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 23, 1999
MORGAN STANLEY CAPITAL I INC.
----------------------------------------------------
(Exact name of registrant as specified in its charter)
DELAWARE 333-62911 13-3291626
- ---------------------------- ---------- ----------------------
(State or other Jurisdiction (Commission (I.R.S. Employer
Incorporation) File Number) Identification Number)
1585 Broadway
New York, New York 10036
(principal executive offices)
(212) 761-4000
<PAGE>
Item 5. OTHER EVENTS
- --------------------
Computational Materials
Morgan Stanley & Co. Incorporated 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, Class E and Class F
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
Residential Funding Corporation, Wachovia Bank, National Association, and/or
Morgan Stanley Mortgage Capital Inc. 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
<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 24, 1999
MORGAN STANLEY CAPITAL I INC.
By: /s/ ANDREW BERMAN
- -----------------------------
Name: Andrew Berman
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 24, 1999
MORGAN STANLEY CAPITAL I INC.
By: /s/ ANDREW BERMAN
- -----------------------------
Name: Andrew Berman
Title: Vice-President
3
MORGAN STANLEY
RFC 1999-1 229 records
All records Balance: 859,306,538
================================================================================
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
Hospitality
- ----------------------------------------------------------------------------------------------------------------------------
Percent by Weighted
Number of Aggregate Aggregate Aggregate Average Weighted Aggregate
Mortgage Cut-Off Date Cut-Off Date Appraisal Mortgage Average Aggregate Units or
CDPROPERTYSUB Loans Balance Balance(%) Balance Rate(%) DSCR(x) UWCF Square Feet
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Extended Stay 6 10,395,557 1.21 17,150,000 8.020 1.82 1,766,214 665
Full Service 2 22,136,292 2.58 32,600,000 7.841 1.51 3,075,337 399
Limited Service 6 19,862,289 2.31 29,317,000 7.299 1.58 3,004,080 558
Resort 1 36,790,447 4.28 54,500,000 7.255 1.52 4,914,547 178
- ----------------------------------------------------------------------------------------------------------------------------
Total: 15 89,184,584 10.38 133,567,000 7.499 1.57 12,760,178 1,800
- ----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
Industrial
- ----------------------------------------------------------------------------------------------------------------------------
Percent by Weighted
Number of Aggregate Aggregate Aggregate Average Weighted Aggregate
Mortgage Cut-Off Date Cut-Off Date Appraisal Mortgage Average Aggregate Units or
CDPROPERTYSUB Loans Balance Balance(%) Balance Rate(%) DSCR(x) UWCF Square Feet
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Flex 6 20,754,838 2.42 42,525,000 7.732 1.45 2,967,877 440,397
Light 14 37,753,500 4.39 55,665,000 7.155 1.38 4,567,186 1,584,321
Manufacturing 1 4,279,589 0.50 5,750,000 7.300 1.25 468,290 149,302
Warehouse 6 17,301,906 2.01 27,850,000 7.029 1.58 2,356,501 893,657
- ----------------------------------------------------------------------------------------------------------------------------
Total: 27 80,089,833 9.32 131,790,000 7.285 1.43 10,356,854 3,067,677
- ----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
Mixed Use
- ----------------------------------------------------------------------------------------------------------------------------
Percent by Weighted
Number of Aggregate Aggregate Aggregate Average Weighted Aggregate
Mortgage Cut-Off Date Cut-Off Date Appraisal Mortgage Average Aggregate Units or
CDPROPERTYSUB Loans Balance Balance(%) Balance Rate(%) DSCR(x) UWCF Square Feet
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Office/Industrial 1 5,975,312 0.70 9,000,000 6.800 1.27 596,120 83,209
Retail/Office 7 29,816,891 3.47 44,280,000 7.466 1.42 3,769,061 313,363
Retail/Whse 1 1,787,579 0.21 2,400,000 7.350 1.30 204,777 44,588
Self Storage/Unanchored
Retail 1 1,981,554 0.23 3,904,000 7.360 1.80 397,040 74,057
- ----------------------------------------------------------------------------------------------------------------------------
Total: 10 39,561,336 4.60 59,584,000 7.355 1.41 4,966,998 515,217
- ----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
Mobile Home Park
- ----------------------------------------------------------------------------------------------------------------------------
Percent by Weighted
Number of Aggregate Aggregate Aggregate Average Weighted Aggregate
Mortgage Cut-Off Date Cut-Off Date Appraisal Mortgage Average Aggregate Units or
CDPROPERTYSUB Loans Balance Balance(%) Balance Rate(%) DSCR(x) UWCF Square Feet
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Mobile Home Park 2 7,625,562 0.89 15,920,000 6.961 1.99 1,382,979 743
- ----------------------------------------------------------------------------------------------------------------------------
Total: 2 7,625,562 0.89 15,920,000 6.961 1.99 1,382,979 743
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated disclaims any
and all liability relating to this information, including without limitation any
express or implied representations or warranties for, statements contained in,
and omissions from, this information. Additional information is available upon
request. Morgan Stanley & Co. Incorporated and others associated with it may
have positions in, and may effect transaction in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. To Morgan Stanley's readers
worldwide: In addition, please note that this publication has been issued by
Morgan Stanley & Co. Incorporated, approved by Morgan Stanley International
Limited, a member of The Securities and Futures Authority, any by Morgan Stanley
Japan Ltd. We recommend that such readers obtain the advice of their Morgan
Stanley & Co. Incorporated, Morgan Stanley International or Morgan Stanley Japan
Ltd. representative about the investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES
AND FUTURES AUTHORITY
- --------------------------------------------------------------------------------
<PAGE>
MORGAN STANLEY
RFC 1999-1 229 records
All records Balance: 859,306,538
================================================================================
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
Multifamily
- ----------------------------------------------------------------------------------------------------------------------------
