<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: July 18, 1997
(Date of earliest event reported)
First Union Commercial Mortgage Securities, Inc.
Pass-Through Certificates, Series 1997-C1
(Exact name of registrant as specified in its charter)
North Carolina 33-97994 56-1643598
(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification No.)
One First Union Center
Charlotte, North Carolina 28228-0013
(Address of Principal Executive Offices)
(704) 374-6828
(Registrant's telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year if changed
since last report)
<PAGE>
Item 5. Other Events
This report and the attached exhibit is being filed with respect to
Registrant's Commercial Mortgage Pass-Through Certificates, Series 1997-C1 (the
"Certificates") pursuant to "no-action" positions taken by the Securities and
Exchange Commission with respect to alternative means of satisfying the
Registrant's reporting obligations under the Securities Exchange Act of 1934, as
amended. The Certificates were issued, and this report and exhibit are being
filed, pursuant to the terms of the Pooling and servicing Agreement, dated as of
May 1, 1997 (the "Agreement"), among the Registrant, as depositor, First Union
National Bank of North Carolina, as master servicer, Crimi Mae Services Limited
Partnership, as special servicer, and State Street Bank and Trust Company, as
trustee (the "Trustee"). On July 18, 1997, distributions were made to the
Certificateholders. Specific information with respect to the respect to the
distributions is filed as Exhibit 99.1.
No other reportable transactions or matters have occurred during the
current reporting period.
Item 7. Financial Statements and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits.
Item 601(a) of Regulation
Exhibit Number S-K Exhibit No. Description
- -------------- ------------------------- -----------
1 99 Distribution Date
Statement to Certificateholders
on July 18, 1997
2
<PAGE>
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.
STATE STREET BANK AND TRUST COMPANY,
not in its individual capacity but
solely as Trustee under the Agreement
referred to herein.
Date: July 15, 1997 By:/s/ David Shepherd
Name: David Shepherd
Title: Assistant Secretary
3
<PAGE>
EXHIBITS
Item 601(a) of Regulation
Exhibit Number S-K Exhibit No. Description
- -------------- ------------------------- -----------
1 99 Distribution Date Statement
to Certificateholders
on July 18, 1997
4
<PAGE>
EXHIBIT 1
First Union-Lehman Brothers Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates
Series 1997-C1
B233
Report to Certificateholders for Payment Date: July 18, 1997
Payment Summary
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------
Pass-Through Interest Original
Class CUSIP Rate Type Balance
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 33736LAA3 7.150000% Fixed $200,000,000.00
A-2 33736LAB1 7.300000% Fixed $318,000,000.00
A-3 33736LAC9 7.380000% Fixed $395,812,000.00
B 33736LAE5 7.430000% Fixed $78,327,000.00
C 33736LAF2 7.440000% Fixed $71,800,000.00
D 33736LAG0 7.500000% Fixed $71,800,000.00
E 33736LAH8 7.750000% Fixed $19,582,000.00
F 33736LAJ4 7.000000% Fixed $71,800,000.00
G 33736LAK1 7.000000% Fixed $13,054,813.00
H 33736LAL9 7.000000% Fixed $26,108,964.00
J 33736LAM7 7.000000% Fixed $13,054,483.00
K 33736LAN5 7.000000% Fixed $26,108,964.00
IO * 33736LAD7 1.265345% Variable $1,305,448,224.00
R N/A N/A $0.00
Totals: $1,305,448,224.00
- ----------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Beginning Principal Class Interest Total P&I Ending
Class Balance Distrib. Amount Distribution Amt Payable Balance
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 $198,991,338.98 $1,062,406.28 $1,185,656.73 $2,248,063.01 $197,928,932.70
A-2 $318,000,000.00 $0.00 $1,934,500.00 $1,934,500.00 $318,000,000.00
A-3 $395,812,000.00 $0.00 $2,434,243.80 $2,434,243.80 $395,812,000.00
B $78,327,000.00 $0.00 $484,974.68 $484,974.68 $78,327,000.00
C $71,800,000.00 $0.00 $445,160.00 $445,160.00 $71,800,000.00
D $71,800,000.00 $0.00 $448,750.00 $448,750.00 $71,800,000.00
E $19,582,000.00 $0.00 $126,467.08 $126,467.08 $19,582,000.00
F $71,800,000.00 $0.00 $418,833.33 $418,833.33 $71,800,000.00
G $13,054,813.00 $0.00 $76,153.08 $76,153.08 $13,054,813.00
H $26,108,964.00 $0.00 $152,302.29 $152,302.29 $26,108,964.00
J $13,054,483.00 $0.00 $76,151.15 $76,151.15 $13,054,483.00
K $26,108,964.00 $0.00 $150,747.76 $150,747.76 $26,108,964.00
IO * $1,304,439,562.98 $0.00 $1,375,472.09 $1,375,472.09 $1,303,377,156.70
R $0.00 $0.00 $0.00 $0.00 $0.00
$1,304,439,562.98 $1,062,406.28 $9,309,411.99 $10,371,818.27 $1,303,377,156.70
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Distributions per Certificate * Based on a Notional Balance
----------------------------------------------------------------------------------------------------------------
Beginning Principal Interest Ending
