<PAGE>
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: September 29, 1998
(Date of earliest event reported)
AMRESCO COMMERCIAL MORTGAGE FUNDING I CORPORATION
(Exact name of Registrant as specified in its charter)
Delaware 333-19591 75-2683929
(State of Incorporation) (Commission File No.) (I.R.S. Employer
Identification No.)
700 North Pearl Street
Suite 2400, L.B. 342
Dallas, Texas 75201
(Address of Principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (214) 953-7700
<PAGE>
Item 5. Other Events.
Reference is hereby made to the Registrant's Registration Statement on
Form S-3 (File No. 333-19591) filed with the Securities and Exchange Commission
(the "Commission"), as last amended by Amendment No. 4, which became effective
on June 10, 1997 (the "Registration Statement"), pursuant to which the
Registrant registered $2,000,000,000 aggregate principal amount of its mortgage
pass-through certificates, issuable in various series, for sale in accordance
with the provisions of the Securities Act of 1933, as amended (the "Act").
Reference is also hereby made to the Prospectus and the related Prospectus
Supplement (collectively, the "Prospectus"), which will be filed with the
Commission pursuant to Rule 424(b)(5), with respect to the Registrant's
Mortgage Pass-Through Certificates, Series 1998-C2 (the "Offered
Certificates").
The Registrant is filing this Current Report on Form 8-K to provide
prospective investors with certain materials which constitute "Preliminary
Structural and Collateral Term Sheets" as described in the no-action letter
dated February 27, 1995 issued by the Division of Corporation Finance of the
Commission to the Public Securities Association (the "PSA Letter"), the filing
of which materials is a condition of the relief granted in such letter (such
materials being the "Collateral Term Sheets"). The Collateral Term Sheets were
prepared solely by Goldman, Sachs & Co. in connection with the offering of the
Offered Certificates, and the Registrant did not prepare or participate in the
preparation of the Collateral Term Sheets. The Collateral Term Sheets are set
forth in Exhibit 99.3 hereto.
The assumptions used in preparing the Collateral Term Sheets were
based upon a preliminary compilation of the underlying collateral and the
estimated principal amount and other features of the Offered Certificates. The
actual features of the Offered Certificates and a detailed description of the
final constituency of the underlying collateral will be set forth in the
Prospectus.
Due to the preliminary nature of the information regarding the
collateral and the structure of the Offered Certificates used in preparing the
Collateral Term Sheets, no assurance can be given as to either the Collateral
Term Sheets' or the underlying assumptions' accuracy, appropriateness or
completeness in any particular context; nor can assurance be given as to
whether the Collateral Term Sheets and/or the assumptions upon which they are
based reflect present market conditions or future market performance. These
Collateral Term Sheets should not be construed as either projections or
predictions or as legal, tax, financial or accounting advice.
Any yields or weighted average lives shown in the Collateral Term
Sheets are based on prepayment assumptions, and changes in such prepayment
assumptions may dramatically affect such yields or weighted average lives. In
addition, it is possible that prepayments on the collateral will occur at rates
slower or faster than the rates shown in the Collateral Term Sheets.
Furthermore, unless otherwise provided, the Collateral Term Sheets assume no
losses on the collateral and no interest shortfall. The specific
characteristics of the Offered Certificates may differ from those shown in the
Collateral Term Sheets due to differences between the actual collateral and the
hypothetical collateral used in preparing the Collateral Term Sheets. As noted
above, the principal amount and designation of any security described in the
Collateral Term Sheets are subject to change prior to issuance.
- 2 -
<PAGE>
Please be advised that mortgage-backed securities may not be
appropriate for all investors. Potential investors must be willing to assume,
among other things, market price volatility, mortgage prepayments, yield curve
and interest rate risks. Investors should make every effort to consider the
risks of these securities.
Any statement or information contained in the Collateral Term Sheets
shall be deemed to be modified or superseded for purposes of the Prospectus and
the Registration Statement by statements or information contained in the
Prospectus.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
Exhibit No. Description
----------- -----------
99.3 Collateral Term Sheets provided by Goldman,
Sachs & Co.
- 3 -
<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 hereunto duly authorized.
AMRESCO COMMERCIAL MORTGAGE
FUNDING I CORPORATION
September 29, 1998 By: /s/ L. Keith Blackwell
-----------------------------
L. Keith Blackwell,
Vice President, General
Counsel and Secretary
- 4 -
<PAGE>
AMRESCO COMMERCIAL MORTGAGE FUNDING I CORP.
MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1998-C-2
NOTICE TO ALL POTENTIAL INVESTORS
----------------------------------
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). INFORMATION CONTAINED IN THIS MATERIAL IS CURRENT AS OF
ANY 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 FILE,
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 GOLDMAN, SACHS & CO. AND NOT BY THE
ISSUER OF THE SECURITIES. GOLDMAN, SACHS & CO. IS ACTING AS 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, AND MAKES NO REPRESENTATION OR WARRANTY,
EXPRESS OR IMPLIED, CONCERNING THEIR ACCURACY OR COMPLETENESS.
Page 1
<PAGE>
<TABLE>
<CAPTION>
CONTROL LOAN
NUMBER NUMBER PROPERTY NAME PROPERTY ADDRESS CITY STATE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1 TBD1 VMS Portfolio
TBD1A VMS-Scothollow Apartments 203 Laurie Meadows Drive. San Mateo CA
TBD1B VMS-The Bluffs Apartments 12601 SE River Road Milwaukee OR
TBD1C VMS-Buena Vista Apartments 300 E. Bellevue Drive Pasadena CA
TBD1D VMS-Casa De Monterey 12301 Studebaker Road Norwalk CA
TBD1E VMS-Chappelle Le Grande 200 West 75th Place Merrillville IN
TBD1F VMS-Crosswood Park Apartments 6801 San Thomas Drive Citrus Heights CA
TBD1G VMS-Forest Ridge Apartments 3720 Yaqui Drive Flagstaff AZ
TBD1H VMS-Mountain View Apartments 650 E. Bonita Ave. San Dimas CA
TBD1I VMS-North Park Apartments 1125 Wellington Dr. Evansville IN
TBD1J VMS-Pathfinder Village 39800 Fremont Blvd. Fremont CA
TBD1K VMS-Shadowood Apartments 1001 McKeen Place Monroe LA
TBD1L VMS-Terrace Gardens Apartments 10100 Grand Plaza Omaha NE
TBD1M VMS-Towers of Westchester 6200 Westchester Park Dr. College Park MD
TBD1N VMS-Vista Village Apartments 10535 Montwood Drive El Paso TX
TBD1O VMS-Watergate Apartments 8101 Cantrell Road Little Rock AR
2 M0514 Hobbits Grove Apartments 5320 Cedar Lane Columbia MD
3 09-0001123 Springdale Villa Apartments 6000 Garden Grove Boulevard Westminister CA
4 09-0001042 Briarwood Village Apartments 2215 Avenida La Quinta Houston TX
5 M0171 Fremont Garden Apartments 4200 Bay Street Fremont CA
6 M0462 Cottonwood Cabanas Apartments 4653 Cotton Drive Memphis TN
7 09-0001082 Canterbury Village Apartments 7251 Chaucer Place Dallas TX
8 400029139 Redstone Apartments 500 South Prospect Street Burlington VT
9 400029257 Indian Lookout Apartments 98 Anderson Ferry Road Cincinnati OH
10 400029169 Braden Creek Apartments 4801 South Braden Avenue Tulsa OK
11 400031048 Palm Springs Village Apartments 2720-2786 East Tahquitz Canyon Palm Springs CA
12 400029202 Villa Acapulco Apartments 9707 Braeburn Glen Road Houston TX
13 M0330 Acadian House / Willow Bend
M0330A Acadian House Apartments 710 South College Road Lafayette LA
M0330B Willow Bend Apartments 4770 Johnston Street Lafayette LA
14 09-0001160 Plaza at River Oaks Apartments 1020 West Gray and 1945 West B Houston TX
15 400029299 Ogden Manor Apartments 395 West Ogden Avenue Naperville IL
16 400029232 Riverside Village Apartments 2800 - 5th Avenue NE Puyallup WA
17 M0415 Northridge Villa Apartments 67,69,93,95,97 Castro Street Salinas CA
18 400029306 University Gardens Apartments 2212-2222 Rio Grande Street Austin TX
