FIRST UNION COMMERCIAL MORTGAGE SECURITIES INC
8-K, 1997-07-23
ASSET-BACKED SECURITIES
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<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: June 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 June 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 Certificate holders
                                                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 Certificate holders
                                                on July 18, 1997















                                       4


<PAGE>

                                   EXHIBIT 1



[GRAPHIC OMITTED - 
 STATE STREET LOGO]

              First Union-Lehman Brothers Commercial Mortgage Trust
                  Commercial Mortgage Pass-Through Certificates
                                 Series 1997-C1
                                      B233

Report to Certificateholders for         Payment Date:   June 18, 1997
Payment Summary

<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
                                            Pass-Through          Interest              Original              Beginning        
      Class               CUSIP                 Rate                Type                Balance                Balance         
- -------------------------------------------------------------------------------------------------------------------------------
      <S>               <C>                  <C>                   <C>              <C>                    <C>    

       A-1              33736LAA3            7.150000%             Fixed            $200,000,000.00        $200,000,000.00     
       A-2              33736LAB1            7.300000%             Fixed            $318,000,000.00        $318,000,000.00     
       A-3              33736LAC9            7.380000%             Fixed            $395,812,000.00        $395,812,000.00     
        B               33736LAE5            7.430000%             Fixed             $78,327,000.00        $78,327,000.00      
        C               33736LAF2            7.440000%             Fixed             $71,800,000.00        $71,800,000.00      
        D               33736LAG0            7.500000%             Fixed             $71,800,000.00        $71,800,000.00      
        E               33736LAH8            7.750000%             Fixed             $19,582,000.00        $19,582,000.00      
        F               33736LAJ4            7.000000%             Fixed             $71,800,000.00        $71,800,000.00      
        G               33736LAK1            7.000000%             Fixed             $13,054,813.00        $13,054,813.00      
        H               33736LAL9            7.000000%             Fixed             $26,108,964.00        $26,108,964.00      
        J               33736LAM7            7.000000%             Fixed             $13,054,483.00        $13,054,483.00      
        K               33736LAN5            7.000000%             Fixed             $26,108,964.00        $26,108,964.00      
      IO *              33736LAD7            1.307483%            Variable         $1,305,448,224.00      $1,305,448,224.00    
        R                                       N/A                 N/A                  $0.00                  $0.00          
                                                            Totals:                $1,305,448,224.00      $1,305,448,224.00    
- -------------------------------------------------------------------------------------------------------------------------------



<CAPTION>
- --------------------------------------------------------------------------------------------------------------  
                     Principal             Class Interest           Total P&I                Ending             
      Class       Distrib. Amount         Distribution Amt           Payable                Balance             
- --------------------------------------------------------------------------------------------------------------  
       <S>         <C>                      <C>                   <C>                   <C>  

       A-1         $1,008,661.02            $1,191,666.67         $2,200,327.69         $198,991,338.98         
       A-2             $0.00                $1,934,500.00         $1,934,500.00         $318,000,000.00         
       A-3             $0.00                $2,434,243.80         $2,434,243.80         $395,812,000.00         
        B              $0.00                 $484,974.68           $484,974.68           $78,327,000.00         
        C              $0.00                 $445,160.00           $445,160.00           $71,800,000.00         
        D              $0.00                 $448,750.00           $448,750.00           $71,800,000.00         
        E              $0.00                 $126,467.08           $126,467.08           $19,582,000.00         
        F              $0.00                 $418,833.33           $418,833.33           $71,800,000.00         
        G              $0.00                 $76,153.08            $76,153.08            $13,054,813.00         
        H              $0.00                 $152,302.29           $152,302.29           $26,108,964.00         
        J              $0.00                 $76,151.15            $76,151.15            $13,054,483.00         
        K              $0.00                 $152,302.29           $152,302.29           $26,108,964.00         
      IO *             $0.00                $1,422,376.35         $1,422,376.35        $1,304,439,562.98        
        R              $0.00                    $0.00                 $0.00                  $0.00              
                   $1,008,661.02            $9,363,880.71        $10,372,541.73        $1,304,439,562.98        
- --------------------------------------------------------------------------------------------------------------  
</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             1.00000000           5.0433051              5.9583333             0.9949567
                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              5.8333333             1.0000000
                IO *            1.00000000           0.0000000              1.0895693             0.9992273
                 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:   June 18, 1997
Payment Details

