<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: 05/18/98
(Date of earliest event reported)
First Union Commercial Mortgage Securities, Inc.
(Exact name of registrant as specified in governing instruments)
North Carolina
(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)
(704) 374-6828
(Registrant's telephone number, including area code)
Commission File Number 33-97994
56-1643598 (I.R.S. Employer Identification No.)
Not Applicable
(Former name, former address and former fiscal year if changed
since last report)
<PAGE>
First Union Commercial Mortgage Securities, Inc.
Series 1997-C1
FORM 8-K
INDEX
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
<PAGE>
First Union Commercial Mortgage Securities, Inc.
Series 1997-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.
First Union Commercial Mortgage Securities, Inc.
Series 1997-C1
(Registrant)
Date: 05/18/98
By:
Name: David Shepherd
Title: Assistant Secretary
State Street Bank and Trust Company
as Trustee
<PAGE>
[LOGO] FIRST UNION-LEHMAN BROTHERS COMMERCIAL MORTGAGE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-C1
B233
REPORT TO CERTIFICATEHOLDERS FOR PAYMENT MAY 18, 1998
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 1.263789% 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 $188,204,723.92 $1,141,071.16 $1,121,386.48 $2,262,457.64 $187,063,652.76
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 $152,054.22 $152,054.22 $26,108,964.00
IO * $1,293,652,947.92 $0.00 $1,362,420.30 $1,362,420.30 $1,292,511,876.76
R $0.00 $0.00 $0.00 $0.00 $0.00
$1,293,652,947.92 $1,141,071.16 $9,233,396.41 $10,374,467.57 $1,292,511,876.76
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
DISTRIBUTIONS PER CERTIFICATE * Based on a Notional Balance
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Beginning Principal Interest Ending
Class Certificate Factor Distribution (1) Distribution (1) Certificate Factor
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 0.94102362 5.7053558 5.6069324 0.9353183
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 5.8238319 1.0000000
IO * 0.99096458 0.0000000 1.0436418 0.9900905
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: Jonathan Hodge (617)664-5458
Account Officer: Dave Shepherd (617)664-5473
Corporate Trust Web Address:
StreetFax: (617)664-5600
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 1 of 3
<PAGE>
[LOGO] FIRST UNION-LEHMAN BROTHERS
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-C1
B233
REPORT TO CERTIFICATEHOLDERS FOR PAYMENT DATE MAY 18, 1998
PAYMENT DETAILS
PRINCIPAL DETAIL
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
Beginning Principal Realized Appraisal
Class Balance Distribution Losses Reduction Amts
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 $188,204,723.92 $1,141,071.16 $0.00 $0.00
A-2 $318,000,000.00 $0.00 $0.00 $0.00
A-3 $395,812,000.00 $0.00 $0.00 $0.00
B $78,327,000.00 $0.00 $0.00 $0.00
C $71,800,000.00 $0.00 $0.00 $0.00
D $71,800,000.00 $0.00 $0.00 $0.00
E $19,582,000.00 $0.00 $0.00 $0.00
F $71,800,000.00 $0.00 $0.00 $0.00
G $13,054,813.00 $0.00 $0.00 $0.00
H $26,108,964.00 $0.00 $0.00 $0.00