19 400029252 Cimarron Apartments 850 East Commercial Boulevard Oakland Park FL
20 M0429 The Seasons Apartments and Townhouses 9100 Walker Road Monroe LA
21 400029137 Shirley Court Apartments 7201 Bradford Road Upper Darby PA
22 400029178 422 Mystic Avenue 422 Mystic Avenue Sommerville MA
23 400028210 Royal Village Apartments 2838 - 2848 Royal Lane Dallas TX
24 400029227 800 - 802 Lexington Avenue 800-802 Lexington Avenue New York NY
25 M0263 Country Acres Apartments 209, 301, 309 11th Avenue East Sartell MN
26 400031128 Chateau Hilgard 962 Hilgard Avenue Los Angeles CA
27 09-0001045 Westbury Park Apartments 1295 Franklin Drive Marietta GA
28 09-0001107 Southgate Suites & Apartments 2339 Fort Benning Road Columbus GA
29 M0487 II Frances Place Apartments 1701 McKeen Place Monroe LA
30 400027560 Concord House/Concord Terrace 1001 Villa Drive/ 306 Park Dri Euless TX
31 M0537 Cedar Shores Apartments 3434 Blanding Boulevard Jacksonville FL
32 400030868 The Cascade Apartments 1500 San Francisco Court Arlington TX
33 M0443 Tree House Apartments 1800 Park Avenue Orange Park FL
34 400029183 Fairlawn Gardens Apartments 116 Fairlawn Gardens Martinsburg WV
35 09-0001084 Westwood Apartments 3254 Las Vegas Trail Fort Worth TX
36 400029208 Summit Apartments 411 West "K" Place Jenks OK
37 400028269 Westmoor Apartments 800-810 West Melrose Avenue Findlay OH
38 09-0001051 Town View Apartments 4999 S. Buckner Boulevard Dallas TX
39 400031123 Whitewood Oaks Apartments 200 Whitewood Drive San Antonio TX
40 09-0001070 Sierra Trails Apartments 2800 Las Vegas Trail Ft. Worth TX
41 400029185 Spring Heights Fourplexes 409C Summer Court College Station TX
42 M0264 Executive East Apartments 1244, 1248, 1252 E. St. Germai St. Cloud MN
43 400029188 Lillian Cove Duplexes 2300-3305 Lillian Cove Conway AR
44 400029168 The Eagle Crest Townhome Apts. 7200 South Presa Street San Antonio TX
45 400029182 Chatham Street Apartments 333 Chatham St. & 5 Oakwood Av Lynn MA
46 M0262 Oakwood Heights Apartments 1615 - 7th Street SE St. Cloud MN
47 M0220 121 Seaman Avenue 121 Seaman Avenue New York NY
48 M0290 Geneva Apartments 110 & 120 15th Street Court Sauk Rapids MN
49 400030869 The Park Square Apartments 4019 Park Square Drive Arlington TX
50 09-0001075 Shadow Glen Apartments 3435 St. Francis Street Dallas TX
51 M0288 Southview Apartments 1000-1st Street NE and 200-11t Sartell MN
52 M0289 The Crossings Apartments #3-14th Avenue NE St. Cloud MN
53 400030870 Park Ridge Apartments 1620 South Pecan Drive Arlington TX
54 09-0001035 The Mason Apartments 4302-4306 McKinney Avenue Dallas TX
55 M0172 Roxbury Crossing Apartments 1458-1460 Tremont Street/1715 Roxbury MA
56 09-0001036 McKinney Avenue Apartments 4238 McKinney Avenue Dallas TX
57 M0364 Riverchase Apartments 1565 Fitzgerald's Boulevard Robinsonville MS
<PAGE>
<CAPTION>
FIRST
CONTROL PROPERTY ORIGINAL CUT-OFF LOAN MORTGAGE NOTE PAYMENT
NUMBER TYPE BALANCE DATE BALANCE TYPE RATE DATE DATE
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1 110,000,000 109,149,602 Balloon 8.50000 12/29/97 2/1/98
Multifamily - 29,312,804
