.91 1.69
Other 122 542.1 41.35 1.43x
--- ----- -----
Total Wtd. Avg. 272 $1,311.1 100.00% 1.41x
- -------------------------------------------------------------------------------
Number of Cut-Off Date Balance
Mortgaged ----------------------------------------
Property Type Properties (MM) % by UPB Wtd. Avg. DSCR
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Office 72 $327.5 24.98% 1.36X
Multifamily 78 321.0 24.48 1.32
Anchored Retail 31 239.0 18.23 1.47
Industrial 19 97.1 7.41 1.34
Unanchored Retail 25 69.5 5.30 1.38
Special Purpose 11 59.9 4.57 1.92
Nursing Home, skilled 8 46.1 3.52 1.54
Mixed Use 6 45.3 3.45 1.28
Lodging 8 40.7 3.10 1.52
Assisted Living Facility 3 23.3 1.78 1.29
Other 11 41.7 3.18 1.42x
--- ---- ----
Total/Wtd. Avg. 272 $1,311.1 100.00% 1.41x
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Prepayment Restrictions (MM) % by UPB Wtd. Avg. DSCR
- --------------------------------------------------------------------------
Lockout/Defeasance $1,240.9 94.64% 1.39
Lockout/Yield Maintenance 25.3 1.93 1.39
Lockout/Open 0.9 0.07 2.01
Lockout/Yield Maintenance or 44.0 3.36 1.34
Defeasance (Borrower's choice)
- --------------------------------------------------------------------------
Total/Wtd. Avg. $1.331.1 100.00% 1.41x
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This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as of
the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by Deutsche Bank Securities and not by the
issuer of the securities. Deutsche Bank Securities is acting as Co-Lead
underwriter and not acting as agent for the issuer or its affiliates in
connection with the proposed transaction. The issuer has not prepared or taken
part in the preparation of these materials.
