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Previous: CHICKEN KITCHEN CORP, SB-2, 1998-04-28 |
Next: WORLDS INC, 8-A12G, 1998-04-29 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of Report: April 27, 1998
- ---------------------------------
(Date of earliest event reported)
Morgan Stanley Capital I Inc.
-------------------------------------------------------
(Exact name of registrant as specified in its charter)
DELAWARE 333-45467- 13-3291626
- --------------------------------------------------------------------------------
(State or Other (COMMISSION (I.R.S. Employer
Jurisdiction of FILE NUMBER) Identification No.)
Incorporation)
1585 Broadway, New York, N.Y. 10036
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 761-4000
<PAGE>
ITEM 5. OTHER EVENTS.
Attached are certain structural and collateral term sheets (the "Term
Sheets") furnished to the Registrant by Morgan Stanley & Co. Incorporated
(the "Underwriter"), the underwriter in respect of the Registrant's proposed
offering of Commercial Mortgage Pass-Through Certificates, Series 1998-XL2
(the "Certificates"). The Certificates will be offered pursuant to a Prospectus
and related Prospectus Supplement (together, the "Prospectus"), which will be
filed with the Commission pursuant to Rule 424 under the Securities Act of 1933,
as amended (the "Act"). The Certificates will be registered pursuant to the Act
under the Registrant's Registration Statement on Form S-3 (No. 333-45467) (the
"Registration Statement"). The Registrant hereby incorporates the Term Sheets
by reference in the Registration Statement.
The Term Sheets were prepared solely by the Underwriter, and the Registrant
did not prepare or participate in the preparation of the Collateral Term Sheets
and Structural Term Sheets.
Any statement or information contained in the Term Sheets shall be modified
and superseded for purposes of the Prospectus and the Registration Statement by
statements or information contained in the Prospectus.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits
Exhibit 99 Term Sheets.
2
<PAGE>
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on behalf of the Registrant
by the undersigned thereunto duly authorized.
MORGAN STANLEY CAPITAL INC.
By: /s/ James Flaum
------------------------
Name: James Flaum
-----------------
Title: Vice - President
-----------------
Date: April 27, 1998
3
<PAGE>
EXHIBIT INDEX
-------------
Item 601(a) of
Regulation S-K
Exhibit No. Description Page
- ----------- ----------- ----
99 Term Sheets
4
<PAGE>
EXHIBIT 99
TERM SHEETS
LARGE LOAN TAPE
<TABLE>
<CAPTION>
MS No. LOAN NUMBER CROSS COLLATERALIZED PROPERTY TYPE CITY STATE
----------- -------------------- ------------- ---- -----
<S> <C> <C> <C> <C> <C>
1 1 N Office Arlington VA
2 2 Y Office- 56.3% Various Various
M/F- 10.2%
Industrial- 24.5%
13 3 N Hotel Coronado CA
14 4 Y Community Various 50.8% TN & WI
Shopping 49.2% Other
Centers
22 5 N Regional Mall Knoxville TN
23 6 Y Multifamily 44.5% Phoenix AZ & CA
55.5% CA
35 7 N Regional Mall St. Charles IL
36 8 N Regional Mall Oklahoma OK
37 9 Y Multifamily Various IL- 17.1%
MN- 27.3%
WI- 55.6%
43 11 Y Anchored 74.1% Houston Texas
Retail 25.9 % Dallas
87 12 N Office Los Angeles CA
</TABLE>
(RESTUBBED TABLE CONTINUED FROM ABOVE)
<TABLE>
<CAPTION>
MS No. YR. BUILT/RENOVATED OCCUPANCY SIZE SF/UNITS ORIGINAL BALANCE CURRENT BALANCE
------------------- --------- ------------- ---------------- ---------------
<S> <C> <C> <C> <C> <C>
1 1988 98.0% 349,778 48,900,000 48,744,191
2 Various 97.0% 1,134,548 59,862,783 59,524,945
13 1888/1988 85.0% 692 166,000,000 165,160,049
14 Various 98.0% 1,414,633 50,000,000 49,795,378
22 1972 92.0% 764,369 76,000,000 76,000,000
23 Various 93.0% 2,270 75,500,000 75,158,968
35 1991 78.0% 742,318 50,000,000 49,939,713
36 1960 78.0% 424,183 45,000,000 45,000,000
37 Various 94.0% 1,371 50,000,000 50,000,000
43 Various 91.0% 4,761,994 161,100,000 161,100,000
87 1982 93.0% 1,335,489 144,000,000 144,000,000
</TABLE>
<PAGE>
(RESTUBBED TABLE CONTINUED FROM ABOVE)
<TABLE>
<CAPTION>
MS No. BALANCE PSF/UNIT MATURITY DATE BALANCE ORIGINAL AMORT. TERM ORIGINAL LOAN TERM
---------------- --------------------- -------------------- ------------------
<S> <C> <C> <C> <C>
1 139 42,147,916 360 120
2 52 48,701,064 298 120
13 238,671 130,163,932 300 120
14 35 43,401,346 360 120
22 99 76,000,000 NA 120
23 33,110 66,308,919 360 120