Multifamily - 3,746,170
Multifamily - 4,983,690
Multifamily - 4,126,447
Multifamily - 3,228,160
Multifamily - 5,601,533
Multifamily - 5,935,726
Multifamily - 7,200,564
Multifamily - 6,290,057
Multifamily - 13,543,952
Multifamily - 2,265,209
Multifamily - 4,466,847
Multifamily - 12,191,075
Multifamily - 3,341,728
Multifamily - 2,915,638
2 Multifamily 11,850,000 11,850,000 Balloon 6.37000 9/1/98 10/1/98
3 Multifamily 10,050,000 10,043,602 Balloon 6.94000 7/31/98 9/1/98
4 Multifamily 9,800,000 9,764,584 Balloon 6.94000 4/8/98 5/10/98
5 Multifamily 9,400,000 9,377,623 Balloon 7.48000 4/28/98 6/1/98
6 Multifamily 8,740,000 8,740,000 Balloon 6.81000 8/5/98 10/1/98
7 Multifamily 5,482,500 5,410,185 Balloon 6.93000 6/16/98 8/1/98
8 Multifamily 5,200,000 5,167,205 Hyperamortizing 7.05000 2/23/98 4/1/98
9 Multifamily 4,800,000 4,790,358 Balloon 7.14000 5/28/98 7/1/98
10 Multifamily 4,750,000 4,724,308 Balloon 7.04000 1/28/98 3/1/98
11 Multifamily 4,600,000 4,597,176 Balloon 7.06000 7/31/98 9/1/98
12 Multifamily 4,560,000 4,544,413 Balloon 7.16000 3/4/98 5/1/98
13 4,500,000 4,497,186 Balloon 7.00000 7/20/98 9/1/98
Multifamily - -
Multifamily - -
14 Multifamily 4,050,000 4,050,000 Balloon 6.60000 9/4/98 11/1/98
15 Multifamily 4,000,000 3,994,737 Balloon 6.84000 6/30/98 8/1/98
16 Multifamily 4,000,000 3,991,922 Balloon 7.12000 5/15/98 7/1/98
17 Multifamily 3,960,000 3,952,398 Balloon 7.31000 5/29/98 7/1/98
18 Multifamily 3,950,000 3,947,394 Balloon 6.82000 7/2/98 9/1/98
19 Multifamily 3,850,000 3,835,431 Balloon 6.90000 5/8/98 7/1/98
20 Multifamily 3,760,000 3,753,899 Fully Amortizing 7.40000 7/27/98 9/1/98
21 Multifamily 3,600,000 3,572,859 Balloon 6.98000 2/25/98 4/1/98
22 Multifamily 3,500,000 3,485,824 Balloon 7.12000 3/10/98 5/1/98
23 Multifamily 3,525,000 3,473,922 Balloon 8.83200 5/20/97 7/1/97
24 Multifamily 3,270,000 3,263,907 Balloon 7.42000 5/8/98 7/1/98
25 Multifamily 3,100,000 3,089,512 Balloon 7.20000 3/25/98 5/1/98
26 Multifamily 3,000,000 3,000,000 Balloon 6.79000 8/20/98 10/1/98
27 Multifamily 3,000,000 2,992,400 Balloon 7.26000 4/16/98 6/1/98
28 Multifamily 2,985,000 2,983,566 Balloon 7.81000 7/13/98 9/1/98
29 Multifamily 2,945,000 2,945,000 Fully Amortizing 7.08000 8/24/98 10/1/98
30 Multifamily 2,800,000 2,752,585 Fully Amortizing 8.27000 10/31/97 12/1/97
31 Multifamily 2,720,000 2,720,000 Balloon 6.83000 8/27/98 10/1/98
32 Multifamily 2,660,000 2,658,357 Balloon 7.04000 7/28/98 9/1/98
33 Multifamily 2,400,000 2,400,000 Balloon 6.83000 8/27/98 10/1/98
34 Multifamily 2,300,000 2,291,935 Balloon 7.06000 3/20/98 5/1/98
35 Multifamily 2,275,000 2,272,466 Balloon 7.38000 6/30/98 8/1/98
36 Multifamily 2,200,000 2,192,069 Balloon 6.95000 3/19/98 5/1/98
37 Multifamily 2,150,000 2,142,707 Balloon 7.19000 3/13/98 5/1/98
38 Multifamily 2,040,000 2,037,654 Balloon 7.28000 6/9/98 8/1/98
39 Multifamily 1,800,000 1,798,851 Balloon 6.93000 7/31/98 9/1/98
40 Multifamily 1,800,000 1,797,864 Balloon 7.18000 6/4/98 8/1/98
41 Multifamily 1,760,000 1,753,953 Balloon 7.14000 3/12/98 5/1/98
42 Multifamily 1,750,000 1,744,079 Balloon 7.20000 3/25/98 5/1/98