J $13,054,483.00 $0.00 $0.00 $0.00
K $26,108,964.00 $0.00 $0.00 $0.00
IO * $1,293,652,947.92 $0.00 $0.00 $0.00
R $0.00 $0.00 $0.00 $0.00
- --------------------------------------------------------------------------------------------------------------------------------
$1,293,652,947.92 $1,141,071.16 $0.00 $0.00
---------------------------------------------------------------------------------------------------------
<CAPTION>
- ---------------------------------------------------------------------------------
Reimbrs Add Trust Ending
Class Exp/Realzd Losses Balance
- ---------------------------------------------------------------------------------
<S> <C> <C>
A-1 $0.00 $187,063,652.76
A-2 $0.00 $318,000,000.00
A-3 $0.00 $395,812,000.00
B $0.00 $78,327,000.00
C $0.00 $71,800,000.00
D $0.00 $71,800,000.00
E $0.00 $19,582,000.00
F $0.00 $71,800,000.00
G $0.00 $13,054,813.00
H $0.00 $26,108,964.00
J $0.00 $13,054,483.00
K $0.00 $26,108,964.00
IO * $0.00 $1,292,511,876.76
R $0.00 $0.00
- ---------------------------------------------------------------------------------
$0.00 $1,292,511,876.76
--------------------------------------------
</TABLE>
INTEREST DETAIL
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
Accrued Excess Prepaymt Distributable Current Unpaid
Class Certificate Interest Interest Shortfalls Certifcate Interest Interest
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 $1,121,386.48 $0.00 $1,121,386.48 $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 ($248.07)
IO * $1,362,420.30 $0.00 $1,362,420.30 $0.00
R $0.00 $0.00 $0.00 $0.00
- ------------------------------------------------------------------------------------------------------------------
TOTALS: $9,233,644.48 $0.00 $9,233,644.48 ($248.07)
-------------------------------------------------------------------------------
<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 $1,121,386.48 $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 $152,054.22 $0.00 ($9,643.47)
IO * $0.00 $1,362,420.30 $0.00 $0.00
R $0.00 $0.00 $0.00 $0.00
- ------------------------------------------------------------------------------------------------
TOTALS: $0.00 $9,233,396.41 $0.00 ($9,643.47)
--------------------------------------------------------------------
</TABLE>
Page 2 of 3
<PAGE>
[LOGO] FIRST UNION-LEHMAN BROTHERS COMMERCIAL MORTGAGE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-C1
B233
REPORT TO CERTIFICATEHOLDERS FOR PAYMENT DATE MAY 18, 1998
ADDITIONAL REPORTING
MORTGAGE LOAN ACTIVITY FOR RELATED PAYMENT DATE:
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
# of Mortgage Weighted Avr. Remain Weighted Average Beg. Agg Stated Ending Agg Stated
Loans Outs Term to Maturity Mortgage Rate Principal Balance Principal Balance
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
280 118 8.71663% $1,293,653,313.26 $1,292,512,242.10
- -------------------------------------------------------------------------------------------------------------
Current Current Additional Principal
Realized Losses Trust Fund Exp # of Payoffs Prepayments
