<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
and Exchange Act of 1934
Date of Report: 10/17/98
(Date of earliest event reported)
Credit Suisse First Boston Commercial Mortgage
Pass Through Certificates Series 1998-C1
(Exact name of registrant as specified in governing instruments)
New York
(State or other Jurisdiction of Incorporation)
c/o State Street Bank and Trust Company
Corporate Trust Department
Two International Place, 5th Floor
Boston, MA 02110
(Address of Principal Executive Offices) (Zip Code)
(212) 761-4700
(Registrant's telephone number, including area code)
Commission File Number 333-16397
04-3342274 (I.R.S. Employer Identification No.)
Not Applicable
(Former name, former address and former fiscal year if changed
since last report)
Page 1
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Credit Suisse First Boston Commercial Mortgage
Pass Through Certificates Series 1998-C1
FORM 8-K
INDEX
<TABLE>
<CAPTION>
<S> <C> <C>
ITEM DESCRIPTION PAGE NUMBER
Item 5. Other Event 3
Item 7. Financial Statements and
Exhibits 3
Signatures 3
Exhibit A Trustee's Report to
Bondholders 4
</TABLE>
Page 2
<PAGE>
Credit Suisse First Boston Commercial Mortgage
Pass Through Certificates Series 1998-C1
FORM 8-K
ITEMS AND SIGNATURES
ITEMS
Item 5. Other Events
See Exhibit A, the Trustee's Report to Bondholders attached hereto.
Item 7. Financial Statements and Exhibits
See Exhibit A, the Trustee's Report to Bondholders attached hereto.
SIGNATURES
Pursuant to the requirement of the Securities Exchange Act of 1934, the
registrar has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Credit Suisse First Boston Commercial Mortgage
Pass Through Certificates Series 1998-C1
(Registrant)
Date: 10/17/98
By:
-------------------------------
Name William Swan
Title: Vice President
State Street Bank and Trust Company
as Trustee
Page 3
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<TABLE>
<CAPTION>
<S> <C> <C> <C>
[LOGO] CREDIT SUISSE FIRST BOSTON
COMMERCIAL MORTGAGE PASS THROUGH CERTIFICATES
SERIES 1998-C1 PAYMENT DATE: OCTOBER 17, 1998
B272 RECORD DATE: SEPTEMBER 30, 1998
</TABLE>
SUMMARY OF AVAILABLE INFORMATION
<TABLE>
<CAPTION>
DELIVERY
NAME OF REPORT OR FILE PREPARER FREQUENCY VEHICLES:
---------------------- -------- --------- ---------
<S> <C> <C> <C>
Distribution Date Statement Trustee Monthly Web, Street Fax
Loan Schedule Trustee Monthly Web, Street Fax
Stratification Tables Trustee Monthly Web, Street Fax
Delinquent Loan Status Servicer Monthly Web, Street Fax
Historical Loss Estimate Report Servicer Monthly Web, Street Fax
Historical Loan Modification Report Servicer Monthly Web, Street Fax
REO Status Report Servicer Monthly Web, Street Fax
Watch List Report Servicer Monthly Web, Street Fax
CSSA Loan Periodic Update File Servicer Monthly Web
Comparative Financial Status Report Servicer Monthly Web, Street Fax
Operating Statement Analysis Report Servicer Quarterly Upon Request
NOI Adjustment Worksheet Servicer Annually Upon Request
STATE STREET INFORMATION DELIVERY VEHICLES
------------------------------------------
Web Site: http://corporatetrust.statestreet.com
Street Fax: (617) 664-5600
To sign up for a Street Fax account: (617) 664-5430
Street Connections (factors and rates): (617) 664-5500
For other information delivery requests: [email protected]
DEAL-SPECIFIC CONTACTS
----------------------
Account Officer (trustee and paying agent questions): Julie Kirby (617) 664-5330
Account Administrator (analytics and collateral questions): Mark Glenn (617) 664-5447
Servicer Banc One Mortgage Capital Mk(214) 290-2350
Special Servicer Lennar Partners Inc. (305) 220-4300
--Ronald E. Schrager
</TABLE>
Page 1 of 5
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<TABLE>
<CAPTION>
<S> <C> <C> <C>
[LOGO] CREDIT SUISSE FIRST BOSTON
MULTICLASS PASS-THROUGH CERTIFICATES
SERIES 1998-C1
B272
TRUSTEE'S REPORT TO CERTIFICATEHOLDERS PAYMENT DATE: OCTOBER 17, 1998
RECORD DATE: SEPTEMBER 30, 1998
</TABLE>
PAYMENT SUMMARY
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Pass-Through Interest Original Moody's Original Beginning Principal
Class CUSIP Rate Type Rating Balance Balance Distribution
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1A 22540AFR4 6.260000000% Fixed AAA 431,400,000.00 424,562,101.93 2,576,240.67