43 Multifamily 1,680,000 1,661,184 Fully Amortizing 6.97000 3/4/98 5/1/98
44 Multifamily 1,550,000 1,539,728 Balloon 7.08000 2/13/98 4/1/98
45 Multifamily 1,500,000 1,496,158 Balloon 7.22000 4/2/98 6/1/98
46 Multifamily 1,328,000 1,323,472 Balloon 7.17000 3/26/98 5/1/98
47 Multifamily 1,325,000 1,320,943 Balloon 7.58000 3/31/98 5/1/98
48 Multifamily 1,325,000 1,320,482 Balloon 7.17000 3/26/98 5/1/98
49 Multifamily 1,100,000 1,099,321 Balloon 7.04000 7/28/98 9/1/98
50 Multifamily 1,064,000 1,062,800 Balloon 7.34000 6/9/98 8/1/98
51 Multifamily 1,050,000 1,046,448 Balloon 7.20000 3/25/98 5/1/98
52 Multifamily 1,000,000 996,617 Balloon 7.20000 3/25/98 5/1/98
53 Multifamily 900,000 899,453 Balloon 7.09000 7/28/98 9/1/98
54 Multifamily 697,000 694,070 Balloon 6.93000 3/19/98 5/1/98
55 Multifamily 625,000 622,537 Balloon 7.54000 4/8/98 6/1/98
56 Multifamily 590,750 588,267 Balloon 6.93000 3/19/98 5/1/98
57 Multifamily 960,000 959,462 Balloon 7.35000 8/7/98 10/1/98
<PAGE>
<CAPTION>
FIRST INTEREST ORIGINAL TERM ORIGINAL REMAINING TERM LOCKOUT
CONTROL PAYMENT ACCRUAL MONTHLY TO MATURITY AMORTIZATION TO MATURITY MATURITY EXPIRATION
NUMBER DATE METHOD PAYMENT (MONTHS) TERM (MONTHS) (MONTHS) DATE DATE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 Actual / 360 879,520 120 320 112 1/1/08 1/1/07
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2 Actual / 360 73,890 120 360 84 9/1/08 9/1/00
3 Actual / 360 66,458 120 360 119 8/1/08 8/1/01
4 Actual / 360 64,805 120 360 115 4/10/08 4/10/01
5 Actual / 360 65,597 120 360 116 5/1/08 5/1/00
6 Actual / 360 57,036 120 360 120 9/1/08 9/1/01
7 Actual / 360 36,218 120 360 118 7/1/08 6/16/01
8 30 / 360 35,936 120 324 114 3/1/08 3/1/01
9 Actual / 360 32,387 120 360 117 6/1/08 7/1/02
10 Actual / 360 31,730 120 360 113 2/1/08 3/1/01
11 Actual / 360 30,790 120 360 119 8/1/08 9/1/01
12 Actual / 360 30,829 120 360 115 4/1/08 5/1/01
13 Actual / 360 29,939 120 360 119 8/1/08 8/1/01
-
-
14 Actual / 360 25,866 120 360 120 10/1/08 7/1/08
15 Actual / 360 26,184 120 360 118 7/1/08 8/1/02
16 Actual / 360 26,935 120 360 117 6/1/08 7/1/02
17 Actual / 360 27,176 120 360 117 6/1/08 6/1/01
18 Actual / 360 25,804 120 360 119 8/1/08 9/1/01
19 30 / 360 26,966 120 300 117 6/1/08 7/1/02
20 Actual / 360 30,061 240 240 239 8/1/18 8/1/01
21 30 / 360 25,398 120 300 114 3/1/08 4/1/02
22 30 / 360 23,568 120 360 115 4/1/08 5/1/02
23 30 / 360 29,177 180 300 165 6/1/12 7/1/01
24 Actual / 360 22,685 120 360 117 6/1/08 7/1/01
25 Actual / 360 21,042 120 360 115 4/1/08 9/1/00
26 Actual / 360 19,538 144 360 144 9/1/10 9/1/02
27 Actual / 360 20,486 120 360 116 5/1/08 5/1/01
28 Actual / 360 21,509 120 360 119 8/1/08 8/1/01
29 Actual / 360 22,974 240 240 226 9/1/18 9/1/01
30 30 / 360 23,893 240 240 230 11/1/17 12/1/01
31 Actual / 360 17,787 120 360 120 9/1/08 9/1/01
32 Actual / 360 17,769 180 360 179 8/1/13 9/1/05
33 Actual / 360 15,694 120 360 120 9/1/08 9/1/01
34 Actual / 360 15,395 120 360 115 4/1/08 5/1/02
35 Actual / 360 15,721 120 360 118 7/1/08 7/1/01
36 Actual / 360 14,563 120 360 115 4/1/08 5/1/01
37 Actual / 360 14,579 120 360 115 4/1/08 5/1/02
38 Actual / 360 13,958 120 360 118 7/1/08 9/1/00