- --------------------------------------------------------------------------------
$0.00 $0.00 0 $0.00
- --------------------------------------------------------------------------------
<CAPTION>
- --------------------------------------------------------------
# of Mortgage Ending Unpaid Available
Loans Outs Principal Balance Distribution Amt
- --------------------------------------------------------------
<S> <C> <C>
280 $1,292,512,241.99 $10,374,467.57
- --------------------------------------------------------------
Current
Realized Losses
- ---------------
$0.00
- ---------------
</TABLE>
APPRAISAL REDUCTION
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------
LOAN # SPB OF APR RED LOAN ALL UNPD INT & FEES APPRAISED VALUE P&I ADV. 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 Cert. 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:
<TABLE>
- ----------------------------------------------------------------------
<S> <C>
Advances:
- - Current P&I $0.00
- - OUTSTANDING P&I $0.00
- - SERVICING $0.00
- - NONRECOVERABLE P&I $0.00
INTEREST ON:
- - P&I Advances $250.56
- - Servicing Advances $0.00
Servicing Compensation:
- - to Master Servicer $43,121.78
- - to Special Servicer $43,121.78
- ----------------------------------------------------------------------
</TABLE>
LOAN PREPAYMENT INFORMATION:
<TABLE>
<CAPTION>
- -------------------------------------------------
Loan # Amount of Prepayment
- -------------------------------------------------
<S> <C>
N/A N/A
- -------------------------------------------------
N/A N/A
- -------------------------------------------------
N/A N/A
- -------------------------------------------------
N/A N/A
- -------------------------------------------------
NA N/A
- -------------------------------------------------
Total 0.00
- -------------------------------------------------
</TABLE>
Page 3 of 3
<PAGE>
FIRST UNION-LEHMAN BROTHERS COMMERCIAL STATE STREET CORPORATE TRUST
MORTGAGE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH WEB: CORPORATETRUST.STATESTREET.COM
CERTIFICATES
SERIES 1997-C1 PAYMENT DATE: MAY 18, 1998
UNDERWRITER: LEHMAN / FIRST UNION REPORT ID B233-04
LOAN LEVEL DETAIL
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Offer Property Transfer Maturity Neg Am Beg Note Sched Prepay/ Prepay Paid Thru Prepmt Loan
Control# Type Date State Date (Y/N) Sched Bal Rate P&I Liquid Date Date Premium Status
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
156 Multifamily AR 20061101 N 3,146,632 8.782 26,378.20 0.00 5011998 0.00 0
172 Multifamily NV 20040101 N 2,856,186 8.570 23,488.54 0.00 5011998 0.00 0
236 Multifamily TX 20070101 N 1,386,167 8.330 10,596.57 0.00 5011998 0.00 0
123 Multifamily AZ 20040101 N 3,742,222 8.530 30,675.49 0.00 4011998 0.00 B
193 Hotel TX 20161101 N 2,220,181 9.250 20,881.76 0.00 5011998 0.00 0
198 Hotel NC 20191101 N 2,207,172 9.250 19,711.28 0.00 4011998 0.00 B
25 Hotel VA 20191101 N 9,319,169 9.250 83,225.42 0.00 4011998 0.00 B
35 Hotel MA 20040501 N 7,626,508 9.400 66,740.17 0.00 5011998 0.00 0
41 Hotel VA 20191101 N 7,357,239 9.250 65,704.28 0.00 4011998 0.00 B