Class Certificate Factor Distribution(1) Distribution(1) Certificate Factor
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 0.99495669 5.3120314 5.9282836 0.9896447
A-2 1.00000000 0.0000000 6.0833333 1.0000000
A-3 1.00000000 0.0000000 6.1500000 1.0000000
B 1.00000000 0.0000000 6.1916667 1.0000000
C 1.00000000 0.0000000 6.2000000 1.0000000
D 1.00000000 0.0000000 6.2500000 1.0000000
E 1.00000000 0.0000000 6.4583333 1.0000000
F 1.00000000 0.0000000 5.8333333 1.0000000
G 1.00000000 0.0000000 5.8333333 1.0000000
H 1.00000000 0.0000000 5.8333333 1.0000000
J 1.00000000 0.0000000 5.8333333 1.0000000
K 1.00000000 0.0000000 5.7737934 1.0000000
IO * 0.99922735 0.0000000 1.0536397 0.9984135
R 0.00000000 0.0000000 0.0000000 0.0000000
(1) represents net payment per certificate
----------------------------------------------------------------------------------------------------------------
</TABLE>
----------------------------------------------
For additional information or with questions,
please contact:
----------------------------------------------
State Street Corporate Trust
----------------------------------------------
----------------------------------------------
Bond Analyst: Dan Avitabile (617)664-5420
Account Officer: Dave Shepherd (617)664-5473
Street Connection:(factor and rate by cusip)
(617)664-5500
----------------------------------------------
Disclaimer Notice:This report has been prepared by or based on information
furnished to State Street Bank and Trust Company ("State Street") by one or more
third parties (e.g.,Servicer, Master Servicer, etc.).State Street shall not have
and does not undertake responsibility for the accuracy or completeness of
information provided by such third parties, and makes no representations or
warranties with respect to the accuracy or completeness thereof or the
sufficiency 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.
<PAGE>
First Union-Lehman Brothers Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates
Series 1997-C1
B233
Report to Certificateholders for Payment Date: July 18, 1997
Payment Details
Principal Detail
- --------------------------------------------------------------------------------
Beginning Principal Realized
Class Balance Distribution Losses
- --------------------------------------------------------------------------------
A-1 $198,991,338.98 $1,062,406.28 $0.00
A-2 $318,000,000.00 $0.00 $0.00
A-3 $395,812,000.00 $0.00 $0.00
B $78,327,000.00 $0.00 $0.00
C $71,800,000.00 $0.00 $0.00
D $71,800,000.00 $0.00 $0.00
E $19,582,000.00 $0.00 $0.00
F $71,800,000.00 $0.00 $0.00
G $13,054,813.00 $0.00 $0.00
H $26,108,964.00 $0.00 $0.00
J $13,054,483.00 $0.00 $0.00
K $26,108,964.00 $0.00 $0.00
IO * $1,304,439,562.98 $0.00 $0.00
R $0.00 $0.00 $0.00
- --------------------------------------------------------------------------------
$1,304,439,562.98 $1,062,406.28 $0.00
--------------------------------------------------------------
- ------------------------------------------------------------------------------
Appraisal Reimbrs Add Trust Ending
Class Reduction Amts Exp/Realzd Losses Balance
- ------------------------------------------------------------------------------
A-1 $0.00 $0.00 $197,928,932.70
A-2 $0.00 $0.00 $318,000,000.00
A-3 $0.00 $0.00 $395,812,000.00
B $0.00 $0.00 $78,327,000.00
C $0.00 $0.00 $71,800,000.00
D $0.00 $0.00 $71,800,000.00
E $0.00 $0.00 $19,582,000.00
F $0.00 $0.00 $71,800,000.00
G $0.00 $0.00 $13,054,813.00
H $0.00 $0.00 $26,108,964.00
J $0.00 $0.00 $13,054,483.00
K $0.00 $0.00 $26,108,964.00
IO * $0.00 $0.00 $1,303,377,156.70
R $0.00 $0.00 $0.00
- --------------------------------------------------------------------------------
$0.00 $0.00 $1,303,377,156.70
------------------------------------------------------------------
<TABLE>
<CAPTION>
Interest Detail
- -------------------------------------------------------------------------------------------------------------
Accrued Excess Prepaymt Distributable Current Unpaid
Class Certificate Interest Interest Shortfalls Certifcate Interest Interest
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 $1,185,656.73 $0.00 $1,185,656.73 $0.00
A-2 $1,934,500.00 $0.00 $1,934,500.00 $0.00
A-3 $2,434,243.80 $0.00 $2,434,243.80 $0.00
B $484,974.68 $0.00 $484,974.68 $0.00
C $445,160.00 $0.00 $445,160.00 $0.00
D $448,750.00 $0.00 $448,750.00 $0.00
E $126,467.08 $0.00 $126,467.08 $0.00
F $418,833.33 $0.00 $418,833.33 $0.00
G $76,153.08 $0.00 $76,153.08 $0.00
H $152,302.29 $0.00 $152,302.29 $0.00
J $76,151.15 $0.00 $76,151.15 $0.00
K $152,302.29 $0.00 $152,302.29 ($1,554.53)
IO * $1,375,472.09 $0.00 $1,375,472.09 $0.00
R $0.00 $0.00 $0.00 $0.00
- -------------------------------------------------------------------------------------------------------------
Totals: $9,310,966.52 $0.00 $9,310,966.52 ($1,554.53)
-------------------------------------------------------------------------------------------