39 Actual / 360 11,891 120 360 119 8/1/08 8/1/01
40 Actual / 360 12,194 120 360 118 7/1/08 7/1/01
41 Actual / 360 11,875 120 360 115 4/1/08 5/1/02
42 Actual / 360 11,879 120 360 115 4/1/08 9/1/00
43 Actual / 360 13,671 216 216 211 4/1/16 5/1/02
44 Actual / 360 11,034 120 300 114 3/1/08 4/1/02
45 Actual / 360 10,202 120 360 116 5/1/08 6/1/02
46 Actual / 360 8,987 120 360 115 4/1/08 9/1/00
47 Actual / 360 9,337 120 360 115 4/1/08 4/1/01
48 Actual / 360 8,967 120 360 115 4/1/08 9/1/00
49 Actual / 360 7,348 180 360 179 8/1/13 9/1/05
50 Actual / 360 7,323 120 360 118 7/1/08 7/1/01
51 Actual / 360 7,127 120 360 115 4/1/08 9/1/00
52 Actual / 360 6,788 120 360 115 4/1/08 9/1/00
53 Actual / 360 6,042 180 360 179 8/1/13 9/1/05
54 30 / 360 4,604 120 360 115 4/1/08 4/1/01
55 Actual / 360 4,635 120 300 116 5/1/08 5/1/01
56 30 / 360 3,903 120 360 115 4/1/08 4/1/01
57 Actual / 360 6,614 120 360 120 9/1/08 9/1/01
<PAGE>
<CAPTION>
CUT-OFF
CONTROL APPRAISED APPRAISAL DATE LTV YEAR BUILT/
NUMBER PREPAYMENT PENALTY DESCRIPTION (MONTHS) VALUE DATE RATIO RENOVATED
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1 Lock/108_0%12 178,325,000 61.2
55,500,000 8/28/98 52.8 1971
5,925,000 9/1/98 63.2 1967, 1971
8,500,000 8/29/98 58.6 1973
5,700,000 8/28/98 72.4 1970
4,300,000 8/27/98 75.1 1973
10,000,000 8/28/98 56.0 1977
8,600,000 8/31/98 69.0 1968-1975
10,650,000 8/28/98 67.6 1978
8,400,000 8/27/98 74.9 1970-1974
26,000,000 8/28/98 52.1 1971
3,350,000 9/2/98 67.6 1974
6,250,000 8/31/98 71.5 1971
17,000,000 8/31/98 71.7 1971
3,650,000 9/1/98 91.6 1971
4,500,000 8/27/98 64.8 1973
2 Lock/24_Defeasance/90_0%/6 16,000,000 8/1/98 74.1 1990
3 Lock/36_81/Defeasance_0%/3 12,670,000 6/23/98 79.3 1969-70
4 Lock/36_Defeasance/81_0%/3 12,120,000 3/9/98 80.9 1983 / 1998
5 Lock/24_Defeasance/96 13,250,000 10/9/97 70.9 1980
6 Lockout/36_Defeasance/78_0%/6 11,285,000 6/29/98 77.5 1965
7 Lock/36_Defeasance/83_0%/1 6,100,000 4/23/98 89.9 1970
8 Lock/36_Defeasance/324 6,570,000 11/1/97 79.2 1992 to 1993
9 Lock/48_is greater than YM or 1%/66_0%/6 6,050,000 3/17/98 79.3 1980 / 1993-1997
10 Lock/36_Defeasance/78_0%/6 5,950,000 12/29/97 79.8 1971 / 1996
11 Lock/36_Defeasance/81_0%/3 6,050,000 6/23/98 76.0 1972 / 1994
12 Lock/36_Defeasance/78_0%/6 5,700,000 12/18/97 80.0 1979 / 1997
13 Lockout/36_Defeasance/78_0%/6 5,700,000 79.0
2,600,000 4/15/98 79.0 1975 / 1991 & 1996
3,100,000 4/15/98 79.0 1975 / 1991 & 1996
14 Lock/117/0%3 4,950,000 8/3/98 81.8 1997
15 Lock/48_is greater than YM or 1%/66_0%/6 6,480,000 5/1/98 61.7 1979 / 1994-95
16 Lock/48_is greater than YM or 1%/66_0%/6 5,100,000 4/10/98 78.4 1988 / 1996
17 Lock/36_Defeasance/84 4,900,000 4/21/98 80.8 1986 / 1997
18 Lock/36_Defeasance/81_0%/3 5,200,000 5/21/98 76.0 1969 / 1996
19 Lock/48_is greater than YM or 1%/68_0%/4 5,175,000 3/26/98 74.4 1973 / 1997-1998
20 Lockout/36_Defeasance/198_0%/6 4,714,000 5/28/98 79.8 1984 / 1992
21 Lock/48_is greater than YM or 1%/66_0%/6 4,500,000 11/12/97 80.0 1932
22 Lock/48_is greater than YM/66_0%/6 4,390,000 1/15/98 79.7 1986 and 1987
23 Lock/49_is greater than YM or 1%/125_0%/6 4,750,000 4/7/97 74.2 1972 and 1974 / 1990 to 1996