84 Hotel CO 20040501 N 5,100,846 9.400 44,637.90 0.00 5011998 0.00 0
86 Hotel PA 20040501 N 5,039,982 9.400 45,195.80 0.00 5011998 0.00 0
161 Office TX 20070401 N 3,067,275 9.340 26,740.62 0.00 5011998 0.00 0
199 Retail MI 20070401 N 2,209,078 8.920 17,771.13 0.00 5011998 0.00 0
222 Retail MA 20070401 N 1,631,770 9.060 13,914.60 0.00 5011998 0.00 0
228 Industrial OK 20120401 N 1,546,660 8.900 16,133.22 0.00 5011998 0.00 0
226 Retail PA 20070401 N 1,589,228 9.072 12,956.94 0.00 5011998 0.00 0
21 Multifamily IL 20040401 N 10,814,056 8.290 82,194.77 0.00 5011998 0.00 0
245 Multifamily GA 20070401 N 1,251,771 8.537 10,233.85 0.00 5011998 0.00 0
38 Retail MD 20070401 N 7,641,356 8.463 59,004.55 0.00 5011998 0.00 0
53 Multifamily TX 20040401 N 6,398,014 8.180 48,139.65 0.00 5011998 0.00 0
9 Multifamily MD 20040301 N 18,243,222 8.320 139,139.57 0.00 4011998 0.00 B
57 Retail FL 20040401 N 6,052,608 8.850 49,653.00 0.00 5011998 0.00 0
77 Mobile Home CO 20070301 N 5,354,081 8.330 40,872.50 0.00 5011998 0.00 0
11 Hotel IL 20040301 N 14,334,469 9.375 125,428.38 0.00 5011998 0.00 0
15 Retail MA 20070401 N 13,203,626 8.710 104,251.42 0.00 5011998 0.00 0
117 Multifamily NY 20170401 N 3,920,871 8.550 34,839.62 0.00 5011998 0.00 0
17 Multifamily FL 20061101 N 12,857,549 8.475 99,728.51 0.00 5011998 0.00 0
152 Multifamily NY 20070101 N 3,268,131 8.445 25,245.63 0.00 5011998 0.00 0
154 Multifamily TX 20040301 N 3,220,606 8.020 23,892.68 0.00 5011998 0.00 0
157 Self Storage CO 20061001 N 3,149,106 9.460 27,869.37 0.00 5011998 0.00 0
158 Retail MD 20111201 N 3,047,569 8.249 31,042.63 0.00 5011998 0.00 0
164 Industrial TX 20120101 N 2,997,137 9.250 32,162.26 0.00 5011998 0.00 0
</TABLE>
<PAGE>
FIRST UNION-LEHMAN BROTHERS COMMERCIAL STATE STREET CORPORATE TRUST
MORTGAGE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH WEB: CORPORATETRUST.STATESTREET.COM
CERTIFICATES
SERIES 1997-C1 PAYMENT DATE: MAY 18, 1998
UNDERWRITER: LEHMAN / FIRST UNION REPORT ID B233-04
LOAN LEVEL DETAIL
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Offer Property Transfer Maturity Neg Am Beg Note Sched Prepay/ Prepay Paid Thru Prepmt Loan
Control# Type Date State Date (Y/N) Sched Bal Rate P&I Liquid Date Date Premium Status
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
162 Retail TX 20070301 N 3,060,909 8.760 25,507.52 0.00 5011998 0.00 0
165 Multifamily FL 20070401 N 3,055,666 8.280 23,204.00 0.00 5011998 0.00 0
177 Multifamily AL 20040301 N 2,749,802 8.000 20,361.97 0.00 5011998 0.00 0
168 Retail PA 20070101 N 2,955,148 8.636 24,432.38 0.00 5011998 0.00 0
19 Retail PA 20070201 N 11,325,262 8.840 90,576.25 0.00 5011998 0.00 0
187 Retail NY 20060901 N 2,455,077 9.060 21,082.73 0.00 5011998 0.00 0
196 Retail FL 20040301 N 2,231,581 8.520 17,332.45 0.00 5011998 0.00 0
204 Industrial TX 20040201 N 2,121,712 8.980 18,013.29 0.00 5011998 0.00 0
203 Multifamily TX 20040201 N 2,130,710 8.450 16,455.51 0.00 5011998 0.00 0
23 Retail FL 20031201 N 9,400,275 8.368 72,159.93 0.00 5011998 0.00 0
225 Retail TX 20070101 N 1,600,173 8.700 12,648.00 0.00 5011998 0.00 0
230 Multifamily TX 20040201 N 1,511,317 8.450 11,671.93 0.00 5011998 0.00 0