A-1B 22540AFS2 6.480000000% Fixed AAA 1,055,100,000.00 1,055,100,000.00 0.00
A-2MF 22540AFT0 6.420000000% Fixed AAA 263,890,000.00 263,890,000.00 0.00
A-X 22540AFU7 1.070719110% Variable AAA 2,482,942,297.00 2,476,104,398.93 0.00
B 22540AFV5 6.590000000% Fixed AA 136,600,000.00 136,600,000.00 0.00
C 22540AFW3 6.780000000% Fixed A 136,600,000.00 136,600,000.00 0.00
D 22540AFX1 7.170000000% Fixed BBB 136,500,000.00 136,500,000.00 0.00
E 22540AFY9 7.340000000% Variable BBB- 37,300,000.00 37,300,000.00 0.00
F 22540AFZ6 6.000000000% Fixed BB 142,700,000.00 142,700,000.00 0.00
G 22540AGA0 6.000000000% Fixed BB- 18,700,000.00 18,700,000.00 0.00
H 22540AGB8 6.000000000% Fixed B 49,600,000.00 49,600,000.00 0.00
I 22540AGC6 6.000000000% Fixed B- 24,800,000.00 24,800,000.00 0.00
J 22540AGD4 6.000000000% Fixed NR 49,752,297.00 49,752,297.00 0.00
R N/A N/A N/A NR 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS: 2,482,942,297.00 2,476,104,398.93 2,576,240.67
-------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
Pass-Through Interest Original Moody's Interest Total Ending
Class CUSIP Rate Type Rating Distribution Payable Balance
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1A 22540AFR4 6.260000000% Fixed AAA 2,214,798.97 4,791,039.64 421,985,861.26
A-1B 22540AFS2 6.480000000% Fixed AAA 5,697,540.00 5,697,540.00 1,055,100,000.00
A-2MF 22540AFT0 6.420000000% Fixed AAA 1,411,811.50 1,411,811.50 263,890,000.00
A-X 22540AFU7 1.070719110% Variable AAA 2,209,343.58 2,209,343.58 2,473,528,158.26
B 22540AFV5 6.590000000% Fixed AA 750,161.67 750,161.67 136,600,000.00
C 22540AFW3 6.780000000% Fixed A 771,790.00 771,790.00 136,600,000.00
D 22540AFX1 7.170000000% Fixed BBB 815,587.50 815,587.50 136,500,000.00
E 22540AFY9 7.340000000% Variable BBB- 228,151.67 228,151.67 37,300,000.00
F 22540AFZ6 6.000000000% Fixed BB 713,500.00 713,500.00 142,700,000.00
G 22540AGA0 6.000000000% Fixed BB- 93,500.00 93,500.00 18,700,000.00
H 22540AGB8 6.000000000% Fixed B 248,000.00 248,000.00 49,600,000.00
I 22540AGC6 6.000000000% Fixed B- 124,000.00 124,000.00 24,800,000.00
J 22540AGD4 6.000000000% Fixed NR 247,829.05 247,829.05 49,752,297.00
R N/A N/A N/A NR 0.00 0.00 0.00
- --------------------------------------------------------------------------------------------------------------------------------
TOTALS: 15,526,013.94 18,102,254.61 2,473,528,158.26
----------------------------------------------------------
* Based on a Notional Balance
</TABLE>
DISTRIBUTIONS PER CERTIFICATE
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------
Beginning Principal Interest Ending
Class Certif. Factor Distribution(1) Distribution(1) Certif. Factor
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1A 0.984149518 5.971814256 5.133979995 0.978177703
A-1B 1.000000000 0.000000000 5.400000000 1.000000000
A-2MF 1.000000000 0.000000000 5.350000000 1.000000000
A-X 0.997246050 0.000000000 0.889808669 0.996208475
B 1.000000000 0.000000000 5.491666691 1.000000000
C 1.000000000 0.000000000 5.650000000 1.000000000
D 1.000000000 0.000000000 5.975000000 1.000000000
E 1.000000000 0.000000000 6.116666756 1.000000000
F 1.000000000 0.000000000 5.000000000 1.000000000
G 1.000000000 0.000000000 5.000000000 1.000000000
H 1.000000000 0.000000000 5.000000000 1.000000000
I 1.000000000 0.000000000 5.000000000 1.000000000
J 1.000000000 0.000000000 4.981258453 1.000000000
R N/A N/A N/A N/A
--------------------------------------------------------------------------------------------------------------------
(1) represents net payment per certificate
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
<S> <C>
STATE STREET This report has been prepared by or based on information furnished to State Street Bank and Trust Company ("State
Serving Street") by one or more third parties (e.g., Servicer, Master Servicer, etc.). State Street shall not have and does
Institutional not undertake responsibility for the accuracy or completeness of information provided by such third parties, and
Investors makes no representations or warranties with respect to the accuracy or completeness thereof or the sufficiency
Worldwide thereof for any particular purpose. State Street has not independently verified information received from third
parties, and shall have no liability for any inaccuracies therein or caused thereby.
