<PAGE>
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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) June 15,1998
DLJ Commercial Mortgage Corp.
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(Exact Name of Registrant as Specified in Its Charter)
Delaware 333-32019 13-3956945
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
277 Park Avenue, New York, New York 10172
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (212) 892-3000
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events.
It is expected that on or about June 24, 1998, a single series of
certificates, entitled DLJ Commercial Mortgage Corp., Commercial Mortgage
Pass-Through Certificates, Series 1998-CG1 (the "Certificates"), will be
issued pursuant to a pooling and servicing agreement (the "Pooling and
Servicing Agreement"), to be entered into by and among DLJ Commercial Mortgage
Corp. (the "Registrant"), GE Capital Loan Services, Inc., as servicer (the
"Servicer"), Midland Loan Services, Inc., as special servicer (the "Special
Servicer"), and Norwest Bank Minnesota, National Association, as trustee (in
such capacity, the "Trustee") and REMIC administrator (in such capacity, the
"REMIC Administrator"). Certain classes of the Certificates (the "Underwritten
Certificates") will be registered under the Registrant's registration
statement on Form S-3 (No. 333-32019) and sold to Donaldson, Lufkin & Jenrette
Securities Corporation (the "Underwriter") pursuant to an underwriting
agreement (the "Underwriting Agreement") to be entered into by and between the
Registrant and the Underwriter.
In connection with the expected sale of the Underwritten
Certificates, the Underwriter has advised the Registrant that it has furnished
to prospective investors (i) certain information constituting Exhibit 99.1
hereto that may be considered "Computational Materials" (as defined in the
no-action letter dated May 20, 1994 issued by the Division of Corporation
Finance of the Securities and Exchange Commission (the "Commission") to
Kidder, Peabody Acceptance Corporation I, Kidder, Peabody & Co. Incorporated,
and Kidder Structured Asset Corporation and the no-action letter dated May 27,
1994 issued by the Division of Corporation Finance of the Commission to the
Public Securities Association) and (ii) certain information attached hereto as
Exhbit 99.2 that may be considered "ABS Term Sheets" (as defined in the
no-action letter dated February 17, 1995 issued by the Division of Corporation
Finance of the Commission to the Public Securities Association).
The Computational Materials and ABS Term Sheets attached as, or
otherwise constituting, exhibits hereto have been prepared and provided to the
Registrant by the Underwriter. The information in such Computational Materials
and ABS Term Sheets is preliminary and will be superseded by the final
Prospectus Supplement relating to the Underwritten Certificates and by any
other information subsequently filed with the Commission. To the extent any
Computational Materials and ABS Term Sheets previously filed by the Registrant
with respect to the Underwritten Certificates are inconsistent with the
Computational Materials and ABS Term Sheets attached hereto, such previously
filed Computational Materials and ABS Term Sheets are superseded by the
Computational Materials and ABS Term Sheets attached as, or otherwise
constituting, exhibits hereto.
Item 7. Financial Statements and Exhibits.
(a) Financial statements of businesses acquired:
Not applicable.
(b) Pro forma financial information:
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Not applicable.
(c) Exhibits:
Exhibit No. Description
99.1 Computational Materials prepared by Donaldson,
Lufkin & Jenrette Securities Corporation ("DLJSC"). P
99.2 ABS Term Sheets prepared by DLJSC.
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SIGNATURES
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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.
Date: June 19, 1998
DLJ COMMERCIAL MORTGAGE CORP.
By: /s/ N. Dante LaRocca
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Name: N. Dante LaRocca
Title: Senior Vice President
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EXHIBIT INDEX
The following exhibits are filed herewith:
Exhibit No. Page No.
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99.1 Computational Materials prepared by Donaldson, P
Lufkin & Jenrette Securities Corporation
("DLJSC").