Percent by Weighted
Number of Aggregate Aggregate Aggregate Average Weighted Aggregate
Mortgage Cut-Off Date Cut-Off Date Appraisal Mortgage Average Aggregate Units or
CDPROPERTYSUB Loans Balance Balance(%) Balance Rate(%) DSCR(x) UWCF Square Feet
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Garden 61 185,990,583 21.64 255,960,000 6.924 1.45 21,907,425 6,728
High-Rise 2 8,377,279 0.97 11,435,000 6.934 1.49 1,015,173 376
Mid-Rise 1 2,406,395 0.28 4,650,000 8.050 1.26 286,398 114
- ----------------------------------------------------------------------------------------------------------------------------
Total: 64 196,774,257 22.90 272,045,000 6.938 1.45 23,208,997 7,218
- ----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
Office
- ----------------------------------------------------------------------------------------------------------------------------
Percent by Weighted
Number of Aggregate Aggregate Aggregate Average Weighted Aggregate
Mortgage Cut-Off Date Cut-Off Date Appraisal Mortgage Average Aggregate Units or
CDPROPERTYSUB Loans Balance Balance(%) Balance Rate(%) DSCR(x) UWCF Square Feet
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Medical 6 27,106,579 3.15 36,500,000 7.211 1.35 3,067,763 266,408
Suburban 26 87,413,197 10.17 120,696,000 7.127 1.35 9,949,724 979,517
Urban 11 43,290,382 5.04 68,950,000 7.316 1.54 5,718,664 798,904
- ----------------------------------------------------------------------------------------------------------------------------
Total: 43 157,810,158 18.36 226,146,000 7.193 1.40 18,736,151 2,044,829
- ----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
Other
- ----------------------------------------------------------------------------------------------------------------------------
Percent by Weighted
Number of Aggregate Aggregate Aggregate Average Weighted Aggregate
Mortgage Cut-Off Date Cut-Off Date Appraisal Mortgage Average Aggregate Units or
CDPROPERTYSUB Loans Balance Balance(%) Balance Rate(%) DSCR(x) UWCF Square Feet
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Movie Theater 1 2,983,195 0.35 4,100,000 7.270 1.27 361,914 20,745
- ----------------------------------------------------------------------------------------------------------------------------
Total: 1 2,983,195 0.35 4,100,000 7.270 1.27 361,914 20,745
- ----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
Retail
- ----------------------------------------------------------------------------------------------------------------------------
Percent by Weighted
Number of Aggregate Aggregate Aggregate Average Weighted Aggregate
Mortgage Cut-Off Date Cut-Off Date Appraisal Mortgage Average Aggregate Units or
CDPROPERTYSUB Loans Balance Balance(%) Balance Rate(%) DSCR(x) UWCF Square Feet
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Anchored 32 164,504,712 19.14 227,217,000 7.215 1.35 18,593,379 2,895,827
Big Box 2 4,271,592 0.50 6,500,000 7.191 1.42 511,913 32,584
Shadow Anchored 5 34,652,409 4.03 44,730,000 7.018 1.28 3,653,985 385,820
Unanchored 23 70,722,986 8.23 98,187,000 7.442 1.35 8,316,675 742,861
- ----------------------------------------------------------------------------------------------------------------------------
Total: 62 274,151,700 31.90 376,634,000 7.248 1.34 31,075,952 4,057,092
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated disclaims any
and all liability relating to this information, including without limitation any
express or implied representations or warranties for, statements contained in,
and omissions from, this information. Additional information is available upon
request. Morgan Stanley & Co. Incorporated and others associated with it may
have positions in, and may effect transaction in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. To Morgan Stanley's readers
worldwide: In addition, please not that this publication has been issued by
Morgan Stanley & Co. Incorporated, approved by Morgan Stanley International
Limited, a member of The Securities and Futures Authority, any by Morgan Stanley
Japan Ltd. Morgan Stanley recommends that such readers obtain the advice of
their Morgan Stanley & Co. Incorporated, Morgan Stanley International or Morgan
Stanley Japan Ltd. representative about the investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES
AND FUTURES AUTHORITY
- --------------------------------------------------------------------------------
<PAGE>
MORGAN STANLEY
RFC 1999-1 229 records
All records Balance: 859,306,538
================================================================================
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
Self Storage
- ----------------------------------------------------------------------------------------------------------------------------
Percent by Weighted
Number of Aggregate Aggregate Aggregate Average Weighted Aggregate
Mortgage Cut-Off Date Cut-Off Date Appraisal Mortgage Average Aggregate Units or
CDPROPERTYSUB Loans Balance Balance(%) Balance Rate(%) DSCR(x) UWCF Square Feet
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Self Storage 5 11,125,915 1.29 18,010,000 7.141 1.77 1,637,730 333,191
- ----------------------------------------------------------------------------------------------------------------------------
Total: 5 11,125,915 1.29 18,010,000 7.141 1.77 1,637,730 333,191
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated disclaims any
and all liability relating to this information, including without limitation any
express or implied representations or warranties for, statements contained in,
and omissions from, this information. Additional information is available upon
request. Morgan Stanley & Co. Incorporated and others associated with it may
have positions in, and may effect transaction in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. To Morgan Stanley's readers
worldwide: In addition, please not that this publication has been issued by
Morgan Stanley & Co. Incorporated, approved by Morgan Stanley International
Limited, a member of The Securities and Futures Authority, any by Morgan Stanley
Japan Ltd. Morgan Stanley recommends that such readers obtain the advice of
their Morgan Stanley & Co. Incorporated, Morgan Stanley International or Morgan
Stanley Japan Ltd. representative about the investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES
AND FUTURES AUTHORITY
- --------------------------------------------------------------------------------
