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: July 15, 1999
(Date of earliest event reported)
Heller Financial Commercial Mortgage Asset Corp.
Sponsor)
(Issuer in Respect of Commercial Mortgage Pass-Through
Certificates Series 1999-PH1)
Exact name of registrant as specified in charter)
Delaware 333-44299-01 364202202
(State or other juris- (Commission (I.R.S. Employer
diction of organization) File No.) Identification No.)
500 W Monroe St. Chicago IL 60661
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code
(312) 441-7000
(Former name or former address, if changed since
last report.)
ITEM 5. OTHER EVENTS
This Current Report on Form 8-K relates to the Trust
Fund formed, and the Commercial Mortgage Pass-Through Certificates
Series 1998-PH1 issued pursuant to, a Pooling and Servicing
Agreement, dated as of May 1, 1999 (the "Pooling and Servicing
Agreement"), by and among Heller Financial Commercial Mortgage
Asset Corp., as sponsor, First union National Bank, as master
Servicer, Lennar Partners, Inc. as special servicer, LaSalle
National Bank, as trustee and REMIC administrator, and ABN
AMRO Bank, N.V., as fiscal agent. The Class A-1, Class A-2,
Class X, Class B, Class C, Class D, Class E, Class F, Class G,
Class H, Class J, Class K, Class L, Class M, Class N, Class R-I,
Class R-II and Class R-III Certificates have been registered
pursuant to the Act under a Registration Statement on
Form S-3(File No.333-44299) the "Registration Statement").
Capitalized terms used herein and not defined herein
have the same meanings ascribed to such terms in the Pooling and
Servicing
Agreement.
Pursuant to Section 3.20 of the Pooling and Servicing
Agreement, the Trustee is filing this Current Report containing
the August 16, 1999 monthly distribution report.
This Current Report is being filed by the Trustee, in
its capacity as such under the Pooling and Servicing Agreement, on
behalf of the Registrant. The information reported and contained
herein has been supplied to the Trustee by one or more of the
Master Servicer, the Special Servicer or other third parties
without independent review or investigation by the Trustee.
Pursuant to the Pooling and Servicing Agreement, the
Trustee is not responsible for the accuracy or completeness of
such information.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL
INFORMATION AND
EXHIBITS
Exhibit No. Description
99.1 Monthly distribution report pursuant to
Section 4.02 of the Pooling and Servicing
Agreement for the distribution on
August 16, 1999.
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.
LASALLE NATIONAL BANK, IN ITS CAPACITY AS TRUSTEE
UNDER THE POOLING AND SERVICING AGREEMENT ON
BEHALF OF GS MORTGAGE SECURITIES CORPORATION II,
REGISTRANT
By: /s/ Russell Goldenberg
Russell Goldenberg,
Senior Vice President
Date: August 23, 1999
ABN AMRO
LaSalle Bank N.A.
Administrator:
Brian Ames (800) 246-5761
135 S. LaSalle Street Suite 1625
Chicago, IL 60674-4107
Heller Financial Commercial Mortgage Asset Corp.
First Union National Bank, Master Servicer
Lennar Partners, Inc., Special Servicer
Commercial Mortgage Pass-Through Certificates
Series 1999 PH-1
ABN AMRO Acct: 67-8161-50-6
Statement Date 08/16/99
Payment Date: 08/16/99
Prior Payment: 07/15/99
Record Date: 07/30/99
WAC: 0.073412329
WAMM: 116.5802474
Number Of Pages
Table Of Contents 1
REMIC Certificate Report 5
Other Related Information 3
Asset Backed Facts Sheets 1
Delinquency Loan Detail 1
Mortgage Loan Characteristics 2
Loan Level Listing 7
