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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported): April 29, 1997
FIRST UNION COMMERCIAL MORTGAGE SECURITIES, INC.
(Exact name of registrant as specified in its governing instruments)
North Carolina 33-97994 56-1643598
(State or other jurisdiction (Commission File Numbers) (I.R.S. Employer
of Incorporation) Identification No.)
One First Union Center
Charlotte, North Carolina 28228
(Address of Principal Executive Offices)
Registrant's telephone number, including area code: (704) 374-6161
Exhibit Index appears on page 5
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Item 5. Other Events
On or about May 29, 1997 the Registrant will cause the
issuance and sale of approximately $1,317,603,420 initial principal amount of
Commercial Mortgage Pass-Through Certificates, Series 1997-C1, Class A-1, Class
A-2, Class A-3, Class B, Class C, Class D, Class E, Class IO, Class F, Class G,
Class H, Class J, Class K, Class R-I, Class R-II and Class R-III (collectively,
the "Certificates") pursuant to a Pooling and Servicing Agreement to be dated as
of May 1, 1997, among the Registrant, First Union National Bank of North
Carolina as master servicer, Criimi Mae Services Limited Partnership, as special
servicer and State Street Bank and Trust Company, as trustee (the "Pooling and
Servicing Agreement").
In connection with the sale of the Series 1997-C1, Class A-1,
Class A-2, Class A-3, Class B, Class C, Class D, Class E and Class IO
Certificates (collectively, the "Underwritten Certificates"), the Registrant has
been advised by Lehman Brothers Inc. and First Union Capital Markets Corp.
(together, the "Underwriters") that either one or both of the Underwriters have,
following the effective dates of Registration Statement No. 33-97994, furnished
to one or more prospective investors on April 29, 1997 and April 30, 1997
certain Collateral Term Sheets setting forth certain information about certain
of the mortgage loans expected to be deposited in trust under the Pooling and
Servicing Agreement (the "Collateral Term Sheets"). The Collateral Term Sheets
are being filed as exhibits to this report.
The Collateral Term Sheets have been provided by First Union
Capital Markets Corp. The information in the Collateral Term Sheets is
preliminary and will be superseded by the Prospectus Supplement relating to the
Underwritten Certificates and by any other information subsequently filed with
the Securities and Exchange Commission.
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Item 7. Financial Statements and Exhibits
(a) Financial Statements.
Not applicable.
(b) Pro Forma Financial Information.
Not applicable.
(c) Exhibits.
Item 601(a) of Regulation
Exhibit Number S-K Exhibit No. Description
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1 99 Collateral Term Sheet
2 99 Collateral Term Sheet
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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 hereunto duly authorized.
FIRST UNION COMMERCIAL MORTGAGE
SECURITIES, INC.
By: /s/ Michael G. Greco
Name: Michael G. Greco
Title: Senior Vice President
Dated: May 1, 1997
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EXHIBIT INDEX
Item 601(a) of Regulation
Exhibit Number S-K Exhibit No. Description
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1 99 Collateral Term Sheet
2 99 Collateral Term Sheet
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EXHIBIT 1
DEAL WILL CONSIST OF 284 MORTGAGE LOANS 60.4% OF WHICH WERE PRODUCED BY A LEHMAN
AFFILIATE AND 39.6% PRODUCED BY FIRST UNION NAT BK.
This is for your information only and is not an offer to sell or a solicitation
of an offer to buy the securities mentioned. The information has been obtained
or derived from sources believed by us to be reliable, but we do not represent
that it is accurate or complete. Any opinions or estimates contained in this
information constitute our judgment as of this date and are subject to change
without notice. First Union Capital Markets Corp. (FUCMC) or its affiliates may
provide advice or may from time to time acquire, hold or sell a position in the
securities mentioned herein. FUCMC is a subsidiary of First Union Corporation
and is a member of the NASD and SIPC.
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EXHIBIT 2
First Union Capital Markets
Commercial Real Estate Finance
List of Actual/360 Loans
Property Name Balance
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1. Potrero Center 33,388,968
2. Rivertowne Commons Shopping Center 28,715,037
3. Riverview Plaza Shopping Center 23,982,082
4. Indian Trace 6,843,890
5. Parsippany Hampton Inn 5,770,162
6. Page Plaza 5,696,032
7. Marketplace Mall 5,395,082
8. Marriot Courtyard-Tampa 5,350,514
9. Southwind Plaza Shopping Center 5,203,955
10. Hampton Inn - Newport News 5,092,603
11. Daytona Beach Mall 4,935,397
12. Cascade Crossing Shopping Center 4,497,291
13. Marriot Courtyard - Knoxville 4,365,340
14. Holiday Inn - Lakeland South 3,894,433
15. Oakwood Village Shopping Center 3,818,438
16. Sunset Foothills 3,785,188
17. Residence Inn - Savannagh 3,741,863
18. Holiday Inn North 3,619,743
19. Comfort Inn 3,596,984
20. Marriot Courtyard - Athens 3,497,068
21. Comfort Inn 3,496,943
22. Riverwalk Terrace Apartments 3,181,915
23. Safeway Food Store # 0837 2,629,242
24. Baywood Plaza Shopping Center 2,588,270
25. Country Gardens 2,522,748
26. Potomac Festival II 2,132,117
27. Weatheredge 2,098,176
28. Village Square West 1,956,904
29. Cedartown North SC 1,867,950
30. Lyons Court 1,599,079
31. The Royale Apartments 1,473,719
32. Gerlands Food Fair 1,409,264
33. Sierra Valencia Business Park 1,402,799
34. Westwinds Village 1,396,450
35. Kroger - Friendswood 1,393,801
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196,339,445
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Investors should read the Underwriter's Statement which accompanies
these Computational Materials. If the Statement is not included, please
contact your account representative. Do not use or rely on this information if
you have not received and reviewed the Statement. These Computational Materials
have been based upon the assumptions described above. These assumptions will
most likely not represent the actual experience of the Mortgage Pool in the
future. The Computational Materials are intended to illustrate variations in
yield on the Offered Securities (referred to in the Statement) under such
assumptions. No representation is made herein as to the actual rate or timing
of principal payments or prepayments on any of the underlying Mortgage Loans in
the Mortgage Pool or the performance characteristics of the Offered Securities.