238 Multifamily TX 20040201 N 1,377,529 8.450 10,638.68 0.00 5011998 0.00 0
249 Retail TX 20070301 N 1,185,300 8.940 10,021.10 0.00 5011998 0.00 0
28 Multifamily FL 20070201 N 9,013,231 8.500 69,925.09 0.00 5011998 0.00 0
13 Office Va 20070101 N 13,624,833 8.740 108,073.12 0.00 5011998 0.00 0
22 Multifamily CA 20070401 N 9,502,637 8.570 74,091.26 0.00 5011998 0.00 0
40 Multifamily CA 20070401 N 7,479,828 8.570 58,319.59 0.00 5011998 0.00 0
7 Retail AL 20081001 N 19,799,571 9.224 164,158.40 0.00 5011998 0.00 0
33 Multifamily NC 20040301 N 7,768,810 8.000 57,527.15 0.00 5011998 0.00 0
42 Office CA 20070301 N 7,292,207 8.720 57,665.07 0.00 5011998 0.00 0
47 Multifamily SC 20040301 N 6,702,110 8.000 49,628.36 0.00 5011998 0.00 0
50 Retail NE 20070101 N 6,583,106 8.240 49,912.49 0.00 5011998 0.00 0
56 Multifamily SC 20040301 N 6,276,168 8.000 46,474.31 0.00 5011998 0.00 0
54 Multifamily TX 20040201 N 6,340,596 8.280 48,216.11 0.00 5011998 0.00 0
55 Retail MI 20070201 N 6,314,154 8.860 53,096.34 0.00 5011998 0.00 0
66 Multifamily NC 20040301 N 5,786,971 8.000 42,851.86 0.00 5011998 0.00 0
67 Retail CT 20070301 N 5,752,901 8.560 44,843.84 0.00 5011998 0.00 0
74 Multifamily NC 20040301 N 5,549,150 8.000 41,090.82 0.00 5011998 0.00 0
81 Retail MD 20111201 N 5,047,536 8.249 51,414.36 0.00 5011998 0.00 0
93 Multifamily MS 20040301 N 4,835,688 8.000 35,807.72 0.00 5011998 0.00 0
97 Multifamily VA 20040301 N 4,756,415 8.000 35,220.70 0.00 5011998 0.00 0
</TABLE>
<PAGE>
FIRST UNION-LEHMAN BROTHERS COMMERCIAL STATE STREET CORPORATE TRUST
MORTGAGE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH WEB: CORPORATETRUST.STATESTREET.COM
CERTIFICATES
SERIES 1997-C1 PAYMENT DATE: MAY 18, 1998
UNDERWRITER: LEHMAN / FIRST UNION REPORT ID B233-04
LOAN LEVEL DETAIL
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Offer Property Transfer Maturity Neg Am Beg Note Sched Prepay/ Prepay Paid Thru Prepmt Loan
Control# Type Date State Date (Y/N) Sched Bal Rate P&I Liquid Date Date Premium Status
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
98 Multifamily TX 20040101 N 4,700,583 8.070 35,085.89 0.00 5011998 0.00 0
89 Multifamily AL 20040301 N 4,954,598 8.000 36,688.23 0.00 5011998 0.00 0
96 Multifamily TX 20040301 N 4,762,312 8.000 35,264.38 0.00 5011998 0.00 0
101 Mobile Home ME 20020201 N 4,567,123 10.500 42,535.38 0.00 5011998 0.00 0
111 Retail TX 20070201 N 4,067,271 9.030 33,078.07 0.00 5011998 0.00 0
113 Retail IL 20070101 N 4,038,936 8.660 33,457.55 0.00 5011998 0.00 0
14 Retail FL 20061201 N 13,310,818 8.440 102,847.48 0.00 5011998 0.00 0
116 Multifamily TX 20070301 N 3,970,403 9.020 32,242.48 0.00 5011998 0.00 0
118 Multifamily AL 20061001 N 3,956,344 8.800 31,610.97 0.00 4011998 0.00 B
122 Multifamily TX 20040301 N 3,768,830 8.510 29,245.65 0.00 5011998 0.00 0
128 Retail FL 20070101 N 3,666,319 8.740 29,081.49 0.00 5011998 0.00 0
16 Office CA 20070301 N 12,742,599 9.230 118,894.27 0.00 5011998 0.00 0
139 Retail TX 20040201 N 3,470,133 8.700 27,409.62 0.00 5011998 0.00 0
144 Multifamily VA 20040301 N 3,362,237 8.000 24,896.98 0.00 5011998 0.00 0