Total Pages Included In This Package 20
Specially Serviced Loan Detail Appendix A
Modified Loan Detail Appendix B
Realized Loss Detail Appendix C
Information is available for this issue from the following sources
LaSalle Web Site www.lnbabs.com
Servicer Web Site www.firstunion.com
LaSalle Bulletin Board (714) 282-3990
LaSalle ASAP Fax System (714) 282-5518
ASAP #: 415
Monthly Data File Name: 0415MMYY.EXE
Grantor Trust
Original Opening Principal
Class Face Value (1) Balance Payment
CUSIP Per $1,000 Per $1,000 Per $1,000
N 20,195,30 20,195,304. 0.00
42332QAQ6 1000.0000000001000.000000000 0.000000000
Principal Negative Closing
Class Adj. or Loss Amortization Balance
CUSIP Per $1,000 Per $1,000 Per $1,000
N 0.00 0.00 20,195,304.00
42332QAQ6 0.000000000 0.000000000 1000.000000000
Interest Interest Pass-Through
Class Payment Adjustment Rate (2)
CUSIP Per $1,000 Per $1,000 Next Rate (3)
N 0.00 0.00 6.500000%
42332QAQ6 0.000000000 0.000000000Fixed
Total GT Payment 0.00
Notes: (1) N denotes notional balance not included in total
(2) Int Adjustment minus Deferred Interest equals Accrual
(3) Estimated
REMIC III
Original Opening
Class Face Value (1) Balance
CUSIP Per $1,000 Per $1,000
A-1 204,000,000.00 201,934,971.13
42332QAA1 1000.000000000 989.877309461
A-2 535,631,000.00 535,631,000.00
42332QAB9 1000.000000000 1000.000000000
X 1,009,736,304.N 1,007,671,275.13
42332QAF0 1000.000000000 997.954883011
B 22,719,000.00 22,719,000.00
42332QAAC7 1000.000000000 1000.000000000
C 20,195,000.00 20,195,000.00
42332QAAD5 1000.000000000 1000.000000000
D 53,011,000.00 53,011,000.00
42332QAE3 1000.000000000 1000.000000000
E 12,622,000.00 12,622,000.00
42332QAG8 1000.000000000 1000.000000000
F 37,865,000.00 37,865,000.00
42332QAH6 1000.000000000 1000.000000000
G 17,670,000.00 17,670,000.00
42332QAJ2 1000.000000000 1000.000000000
H 35,341,000.00 35,341,000.00
42332QAK9 1000.000000000 1000.000000000
J 20,195,000.00 20,195,000.00
42332QAL7 1000.000000000 1000.000000000
K 7,573,000.00 7,573,000.00
42332QAM5 1000.000000000 1000.000000000
L 15,146,000.00 15,146,000.00
42332QAN3 1000.000000000 1000.000000000
M 7,573,000.00 7,573,000.00
42332QAP8 1000.000000000 1000.000000000
N 20,195,304.00 20,195,304.00
42332QAQ6 1000.000000000 1000.000000000
R-III 0.00 0.00
9ABSC487 1000.000000000 0.000000000
1,009,736,304.00 1,007,671,275.13
Principal Principal Negative
Class Payment Adj. or Loss Amortization
CUSIP Per $1,000 Per $1,000 Per $1,000
A-1 971,818.49 0.00 0.00
42332QAA1 4.763816127 0.000000000 0.000000000
A-2 0.00 0.00 0.00
42332QAB9 0.000000000 0.000000000 0.000000000
X 0.00 0.00 0.00
42332QAF0 0.000000000 0.000000000 0.000000000
B 0.00 0.00 0.00
42332QAAC7 0.000000000 0.000000000 0.000000000
C 0.00 0.00 0.00
42332QAAD5 0.000000000 0.000000000 0.000000000
D 0.00 0.00 0.00
42332QAE3 0.000000000 0.000000000 0.000000000
E 0.00 0.00 0.00
42332QAG8 0.000000000 0.000000000 0.000000000
F 0.00 0.00 0.00
42332QAH6 0.000000000 0.000000000 0.000000000
G 0.00 0.00 0.00
42332QAJ2 0.000000000 0.000000000 0.000000000
H 0.00 0.00 0.00
42332QAK9 0.000000000 0.000000000 0.000000000
J 0.00 0.00 0.00
42332QAL7 0.000000000 0.000000000 0.000000000
K 0.00 0.00 0.00
42332QAM5 0.000000000 0.000000000 0.000000000
L 0.00 0.00 0.00
42332QAN3 0.000000000 0.000000000 0.000000000
M 0.00 0.00 0.00
42332QAP8 0.000000000 0.000000000 0.000000000
N 0.00 0.00 0.00
42332QAQ6 0.000000000 0.000000000 0.000000000
R-III 0.00 0.00 0.00
9ABSC487 0.000000000 0.000000000 0.000000000
971,818.49 0.00 0.00