</TABLE>
Page 2 of 5
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<TABLE>
<CAPTION>
<S> <C> <C> <C>
[LOGO] CREDIT SUISSE FIRST BOSTON
MULTICLASS PASS-THROUGH CERTIFICATES
SERIES 1998-C1
B272
TRUSTEE'S REPORT TO CERTIFICATEHOLDERS PAYMENT DATE: OCTOBER 17, 1998
RECORD DATE: SEPTEMBER 30, 1998
</TABLE>
PRINCIPAL DETAIL
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Beginning Scheduled Principal Realized Balance Total Principal Ending Cumulative
Class Balance Principal Recoveries Losses Adjustment Distrib. Amount Balance Realized Losses
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1A 424,562,101.93 2,576,240.67 0.00 0.00 0.00 2,576,240.67 421,985,861.26 0.00
A-1B 1,055,100,000.00 0.00 0.00 0.00 0.00 0.00 1,055,100,000.00 0.00
A-2MF 263,890,000.00 0.00 0.00 0.00 0.00 0.00 263,890,000.00 0.00
A-X 2,476,104,398.93 0.00 0.00 0.00 0.00 0.00 2,473,528,158.26 0.00
B 136,600,000.00 0.00 0.00 0.00 0.00 0.00 136,600,000.00 0.00
C 136,600,000.00 0.00 0.00 0.00 0.00 0.00 136,600,000.00 0.00
D 136,500,000.00 0.00 0.00 0.00 0.00 0.00 136,500,000.00 0.00
E 37,300,000.00 0.00 0.00 0.00 0.00 0.00 37,300,000.00 0.00
F 142,700,000.00 0.00 0.00 0.00 0.00 0.00 142,700,000.00 0.00
G 18,700,000.00 0.00 0.00 0.00 0.00 0.00 18,700,000.00 0.00
H 49,600,000.00 0.00 0.00 0.00 0.00 0.00 49,600,000.00 0.00
I 24,800,000.00 0.00 0.00 0.00 0.00 0.00 24,800,000.00 0.00
J 49,752,297.00 0.00 0.00 0.00 0.00 0.00 49,752,297.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
TOTALS: 2,476,104,398.93 2,576,240.67 0.00 0.00 0.00 2,576,240.67 2,473,528,158.26 0.00
-------------------------------------------------------------------------------------------------------------------------
</TABLE>
INTEREST DETAIL
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Accrued Interest Excess Deferred Current Total Interest Prepayment Cumulative
Class Certif. Interest Losses PPIS Int. Unpaid Interest Distrib. Amt. Penalties Unpaid Interest
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1A 2,214,798.97 0.00 0.00 0.00 0.00 2,214,798.97 0.00 0.00
A-1B 5,697,540.00 0.00 0.00 0.00 0.00 5,697,540.00 0.00 0.00
A-2MF 1,411,811.50 0.00 0.00 0.00 0.00 1,411,811.50 0.00 0.00
A-X 2,209,343.58 0.00 0.00 0.00 0.00 2,209,343.58 0.00 0.00
B 750,161.67 0.00 0.00 0.00 0.00 750,161.67 0.00 0.00
C 771,790.00 0.00 0.00 0.00 0.00 771,790.00 0.00 0.00
D 815,587.50 0.00 0.00 0.00 0.00 815,587.50 0.00 0.00
E 228,151.67 0.00 0.00 0.00 0.00 228,151.67 0.00 0.00
F 713,500.00 0.00 0.00 0.00 0.00 713,500.00 0.00 0.00
G 93,500.00 0.00 0.00 0.00 0.00 93,500.00 0.00 0.00
H 248,000.00 0.00 0.00 0.00 0.00 248,000.00 0.00 0.00
I 124,000.00 0.00 0.00 0.00 0.00 124,000.00 0.00 0.00
J 248,761.49 0.00 0.00 0.00 932.44 247,829.05 0.00 2,750.12
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS: 15,526,946.38 0.00 0.00 0.00 932.44 15,526,013.94 0.00 2,750.12
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 3 of 5
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<TABLE>
<CAPTION>
<S> <C> <C> <C>
[LOGO] CREDIT SUISSE FIRST BOSTON
MULTICLASS PASS-THROUGH CERTIFICATES
SERIES 1998-C1
B272
TRUSTEE'S REPORT TO CERTIFICATEHOLDERS PAYMENT DATE: OCTOBER 17, 1998
RECORD DATE: SEPTEMBER 30, 1998
</TABLE>
<TABLE>
<CAPTION>
LOAN GROUP STATISTICS
--------------------------------------------------------------------------------------------------------------------
Sch Prin Bal of Loans Sch Prin Bal of Loans UPB of Loans # of Outstanding Principal Excess Prepayment
Before Distribution After Distribution After Distribution Mortgage Loans Prepayment Interest Shortfall
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Loan Group 1 2,175,845,220.98 2,173,513,728.44 0.00 279 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
Loan Group 2 300,259,182.03 300,014,433.90 0.00 46 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS: 2,476,104,403.01 2,473,528,162.34 0.00 325 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY STATISTICS
-------------------------------------------------------------------------------------------
One Month Two Months Three + Months Specially Serviced Foreclosures
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