220 Industrial MA 20070201 N 17,169,586 8.940 145,305.92 0.00 5011998 0.00 0
70 Office PA 20070401 N 5,636,306 8.990 47,795.17 0.00 5011998 0.00 0
106 Self Storage CA 20070401 N 4,300,679 8.900 36,207.62 0.00 5011998 0.00 0
202 Retail CA 20070401 N 2,125,995 8.995 18,035.36 0.00 5011998 0.00 0
190 Hotel OH 20120101 N 2,246,922 9.250 20,017.90 0.00 5011998 0.00 0
205 Hotel MI 20040201 N 2,115,155 9.750 19,070.34 0.00 5011998 0.00 0
241 Hotel TN 20070101 N 1,327,909 9.375 11,940.75 0.00 5011998 0.00 0
247 Office GA 20061101 N 1,230,943 9.343 10,785.10 0.00 5011998 0.00 0
256 Retail GA 20070101 N 1,037,220 8.710 8,430.77 0.00 5011998 0.00 0
264 Retail GA 20070101 N 926,090 8.710 7,527.47 0.00 5011998 0.00 0
268 Multifamily NC 20061001 N 884,468 8.950 7,521.98 0.00 5011998 0.00 0
272 Retail GA 20070101 N 839,655 8.710 6,824.91 0.00 5011998 0.00 0
281 Multifamily NC 20061001 N 439,408 9.050 3,766.53 0.00 5011998 0.00 0
210 Retail CO 20031101 N 2,041,576 9.000 17,413.32 0.00 5011998 0.00 0
253 Retail NY 20070101 N 1,133,799 9.010 9,659.00 0.00 5011998 0.00 0
267 Industrial NH 20040101 N 886,744 8.730 7,387.07 0.00 5011998 0.00 0
274 Multifamily OH 20061001 N 787,029 9.340 6,900.80 0.00 5011998 0.00 0
275 Multifamily OH 20061001 N 787,029 9.340 6,900.80 0.00 5011998 0.00 0
</TABLE>
<PAGE>
FIRST UNION-LEHMAN BROTHERS COMMERCIAL STATE STREET CORPORATE TRUST
MORTGAGE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH WEB: CORPORATETRUST.STATESTREET.COM
CERTIFICATES
SERIES 1997-C1 PAYMENT DATE: MAY 18, 1998
UNDERWRITER: LEHMAN / FIRST UNION REPORT ID B233-04
LOAN LEVEL DETAIL
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Offer Property Transfer Maturity Neg Am Beg Note Sched Prepay/ Prepay Paid Thru Prepmt Loan
Control# Type Date State Date (Y/N) Sched Bal Rate P&I Liquid Date Date Premium Status
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
148 Retail FL 20031201 N 3,297,595 8.780 27,610.13 0.00 5011998 0.00 0
150 Multifamily TX 20120301 N 3,274,980 8.900 26,315.45 0.00 5011998 0.00 0
143 Retail CA 20120401 N 3,407,695 8.412 27,576.07 0.00 5011998 0.00 0
181 Retail IL 20040301 N 2,596,876 8.580 20,840.86 0.00 5011998 0.00 0
182 Retail FL 20070401 N 2,582,381 9.040 20,995.06 0.00 5011998 0.00 0
185 Multifamily TX 20070301 N 2,503,827 8.400 19,236.40 0.00 5011998 0.00 0
189 Retail TX 20061001 N 2,335,490 9.180 20,224.47 0.00 5011998 0.00 0
29 Retail IL 20061201 N 8,513,719 8.474 75,790.61 0.00 5011998 0.00 0
51 Multifamily TN 20061101 N 6,577,780 8.520 51,227.03 0.00 5011998 0.00 0
59 Retail OK 20070401 N 6,058,663 9.040 49,257.65 0.00 5011998 0.00 0
71 Self Storage NM 20061001 N 5,561,578 9.560 49,599.72 0.00 5011998 0.00 0
10 Multifamily PA 20061201 N 16,313,430 7.992 120,979.15 0.00 5011998 0.00 0
83 Multifamily TX 20031201 N 5,144,452 8.280 39,175.59 0.00 5011998 0.00 0
88 Multifamily TX 20031201 N 5,045,520 8.280 38,422.21 0.00 5011998 0.00 0
95 Retail TX 20040401 N 4,815,977 8.870 38,571.39 0.00 5011998 0.00 0
115 Retail FL 20070401 N 3,972,110 8.900 31,897.51 0.00 5011998 0.00 0
151 Retail CA 20040101 N 3,269,994 8.645 25,712.65 0.00 5011998 0.00 0