Closing Interest Interest Pass-Through
Class Balance Payment Adjustment Rate (2)
CUSIP Per $1,000 Per $1,000 Per $1,000 Next Rate (3)
A-1 200,963,152.64 1,093,814.43 0.00 6.50000000%
42332QAA1 985.113493333 5.361835441 0.000000000Fixed
A-2 535,631,000.00 3,056,221.21 0.00 6.84700000%
42332QAB9 1000.000000000 5.705833326 0.000000000Fixed
X 1,006,699,456.6 397,572.46 0.00 0.47345495%
42332QAF0 996.992435205 0.393738898 0.000000000 0.47326966%
B 22,719,000.00 132,184.38 0.00 6.98187689%
42332QAAC7 1000.000000000 5.818230556 0.000000000 6.98199969%
C 20,195,000.00 119,182.09 0.00 7.08187689%
42332QAAD5 1000.000000000 5.901564249 0.000000000 7.08199969%
D 53,011,000.00 320,092.65 0.00 7.24587689%
42332QAE3 1000.000000000 6.038230745 0.000000000 7.24599969%
E 12,622,000.00 76,488.03 0.00 7.27187689%
42332QAG8 1000.000000000 6.059897797 0.000000000 7.27199969%
F 37,865,000.00 229,458.02 0.00 7.27187689%
42332QAH6 1000.000000000 6.059897531 0.000000000 7.27199969%
G 17,670,000.00 107,078.39 0.00 7.27187689%
42332QAJ2 1000.000000000 6.059897566 0.000000000 7.27199969%
H 35,341,000.00 191,430.42 0.00 6.50000000%
42332QAK9 1000.000000000 5.416666761 0.000000000Fixed
J 20,195,000.00 109,389.58 0.00 6.50000000%
42332QAL7 1000.000000000 5.416666502 0.000000000Fixed
K 7,573,000.00 41,020.42 0.00 6.50000000%
42332QAM5 1000.000000000 5.416667107 0.000000000Fixed
L 15,146,000.00 82,040.83 0.00 6.50000000%
42332QAN3 1000.000000000 5.416666447 0.000000000Fixed
M 7,573,000.00 41,020.42 0.00 6.50000000%
42332QAP8 1000.000000000 5.416667107 0.000000000Fixed
N 20,195,304.00 109,340.87 -50.34 6.50000000%
42332QAQ6 1000.000000000 5.414173018 -0.002492659Fixed
R-III 0.00 0.00 0.00
9ABSC487 0.000000000 0.000000000 0.000000000
1,006,699,456.6 6,106,334.20 (50.34)
Total P&I Payment 7,078,152.69
Notes: (1) N denotes notional balance not included in total
2) Int Adjustment minus Deferred Interest equals Accrual
(3) Estimated
REMIC II
Original Opening
Class Face Value (1)Balance
CUSIP Per $1,000 Per $1,000
Regular Interest A-1 204,000,000.00 201,934,971.13
1000.000000000 989.877309461
Regular Interest A-2 535,631,000.00 535,631,000.00
1000.000000000 1000.000000000
Regular Interest B 22,719,000.00 22,719,000.00
1000.00000000 1000.000000000
Regular Interest C 20,195,000.00 20,195,000.00
1000.00000000 1000.000000000
Regular Interest D 53,011,000.00 53,011,000.00
1000.00000000 1000.000000000
Regular Interest E 12,622,000.00 12,622,000.00
1000.00000000 1000.000000000
Regular Interest F 37,865,000.00 37,865,000.00
1000.00000000 1000.000000000
Regular Interest G 17,670,000.00 17,670,000.00
1000.00000000 1000.000000000
Regular Interest H 35,341,000.00 35,341,000.00
1000.00000000 1000.000000000
Regular Interest J 20,195,000.00 20,195,000.00
1000.00000000 1000.000000000
Regular Interest K 7,573,000.00 7,573,000.00
1000.00000000 1000.000000000
Regular Interest L 15,146,000.00 15,146,000.00
1000.00000000 1000.000000000
Regular Interest M 7,573,000.00 7,573,000.00
1000.00000000 1000.000000000
Regular Interest N 20,195,304.00 20,195,304.00
1000.00000000 1000.000000000
R-II 0.00 0.00
9ABSC471 1000.00000000 0.000000000
Total 1,009,736,304.1,007,671,275.13
Notes: (1) N denotes notional balance not included in total
(2) Int
Interest Adjustment minus Deferred Interest equals Accrual
(3) Esti
Principal Principal
Class Payment Adj. or Loss
CUSIP Per $1,000 Per $1,000
Regular Interest A-1 971,818.49 0.00
4.763816127 0.000000000
Regular Interest A-2 0.00 0.00
0.000000000 0.000000000