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
Payment to Class Interest Prepymt Prems/ Ending Balance
Class Unpaid Interest Dist Amount YMC Unpaid Interest
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 $0.00 $1,185,656.73 $0.00 $0.00
A-2 $0.00 $1,934,500.00 $0.00 $0.00
A-3 $0.00 $2,434,243.80 $0.00 $0.00
B $0.00 $484,974.68 $0.00 $0.00
C $0.00 $445,160.00 $0.00 $0.00
D $0.00 $448,750.00 $0.00 $0.00
E $0.00 $126,467.08 $0.00 $0.00
F $0.00 $418,833.33 $0.00 $0.00
G $0.00 $76,153.08 $0.00 $0.00
H $0.00 $152,302.29 $0.00 $0.00
J $0.00 $76,151.15 $0.00 $0.00
K $0.00 $150,747.76 $0.00 ($1,554.53)
IO * $0.00 $1,375,472.09 $0.00 $0.00
R $0.00 $0.00 $0.00 $0.00
- -------------------------------------------------------------------------------------------------------------
Totals: $0.00 $9,309,411.99 $0.00 ($1,554.53)
--------------------------------------------------------------------------------------------
</TABLE>
First Union-Lehman Brothers Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates
Series 1997-C1
B233
Report to Certificateholders for Payment Date: July 18, 1997
Additional Reporting Information
Mortgage Loan Activity for related Payment Date:
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
# of Mortgage Weighted Average Re- Weighted Average Beginning Agg Stated Ending Agg Stated
Loans Outs maining Term to Maturity Mortgage Rate # of Payoffs Principal Balance Principal Balance
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
283 128 8.717% 0 $1,304,439,563.45 $1,303,377,522.04
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------------------------------------
Ending Unpaid Available Current Current Additional
Principal Balance Distribution Amt Realized Losses Trust Fund Exp
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C>
$1,303,562,038.57 $10,371,818.27 $0.00 $0.00
- ------------------------------------------------------------------------------------------
</TABLE>
Appraisal Reduction Information:
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
Loan # SPB of Apr Red Loan All Unpd Int & Fees Appraised Value P&I Advance on Loan
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
N/A $0.00 $0.00 $0.00 $0.00
- -----------------------------------------------------------------------------------------------------------
</TABLE>
Aggregate Delinquency information for related Payment Date:
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------
One Month Two Months 3 Months + Foreclosures
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
# of Loans 0 0 0 0
- -----------------------------------------------------------------------------------------------------------
Agg Prin Balance $0.00 $0.00 $0.00 $0.00
- -----------------------------------------------------------------------------------------------------------
</TABLE>
REO Property with Final Recovery Determination:
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
Mortgage Basis for Final All Proceeds Portion Proceeds Amount of
Loan # Recovery Determination Received to Certificates Realized Loss
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
N/A N/A N/A N/A N/A
- -----------------------------------------------------------------------------------------------------------
N/A N/A N/A N/A N/A
- -----------------------------------------------------------------------------------------------------------
</TABLE>
Liquidated Mortgage Loans: (other than Prepayments in full)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
Loan Nature of Liquidation Portion of Proceeds Amount of
# Liquidation Event Proceeds Payable to Certificates Realized Loss
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
N/A N/A N/A N/A N/A
- -----------------------------------------------------------------------------------------------------------
N/A N/A N/A N/A N/A
- -----------------------------------------------------------------------------------------------------------
</TABLE>
P&I Advance & Fee Information:
- ---------------------------------------
Advances:
- Current P&I $1,394,696.28
- Outstanding P&I $1,394,696.32
- Servicing $0.00
- Nonrecoverable P&I $0.00
Interest on:
- P&I Advances $1,554.53
- Servicing Advances $0.00
Servicing Compensation:
- to Master Servicer $43,481.32
- to Special Servicer $43,481.32
- ---------------------------------------
Loan Prepayment Information:
--------------------------------------------------
Loan # Amount of Prepayment
--------------------------------------------------
N/A N/A
--------------------------------------------------
N/A N/A
--------------------------------------------------
N/A N/A
--------------------------------------------------
N/A N/A
--------------------------------------------------
NA N/A
--------------------------------------------------
Total 0.00
--------------------------------------------------