Principal Detail
- --------------------------------------------------------------------------------
                        Beginning            Principal            Realized      
      Class              Balance            Distribution           Losses       
- --------------------------------------------------------------------------------
       A-1           $200,000,000.00       $1,008,661.02           $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 *          $1,305,448,224.00          $0.00               $0.00        
        R                 $0.00                $0.00               $0.00        
- --------------------------------------------------------------------------------
                    $1,305,448,224.00      $1,008,661.02           $0.00        
                  --------------------------------------------------------------



- -----------------------------------------------------------------------------
                  Appraisal          Reimbrs Add Trust            Ending     
      Class     Reduction Amts       Exp/Realzd Losses           Balance     
- -----------------------------------------------------------------------------
       A-1          $0.00                  $0.00             $198,991,338.98 
       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            $1,304,439,562.98
        R           $0.00                  $0.00                  $0.00      
- -----------------------------------------------------------------------------
                    $0.00                  $0.00            $1,304,439,562.98
               --------------------------------------------------------------
                                                                                
<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              $1,191,666.67          $0.00           $1,191,666.67             $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              $0.00          
      IO *              $1,422,376.35          $0.00           $1,422,376.35             $0.00          
        R                       $0.00          $0.00               $0.00                 $0.00          
- --------------------------------------------------------------------------------------------------------
                                                                                                        
          Totals:       $9,363,880.71          $0.00           $9,363,880.71             $0.00          
                  --------------------------------------------------------------------------------------
                       
<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              $1,191,666.67                $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               $152,302.29                 $0.00                 $0.00        
      IO *               $0.00              $1,422,376.35                $0.00                 $0.00        
        R                $0.00                  $0.00                    $0.00                 $0.00        
- ------------------------------------------------------------------------------------------------------------
          Totals:        $0.00              $9,363,880.71                $0.00                 $0.00        
          --------------------------------------------------------------------------------------------------
</TABLE>
                 


<PAGE>

              First Union-Lehman Brothers Commercial Mortgage Trust
                  Commercial Mortgage Pass-Through Certificates
                                 Series 1997-C1
                                      B233


Report to Certificateholders for         Payment Date:   June 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                 129                 8.717%                0             $1,305,448,224.47      $1,304,439,563.45   
- ------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------- -----------------------------------------
     Ending Unpaid              Available              Current        Current Additional
  Principal Balance        Distribution Amt        Realized Losses      Trust Fund Exp          
- ------------------------------------------------- ----------------------------------------- 
         <S>                 <C>                         <C>                <C>  
                                                  
         $0.00               $10,372,541.74             $0.00               $0.00           
- ------------------------------------------------- -----------------------------------------
</TABLE>


<TABLE>
<CAPTION>
                                                                                                                           
Appraisal Reduction Information:                                                                                             
- --------------------------------------------------------------------------------------------------------
     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>

<TABLE>
<CAPTION>
                                                                                                                            
Aggregate Delinquency information for related Payment Date:                                                                  
                  --------------------------------------------------------------------------------------
                        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>
                                                                                
                                                                                
<TABLE>
<CAPTION>

REO Property with Final Recovery Determination:                                 
- --------------------------------------------------------------------------------------------------------                     
    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>
                                                                                
                                                                                
                                                                                
<TABLE>
<CAPTION>
                                                                                
Liquidated Mortgage Loans: (other than Prepayments in full)                                                                  
- --------------------------------------------------------------------------------------------------------                     
      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                 $1,446,491.84     

  -  Outstanding P&I                     $0.00     
                                                   
  -  Servicing                           $0.00     
                                                   
  -  Nonrecoverable P&I                  $0.00     
                                                   

 Interest on:                                      

  -  P&I Advances                        $0.00     
                                                   
  -  Servicing Advances                  $0.00     
                                                   
                                                   
 Servicing Compensation:                           
                                                   
  -  to Master Servicer            $116,257.69     
                                                   
  -  to Special Servicer            $43,723.80     
 -------------------------------------------------       



                                                      
 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               
 -------------------------------------------------    
                                                      
                                                      

                                                        


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