Regular Interest B 0.00 0.00
0.000000000 0.000000000
Regular Interest C 0.00 0.00
0.000000000 0.000000000
Regular Interest D 0.00 0.00
0.000000000 0.000000000
Regular Interest E 0.00 0.00
0.000000000 0.000000000
Regular Interest F 0.00 0.00
0.000000000 0.000000000
Regular Interest G 0.00 0.00
0.000000000 0.000000000
Regular Interest H 0.00 0.00
0.000000000 0.000000000
Regular Interest J 0.00 0.00
0.000000000 0.000000000
Regular Interest K 0.00 0.00
0.000000000 0.000000000
Regular Interest L 0.00 0.00
0.000000000 0.000000000
Regular Interest M 0.00 0.00
0.000000000 0.000000000
Regular Interest N 0.00 0.00
0.000000000 0.000000000
R-II 0.00 0.00
9ABSC471 0.000000000 0.000000000
Total 971,818.49 0.00
Negative Closing
Class Amortization Balance
CUSIP Per $1,000 Per $1,000
Regular Interest A-1 0.00 200,963,152.64
0.000000000 985.113493333
Regular Interest A-2 0.00 535,631,000.00
0.000000000 1000.000000000
Regular Interest B 0.00 22,719,000.00
0.000000000 1000.000000000
Regular Interest C 0.00 20,195,000.00
0.000000000 1000.000000000
Regular Interest D 0.00 53,011,000.00
0.000000000 1000.000000000
Regular Interest E 0.00 12,622,000.00
0.000000000 1000.000000000
Regular Interest F 0.00 37,865,000.00
0.000000000 1000.000000000
Regular Interest G 0.00 17,670,000.00
0.000000000 1000.000000000
Regular Interest H 0.00 35,341,000.00
0.000000000 1000.000000000
Regular Interest J 0.00 20,195,000.00
0.000000000 1000.000000000
Regular Interest K 0.00 7,573,000.00
0.000000000 1000.000000000
Regular Interest L 0.00 15,146,000.00
0.000000000 1000.000000000
Regular Interest M 0.00 7,573,000.00
0.000000000 1000.000000000
Regular Interest N 0.00 20,195,304.00
0.000000000 1000.000000000
R-II 0.00 0.00
9ABSC471 0.000000000 0.000000000
Total 0.001,006,699,456.64
Interest Interest Pass-Through
Class Payment Adjustment Rate (2)
CUSIP Per $1,000 Per $1,000 Next Rate (3)
Regular Interest A-1 1,223,705.21 0.00 7.27187689%
5.998554951 0.000000000 7.27199969%
Regular Interest A-2 3,245,868.91 0.00 7.27187689%
6.059897411 0.000000000 7.27199969%
Regular Interest B 137,674.81 0.00 7.27187689%
6.059897443 0.000000000 7.27199969%
Regular Interest C 122,379.63 0.00 7.27187689%
6.059897499 0.000000000 7.27199969%
Regular Interest D 321,241.22 0.00 7.27187689%
6.059897380 0.000000000 7.27199969%
Regular Interest E 76,488.03 0.00 7.27187689%
6.059897797 0.000000000 7.27199969%
Regular Interest F 229,458.02 0.00 7.27187689%
6.059897531 0.000000000 7.27199969%
Regular Interest G 107,078.39 0.00 7.27187689%
6.059897566 0.000000000 7.27199969%
Regular Interest H 214,162.83 0.00 7.27187689%
6.059897286 0.000000000 7.27199969%
Regular Interest J 122,379.63 0.00 7.27187689%
6.059897499 0.000000000 7.27199969%
Regular Interest K 45,891.60 0.00 7.27187689%
6.059897003 0.000000000 7.27199969%
Regular Interest L 91,783.21 0.00 7.27187689%
6.059897663 0.000000000 7.27199969%
Regular Interest M 45,891.60 0.00 7.27187689%
6.059897003 0.000000000 7.27199969%
Regular Interest N 122,331.11 -50.34 7.27187689%
6.057403741 -0.002492659 7.27199969%
R-II 0.00 0.00
9ABSC471 0.000000000 0.000000000
Total 6,106,334.20 -50.34
Total P&I Payment 7,078,152.69
Notes: (1) N denotes notional balance not included in total
(2) Int Interest Adjustment minus Deferred Interest equals Accrual
(3) Esti
REMIC I
Original Opening Principal
Class Face Value (1) Balance Payment
CUSIP Per $1,000 Per $1,000 Per $1,000
Regular Intere1,009,736,304.01,007,671,275. 971,818.49
1000.000000000 997.954883011 0.962447806
R-I 0.00 0.00 0.00