24 Lock/36_is greater than YM or 1%/78_0%/6 4,500,000 12/17/97 72.7 1932
25 Lock/29_Defeasance/85_0%/6 3,900,000 2/20/98 79.5 1991
26 Lock/48_is greater than YM or 1%/90_0%/6 3,975,000 6/26/98 75.5 1989
27 Lock/36_Defeasance/83_0%/1 4,300,000 4/14/98 69.8 1981 / 1996
28 Lock/36_Defeasance/81_0%/3 4,800,000 2/19/98 62.2 1955 / 1995-96
29 Lock/36_Defeasance/198_0%/6 3,847,000 7/24/98 76.5 1985 / 1997
30 Lock/49_is greater than YM or 1%/65_0%/6 3,700,000 8/28/97 75.7 1967 / 1994-96
31 Lock/36_Defeasance/78_0%/6 3,400,000 7/8/98 80.0 1968 / 1997
32 Lock/84_is greater than YM or 1%/90_0%/6 3,325,000 6/24/98 80.0 1980
33 Lock/36_Defeasance/78_0%/6 3,000,000 7/8/98 80.0 1974 / 1996
34 Lock/48_is greater than YM or 1%/66_0%/6 3,000,000 10/20/97 76.7 1970 / 1996/1997
35 Lock/36_Defeasance/81_0%/3 2,950,000 4/7/98 77.1 1970 / 1996
36 Lock/36_Defeasance/78_0%/6 2,600,000 2/17/98 84.6 1983 and 1986
37 Lock/48_is greater than YM or 1%/66_0%/6 2,735,000 6/18/97 78.6 1970's & 1996
38 Lock/26_Defeasance/93_0%/1 2,400,000 3/22/98 85.0 1984
39 Lock/36_Defeasance/81_0%/? 2,300,000 6/3/98 78.3 1963-1965 / 1995-1996
40 Lock/36_Defeasance/81_0%/3 2,100,000 4/7/98 85.7 1970 / 1995
41 Lock/48_is greater than 1% or YM/66_0%/6 2,300,000 2/5/98 76.5 1981 to 1983
42 Lock/29_Defeasance/85_0%/6 2,300,000 2/20/98 76.1 1989
43 Lock/48_is greater than YM or 1%/162_0%/6 2,100,000 1/5/98 80.0 1994 - 1996
44 Lock/48_is greater than YM or 1%/66_0%/6 2,145,000 10/24/97 72.3 1974 / 1997
45 Lock/48_is greater than YM or 1%/66_0%/6 1,990,000 2/2/98 75.4 1975/1979
46 Lock/29_Defeasance/85_0%/6 1,650,000 2/20/98 80.5 1996
47 Lock/36_Defeasance/78_0%/6 1,800,000 11/16/97 73.6 1932
48 Lock/29_Defeasance/85_0%/6 1,660,000 3/8/98 79.8 1990
49 Lock/84_is greater than YM or 1%/90_0%/6 1,825,000 6/24/98 60.3 1984 / 1997
50 Lock/36_Defeasance/83_0%/1 1,230,000 5/7/98 86.5 1984 / 1994
51 Lock/29_Defeasance/85_0%/6 1,435,000 3/8/98 73.2 1990
52 Lock/29_Defeasance/85_0%/6 1,340,000 3/8/98 74.6 1989
53 Lock/84_is greater than YM or 1%/90_0%/6 1,290,000 6/24/98 69.8 1985
54 Lock/36_Defeasance/81_0%/3 875,000 3/1/98 79.7 1955
55 Lock/36_Defeasance/78_0%/6 900,000 1/1/98 69.4 1893 / 1990, 1995-1996
56 Lock/36_Defeasance/81_0%/3 740,000 3/1/98 79.8 1979 / 1997
57 Lockout/36_Defeasance/78_0%/6 1,200,000 5/21/98 80.0 1995
<PAGE>
<CAPTION>
TOTAL UNITS/ SF/ NET PAYOR OF UTILITIES (TENANT / LANDLORD)
CONTROL ROOMS UNITS/ROOMS/ RENTABLE OCCUPANCY --------------------------------------
NUMBER BEDS BEDS AREA (SF) PERCENTAGE WATER ELECTRICITY GAS ELEVATORS
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 2961 2,624,022 96
418 Units 324,235 97 Landlord Tenant Landlord Yes
137 Units 101,071 97 Landlord Tenant Landlord No
92 Units 77,858 99 Landlord Tenant Landlord Yes
144 Units 107,744 96 Landlord Tenant Landlord No
105 Units 86,745 92 Landlord Tenant Landlord No
180 Units 192,232 95 Landlord Tenant Landlord No
278 Units 189,528 91 Landlord Tenant Landlord No
168 Units 167,336 99 Landlord Tenant Landlord No
284 Units 257,000 99 Landlord Tenant Landlord No
246 Units 227,628 97 Landlord Tenant Landlord No