35 67 46,585,555 360 84
36 106 39,077,866 360 120
37 36,470 50,000,000 NA 120
43 34 141,873,666 360 120
87 108 126,203,634 300 84
</TABLE>
(RESTUBBED TABLE CONTINUED FROM ABOVE)
<TABLE>
<CAPTION>
MS No. INTEREST RATE RATE TYPE ANNUAL INTEREST MONTHLY DEBT SERVICE ANNUAL DEBT SERVICE
------------- --------- --------------- -------------------- -------------------
<S> <C> <C> <C> <C> <C>
1 7.19% Fixed 7.19% 331,596 3,979,158
2 7.50% Fixed 7.60% 443,395 5,320,736
13 6.90% Fixed 6.90% 1,162,685 13,952,222
14 6.83% Fixed 6.92% 326,962 3,923,549
22 6.90% Fixed 6.90% 437,000 5,244,000
23 7.28% Fixed 7.38% 516,580 6,198,963
35 7.73% Fixed 7.84% 357,515 4,290,184
36 6.91% Fixed 7.01% 296,671 3,560,053
37 6.79% Fixed 6.88% 282,917 3,395,000
43 6.67% Fixed 6.76% 1,036,339 12,436,068
87 7.05% Fixed 7.15% 1,022,120 12,265,445
</TABLE>
<PAGE>
(RESTUBBED TABLE CONTINUED FROM ABOVE)
<TABLE>
<CAPTION>
MS No. PROPERTY NET CASH FLOW APPRAISED VALUE LTV AT MATURITY LTV DSCR
---------------------- --------------- --- --------------- ----
<S> <C> <C> <C> <C> <C>
1 5,813,317 69,100,000 70.54% 61.00% 1.46
2 10,248,642 115,900,000 51.36% 42.02% 1.93
13 28,728,037 330,000,000 50.05% 39.44% 2.06
14 7,846,321 77,000,000 64.67% 56.37% 2.00
22 14,173,199 160,000,000 47.50% 47.50% 2.70
23 8,391,965 94,775,000 79.30% 69.96% 1.35
35 7,306,587 86,600,000 57.67% 53.79% 1.70
36 6,873,808 85,457,518 52.66% 45.73% 1.93
37 7,961,328 100,650,000 49.68% 49.68% 2.31
43 23,348,985 266,073,957 60.55% 53.32% 1.88
87 20,927,364 235,000,000 61.28% 53.70% 1.71
</TABLE>
(RESTUBBED TABLE CONTINUED FROM ABOVE)
<TABLE>
<CAPTION>
MS No. AT MATURITY DSCR ZIP CODE EFFECTIVE MATURITY DATE MATURITY DATE DAY COUNT
---------------- -------- ----------------------- -------------- ---------
<S> <C> <C> <C> <C> <C>
1 1.69 22201 1/1/08 1/1/28 30/360
2 2.37 NA 10/1/07 10/1/22 Act/360
13 2.63 92118 1/1/08 1/1/23 30/360
14 2.30 NA 12/1/07 12/1/27 Act/360
22 2.70 37919 5/1/08 5/1/28 30/360
23 1.54 NA 11/1/07 11/1/27 Act/360
35 1.83 60174 3/1/05 3/1/28 Act/360
36 2.22 73134 5/1/08 5/1/28 Act/360
37 2.31 NA 5/1/08 5/1/28 Act/360
43 2.13 NA 5/1/08 5/1/28 Act/360
87 1.95 99071 5/1/05 5/1/23 Act/360
</TABLE>
<PAGE>
(RESTUBBED TABLE CONTINUED FROM ABOVE)
<TABLE>
<CAPTION>
MS No. LOCKOUT/DEFEASANCE NO. OF PROPERTIES
------------------ -----------------
<S> <C> <C>
1 3-year prepayment lockout from the date loan 1
closed, with U.S. Treasury defeasance thereafter.
Loan prepayable at par beginning 90 days prior to
the Effective Maturity Date.
2 Prepayment lockout prior to September 12, 2000; 10
thereafter prepayable with a prepayment premium of
the greater of: (i) yield maintenance at U.S.
Treasury flat and (ii) 1% of the amount prepaid.
Loan prepayable at par.
13 2-year prepayment lockout from the date of 1
securitization, with U.S. Treasury defeasance
thereafter. Loan prepayable at par beginning on the
Effective Maturity Date.
14 2-year prepayment lockout from the date of 7
securitization, with U.S. Treasury defeasance
thereafter. Loan prepayable at par beginning on the
Effective Maturity Date.
22 Prepayment lockout through year 3, with U.S. Treasury 1
defeasance thereafter through 180 days prior to the
Effective Maturity Date. Loan prepayable at par after
180 days prior to the Effective Maturity Date.
23 2-year prepayment lockout from the date of securitization, 11
with U.S. Treasury defeasance thereafter. Loan prepayable at
par beginning 90 days prior to the Maturity Date.
35 2-year prepayment lockout from the date of 1
securitization with U.S. Treasury defeasance
thereafter. Loan prepayable at par beginning 90 days
prior to the Effective Maturity Date.
36 2-year prepayment lockout from the date of securitization, 1
with U.S. Treasury defeasance thereafter. Loan prepayable
at par beginning [120] days prior to the Effective Maturity Date.
37 2-year prepayment lockout from the date of 5
securitization, with U.S. Treasury defeasance
thereafter. Loan prepayable at par beginning 90 days
prior to the Effective Maturity Date.
43 2-year prepayment lockout from the date of 44
securitization, with U.S. Treasury defeasance
thereafter. Loan prepayable at par beginning on the
Maturity Date.
87 2-year prepayment lockout from the date of 1
securitization, with U.S. Treasury defeasance
thereafter. Loan prepayable at par beginning on the
Maturity Date.
</TABLE>
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