9ABSC470 1000.000000000 0.000000000 0.000000000
Total 1,009,736,304.01,007,671,275. 971,818.49
Notes: (1) N denotes notional balance not included in total (2) Int
Interest Adjustment minus Deferred Interest equals Accrual (3) Esti
Principal Negative Closing
Class Adj. or Loss Amortization Balance
CUSIP Per $1,000 Per $1,000 Per $1,000
Regular Intere 0.00 0.001,006,699,456.64
0.000000000 0.000000000 996.992435205
R-I 0.00 0.00 0.00
9ABSC470 0.000000000 0.000000000 0.000000000
Total 0.00 0.00 1,006,699,456.64
Interest Interest Pass-Through
Class Payment Adjustment Rate (2)
CUSIP Per $1,000 Per $1,000 Next Rate (3)
Regular Intere 6,106,334.20 -50.34 7.271876890%
6.047454346 -0.000049855 7.271999690%
R-I 0.00 0.00
9ABSC470 0.000000000 0.000000000
Total 6,106,334.20 (50.34)
Total P&I Payment 7,078,152.69
Notes: (1) N denotes notional balance not included in total
(2) Int Interest Adjustment minus Deferred Interest equals Accrual
(3) Esti
Other Related Information
Accrued Excess
CertificatCertificatPrepay Int.Interest
Class Interest Shortfall Loss
A-1 1,093,814. 0.00 0.00
A-2 3,056,221. 0.00 0.00
X 397,572.46 0.00 0.00
B 132,184.38 0.00 0.00
C 119,182.09 0.00 0.00
D 320,092.65 0.00 0.00
E 76,488.03 0.00 0.00
F 229,458.02 0.00 0.00
G 107,078.39 0.00 0.00
H 191,430.42 0.00 0.00
J 109,389.58 0.00 0.00
K 41,020.42 0.00 0.00
L 82,040.83 0.00 0.00
M 41,020.42 0.00 0.00
N 109,391.23 0.00 0.00
6,106,384. 0.00 0.00
Interest Beginning Ending
Prior Outstanding
CertificatAccrual Unpaid Unpaid Principal
Class Amount Interest Interest 0
147232.3
A-1 1,093,814. 0.00 0.0 0
A-2 3,056,221. 0.00 0.0 0
X 397,572.46 0.00 0.00 0
B 132,184.38 0.00 0.00 147232.3
C 119,182.09 0.00 0.00 0
D 320,092.65 0.00 0.00 0
E 76,488.03 0.00 0.00 0
F 229,458.02 0.00 0.00 0
G 107,078.39 0.00 0.00 0
H 191,430.42 0.00 0.00 0
J 109,389.58 0.00 0.00 0
K 41,020.42 0.00 0.00 0
L 82,040.83 0.00 0.0 0
M 41,020.42 0.00 0.00 0
N 109,391.23 0.00 50.34 0
0
6,106,384. 0.00 50.34
CertificatPrepayment
Class Premiums
A-1 0.00
A-2 0.00
X 0.00
B 0.00
C 0.00
D 0.00
E 0.00
F 0.00
G 0.00
H N/A
J N/A
K N/A
L N/A
M N/A
N N/A
0.00
Advances
Prior Outstanding
Principal Interest
Servicer 147,232.30 798,516.15
Trustee: 0.00 0.00
Fiscal Agent: 0.00 0.00
147,232.30 798,516.15
Current Period
Principal Interest
Servicer 195,979.48 1,161,455.82
Trustee: 0.00 0.00
Fiscal Agent: 0.00 0.00
195,979.48 1,161,455.82
Recovered
Principal Interest
Servicer 147,232.30 798,516.16
Trustee: 0.00 0.00
Fiscal Agent: 0.00 0.00
147,232.30 798,516.16
Outstanding
Principal Interest
Servicer 195,979.48 1,161,455.81
Trustee: 0.00 0.00
Fiscal Agent: 0.00 0.00
195,979.48 1,161,455.81
Servicing Compensation
Current Period Accrued Master Servicing Fees: 56,224.76
Advanced Interest Paid to Master Servicer in 50.34
Current Period Special Servicing Fees Paid: 0.00
Current Period Workout Fees Paid: 0.00
Current Period Liquidation Fees Paid: 0.00
Ending Pool Count: 190.00
Ending Pool Balance: 1,006,699,456.64
Current Additional Trust Fund E 50.34
Cumulative Additional Trust Fun 0.00
Summary of Appraisal Reductions
Principal
# PropertyLoan NumberBalance
1. 0.00
2. 0.00
3. 0.00
4. 0.00
5. 0.00
Appraisal Appraisal Date of
# PropertyReduction ADate Reduction
1. 0.00
2. 0.00
3. 0.00
4. 0.00
5. 0.00
REO Property Information
# PropertyProperty TyState Zip
1.
2.
3.
4.
5.
Stated
# PropertyLatest DSCRPrin. Balance
1. 0 0.00
2. 0 0.00
3. 0 0.00
4. 0 0.00
5. 0 0.00
Actual
# Property Name Ending Balance
1. 0.00
2. 0.00
3. 0.00
4. 0.00
5. 0.00
_