# in Loan Grp 1 0 0 0 0 0
- -------------------------------------------------------------------------------------------------------------------
Sch Prin Bal Grp 1 0.00 0.00 0.00 0.00 0.00
- -------------------------------------------------------------------------------------------------------------------
# in Loan Grp 2 0 0 0 0 0
- -------------------------------------------------------------------------------------------------------------------
Sch Prin bal in Grp 2 0.00 0.00 0.00 0.00 0.00
- -------------------------------------------------------------------------------------------------------------------
Total # of Loans 0 0 0 0 0
- -------------------------------------------------------------------------------------------------------------------
Total Sch. Prin Bal 0.00 0.00 0.00 0.00 0.00
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
ADDITIONAL LOAN-BY-LOAN REPORTING INFORMATION FOR THE RELATED COLLECTION PERIOD
-----------------------------------------------------------------------------------
Mortgage Loans Repurchased, Aggregate Appraisal Reduction Amounts
Liquidated or Disposed
- --------------------------------------------------------------------------------------------------------
Liquidation Portion in Appraisal Principal
Mortgage Loan # Proceeds Available Distribution Reduction Amount Balance
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
N/A N/A N/A N/A N/A
- --------------------------------------------------------------------------------------------------------
</TABLE>
Page 4 of 5
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<TABLE>
<CAPTION>
<S> <C> <C> <C>
[LOGO] CREDIT SUISSE FIRST BOSTON
MULTICLASS PASS-THROUGH CERTIFICATES
SERIES 1998-C1
B272
TRUSTEE'S REPORT TO CERTIFICATEHOLDERS PAYMENT DATE: OCTOBER 17, 1998
RECORD DATE: SEPTEMBER 30, 1998
</TABLE>
<TABLE>
<CAPTION>
SUBORDINATE SUPPORT PERCENTAGE
- ----------------------------------------------------------
Original Current
Class Subordination Level Subordination Level ADVANCES, EXPENSES, FEES
- ---------------------------------------------------------- -----------------------------------------------------------
<S> <C> <C> <C> <C>
A 29.58% 29.62% Aggregate information:
A-X N/A N/A Principal Advance 194,957.80
B 24.00% 24.09% Interest Advance 1,229,813.91
C 18.50% 18.57% Servicing Advance N/A
D 13.00% 13.05%
E 11.50% 11.54% Fees:
F 5.75% 5.78% Servicer Fee 61,902.61
G 5.00% 5.02% Special Servicing Fee 0.00
H 3.00% 3.01% -----------------------------------------------------------
I 2.00% 2.01%
J 0.00% 0.00%
- ----------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF REO ACTIVITY DURING THE RELATED COLLECTION PERIOD:
- --------------------------------------------------------------------------------------------------------------------
PROPERTIES WHICH BECAME REO PROPERTIES REO PROPERTIES INCLUDED IN THE TRUST FUND
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Stated Principal Unpaid Principal Income Portion in Available
Mortgage Loan # Balance Balance Book Value Collected Distribution
- --------------------------------------------------------------------------------------------------------------------
N/A N/A N/A N/A N/A N/A
- --------------------------------------------------------------------------------------------------------------------
REO PROPERTIES SOLD OR DISPOSED
- --------------------------------------------------------------
Liquidation Portion in Available Final Recovery
Proceeds Distribution Determination SPEED HISTORY:
- --------------------------------------------------------------- -------------------------------------------------------
N/A N/A N/A GROUP 1 GROUP 2 COMBINED
- --------------------------------------------------------------- CPR % CPR % CPR %
-------------------------------------------------------
1 MONTH 0.00% 0.00% 0.00%
-------------------------------------------------------
3 MONTH N/A N/A N/A
-------------------------------------------------------
6 MONTH N/A N/A N/A
-------------------------------------------------------
12 MONTH N/A N/A N/A
-------------------------------------------------------
LIFE 0.00% 0.00% 0.00%
-------------------------------------------------------
</TABLE>
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