99.2 ABS Term Sheets prepared by DLJSC.
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Donaldson, Lufkin & Jenrette 6/17/98
Real Estate Finance Group
DLJCMC 1998-CGI
<TABLE>
<CAPTION>
Characteristics of the Mortgaged Loans
Original Cut-Off Cut-Off Cut-Off Cut-Off
Principal Principal Amort Term to Mortgage
# Property Name Balance Balance Term Maturity Rate
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<S> <C> <C> <C> <C> <C>
6 Casa Arroyo Apartments 24,000,000 23,984,720 359 119 6.9400%
25 Canyon Club Apartments 13,570,000 13,558,248 359 119 6.7200%
76 Las Brisas Apartments 6,570,000 6,564,310 359 119 6.7200%
79 Aspen Park Apartments 6,220,000 6,192,234 354 114 7.1300%
120 Spring Villas 4,360,000 4,356,224 359 119 6.7200%
77 Freedom Village
Shopping Center 6,500,000 6,495,849 359 59 6.9300%
-------------------------------------------------------------
Total/Weighted Average: 61,220,000 61,151,585 358 112 6.8701%
=============================================================
Maximum: 24,000,000 23,984,720 359 119 7.1300%
Mimimum: 4,360,000 4,356,224 354 59 6.7200%
<CAPTION>
Original Cut-Off Cut-Off Cut-Off
Maturity LO LO+YM LO+YM+PP Prepayment Provision
# Property Name Rate Term Term Term at Origination
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<S> <C> <C> <C> <C> <C>
6 Casa Arroyo Apartments May-2028 0 0 94 3%(2.92), 2%(3), 1%(2), 0(2.08)
25 Canyon Club Apartments May-2028 0 0 94 5%(3.92), 4%(1), 3%(1), 2%(1),1
76 Las Brisas Apartments May-2028 0 0 94 5%(3.92), 4%(1), 3%(1), 2%(1),1
79 Aspen Park Apartments Dec-2027 0 0 89 5%(3.92), 4%(1), 3%(1), 2%(1),1
120 Spring Villas May-2028 0 0 94 5%(3.92), 4%(1), 3%(1), 2%(1),1
77 Freedom Village
Shopping Center May-2003 34 34 55 L(2.92), 3%(1), 1%(0.75), 0(0.33)
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Total/Weighted Average: Aug-2025 4 4 89
==========================================
Maximum: May-2028 34 34 94
Mimimum: May-2003 0 0 55
</TABLE>
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<TABLE>
<CAPTION>
Mortgage Pool Prepayment Profile
Prepayment Provision % of Pool % of Pool % of Pool % of Pool % of Pool % of Pool
As of Cut-off Date (1) Jun-98 Jun-99 Jun-00 Jun-01 Jun-02 Jun-03
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<S> <C> <C> <C> <C> <C> <C>
Lock out 96.2% 96.2% 95.5% 85.8% 80.8% 77.2%
Yield Maint.Premium 0.0% 0.0% 0.7% 10.0`% 15.0% 18.6%
5% Prepayment Premium 2.2% 2.2% 2.2% 2.2% 0.0% 0.0%
4% Prepayment Premium 0.0% 0.0% 0.0% 0.0% 2.2% 0.0%
3% Prepayment Premium 1.5% 1.5% 1.5% 0.4% 0.0% 2.2%
2% Prepayment Premium 0.0% 0.0% 0.0% 1.5% 1.5% 1.6%
1% Prepayment Premium 0.0% 0.0% 0.0% 0.0% 0.4% 0.0%
Other 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Open Period 0.0% 0.0% 0.0% 0.0% 0.0% 0.4%
==========================================================================
Total: 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
==========================================================================
Outstanding
Balance (mm): $1,564.3 $1,546.6 $1,527.8 $1,507.1 $1,484.9 $1,452.2
Number of Loans: 301 301 301 301 301 298
<CAPTION>
Prepayment Provision % of Pool % of Pool % of Pool % of Pool % of Pool % of Pool
As of Cut-off Date (1) Jun-04 Jun-05 Jun-06 Jun-07 Jun-08 Jun-09
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<S> <C> <C> <C> <C> <C> <C>
Lock out 75.5% 75.6% 74.5% 74.3% 67.6% 67.5%
Yield Maint.Premium 20.3% 20.5% 21.6% 20.7% 32.0% 32.1%
5% Prepayment Premium 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
4% Prepayment Premium 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
3% Prepayment Premium 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
2% Prepayment Premium 2.3% 0.0% 0.0% 0.0% 0.0% 0.0%
1% Prepayment Premium 1.6% 3.9% 0.0% 0.0% 0.0% 0.0%
Other 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Open Period 0.4% 0.0% 3.9% 5.1% 0.5% 0.4%
============================================================================
Total: 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
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Outstanding
Balance (mm): $1,426.9 $1,375.4 $1,346.3 $1,306.7 $210.1 $201.7
Number of Loans: 298 292 292 291 50 49
<CAPTION>
Prepayment Provision % of Pool % of Pool % of Pool % of Pool % of Pool % of Pool % of Pool % of Pool
As of Cut-off Date (1) Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
Lock out 67.1% 67.0% 62.1% 72.8% 72.6% 72.3% 72.0% 67.9%
Yield Maint.Premium 31.4% 31.6% 31.8% 27.2% 27.4% 27.7% 28.0% 28.0%
5% Prepayment Premium 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
4% Prepayment Premium 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
3% Prepayment Premium 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
2% Prepayment Premium 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
1% Prepayment Premium 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Other 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Open Period 1.5% 1.5% 6.1% 0.0% 0.0% 0.0% 0.0% 4.1%
==================================================================================================
Total: 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
=================================================================================================
Outstanding
Balance (mm): $186.1 $176.7 $166.6 $58.1 $53.0 $47.6 $41.7 $36.1
Number of Loans: 47 47 47 18 18 18 16 16
</TABLE>
(1) Assumes a Cut-Off Date of June 1, 1998.