120 Units 106,920 97 Landlord Tenant Landlord No
126 Units 145,482 95 Landlord Tenant Landlord No
303 Units 333,937 98 Landlord Landlord Landlord Yes
220 Units 156,150 96 Landlord Landlord Landlord No
140 Units 150,156 88 Landlord Tenant Landlord No
2 170 Units 177,284 96 Landlord Tenant Landlord No
3 216 Units 153,622 97 Landlord Tenant Landlord Yes
4 342 Units 280,268 93 Landlord Tenant Landlord No
5 160 Units 110,640 94 Landlord Tenant Landlord No
6 384 Units 261,856 99 Landlord Tenant Tenant No
7 348 Units 302,600 87 Landlord Landlord Landlord No
8 81 Units 91,508 100 Landlord Tenant Landlord No
9 135 Units 111,777 95 Landlord Tenant NAP No
10 304 Units 219,088 91 Landlord Tenant Tenant No
11 156 Units 123,330 99 Landlord Tenant Landlord Yes
12 292 Units 232,692 93 Landlord Tenant Landlord No
13 201 178,365
92 Units 84,460 98 Landlord Tenant NAP No
109 Units 93,905 100 Landlord Tenant NAP No
14 44 Units 40,984 92 Tenant Tenant NAP No
15 108 Units 72,185 98 Landlord Tenant Tenant Yes
16 120 Units 97,240 97 Landlord Tenant Tenant No
17 104 Units 72,306 99 Tenant Tenant Landlord Yes
18 100 Units 65,719 52 Landlord Tenant Landlord Yes
19 106 Units 98,000 99 Tenant Tenant Tenant No
20 149 Units 145,650 95 Tenant Tenant Tenant No
21 150 Units 80,780 97 Landlord Landlord Landlord Yes
22 50 Units 47,966 92 Landlord Tenant Landlord Yes
23 300 Units 202,340 97 Landlord Tenant Tenant No
24 13 Units 13,000 100 Landlord Tenant Tenant No
25 105 Units 88,413 100 Landlord Tenant Tenant Yes
26 24 Units 18,136 100 Landlord Tenant Tenant Yes
27 128 Units 104,360 94 Tenant Tenant NAP No
28 104 Units 93,195 88 Landlord Landlord Landlord No
29 100 Units 99,704 94 Landlord Tenant NAP No
30 322 Units 255,022 95 Landlord Tenant Tenant No
31 103 Units 100,912 95 Tenant Tenant Landlord No
32 120 Units 101,837 100 Landlord Tenant NAP No
33 92 Units 85,280 98 Landlord Tenant Landlord No
34 112 Units 95,779 99 Landlord Tenant Landlord No
35 167 Units 165,058 96 Landlord Tenant Landlord No
36 96 Units 84,340 93 Landlord Tenant NAP No
37 56 Units 55,744 100 Landlord Tenant Tenant No
38 127 Units 73,134 94 Landlord Tenant Landlord No
39 130 Units 99,150 85 Landlord Tenant Tenant No
40 116 Units 106,680 93 Landlord Landlord Landlord No
41 76 Units 68,396 99 Landlord Tenant Landlord No
42 72 Units 64,962 97 Landlord Tenant Tenant No
43 42 Units 44,310 100 Tenant Tenant Tenant No
44 135 Units 79,185 90 Landlord Tenant Landlord No
45 66 Units 45,500 92 Landlord Tenant Landlord No
46 38 Units 33,852 97 Landlord Tenant Tenant Yes
47 41 Units 36,793 95 Landlord Tenant Landlord Yes
48 48 Units 44,532 96 Landlord Tenant Tenant No
49 106 Units 60,060 89 Landlord Tenant Landlord No
50 48 Units 43,860 94 Landlord Tenant Landlord No
51 48 Units 38,746 96 Landlord Tenant Tenant No
52 39 Units 33,440 100 Landlord Tenant Tenant No
53 42 Units 42,866 100 Landlord Tenant Landlord No
54 25 Units 16,660 99 Landlord Landlord Landlord No
55 12 Units 100 Landlord Tenant Tenant No
56 19 Units 11,530 100 Landlord Landlord Landlord No
57 24 Units 21,232 96 Landlord Tenant Tenant No
</TABLE>