149 Retail TX 20070301 N 3,295,143 8.720 27,371.05 0.00 5011998 0.00 0
108 Multifamily TX 20070201 N 4,141,923 8.670 34,302.07 0.00 5011998 0.00 0
141 Hotel CA 20191101 N 3,434,572 9.375 30,957.50 0.00 5011998 0.00 0
8 Multifamily PA 20120401 N 18,860,840 8.657 148,212.84 0.00 5011998 0.00 0
163 Multifamily TX 20070201 N 3,071,850 8.390 23,595.08 0.00 5011998 0.00 0
39 Multifamily GA 20070101 N 7,521,089 8.080 56,190.54 0.00 5011998 0.00 0
60 Multifamily TX 20070201 N 6,046,246 8.540 47,076.76 0.00 5011998 0.00 0
79 Office FL 20070301 N 5,260,141 8.940 42,416.39 0.00 5011998 0.00 0
85 Multifamily KY 20070401 N 5,112,074 8.630 40,074.50 0.00 5011998 0.00 0
120 Multifamily TX 20061201 N 3,810,633 8.500 29,603.17 0.00 5011998 0.00 0
160 Multifamily CO 20070201 N 3,093,854 8.790 24,634.24 0.00 5011998 0.00 0
169 Retail KS 20070301 N 2,951,692 8.738 23,378.84 0.00 5011998 0.00 0
180 Multifamily MN 20040101 N 2,602,367 8.020 19,334.69 0.00 5011998 0.00 0
197 Retail AZ 20070101 N 2,230,031 8.866 17,887.50 0.00 5011998 0.00 0
231a Retail MO 20070301 N 1,425,602 8.820 15,852.37 0.00 5011998 0.00 0
</TABLE>
<PAGE>
FIRST UNION-LEHMAN BROTHERS COMMERCIAL STATE STREET CORPORATE TRUST
MORTGAGE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH WEB: CORPORATETRUST.STATESTREET.COM
CERTIFICATES
SERIES 1997-C1 PAYMENT DATE: MAY 18, 1998
UNDERWRITER: LEHMAN / FIRST UNION REPORT ID B233-04
LOAN LEVEL DETAIL
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Offer Property Transfer Maturity Neg Am Beg Note Sched Prepay/ Prepay Paid Thru Prepmt Loan
Control# Type Date State Date (Y/N) Sched Bal Rate P&I Liquid Date Date Premium Status
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
242 Industrial WY 20070101 N 1,305,516 8.740 10,884.40 0.00 5011998 0.00 0
266 Office AZ 20031101 N 893,236 9.075 7,306.43 0.00 5011998 0.00 0
20 Retail CO 20070401 N 11,107,363 8.050 82,572.35 0.00 5011998 0.00 0
48 Retail AZ 20040401 N 6,703,032 8.910 53,875.48 0.00 5011998 0.00 0
44 Retail AZ 20040401 N 7,049,787 8.830 56,261.89 0.00 5011998 0.00 0
31 Multifamily MO 20070301 N 8,180,959 8.410 62,909.90 0.00 5011998 0.00 0
36 Retail AZ 20040101 N 7,641,922 8.610 59,916.39 0.00 5011998 0.00 0
43 Retail CO 20061201 N 7,130,251 8.770 56,745.31 0.00 5011998 0.00 0
58 Retail AZ 20031101 N 6,056,484 8.905 48,809.19 0.00 5011998 0.00 0
73 Retail AZ 20120401 N 5,559,911 8.770 44,135.24 0.00 5011998 0.00 0
80 Retail AZ 20120401 N 5,243,765 8.978 42,400.52 0.00 5011998 0.00 0
94 Retail CO 20070401 N 4,818,648 8.970 38,935.60 0.00 5011998 0.00 0
100 Retail CA 20160301 N 4,524,844 8.442 40,890.45 0.00 5011998 0.00 0
107 Retail MO 20070401 N 4,202,693 9.014 35,706.60 0.00 5011998 0.00 0
114 Office AZ 20070401 N 3,972,839 9.030 32,271.29 0.00 5011998 0.00 0
140 Multifamily MO 20111201 N 3,462,723 8.295 26,405.14 0.00 5011998 0.00 0
6 Retail GA 20070201 N 20,950,743 8.840 167,558.14 0.00 5011998 0.00 0
127 Multifamily VA 20061101 N 3,685,106 8.590 28,879.96 0.00 5011998 0.00 0
126 Multifamily NC 20061101 N 3,711,103 8.750 29,501.27 0.00 5011998 0.00 0
224 Multifamily WI 20211101 N 1,604,915 9.285 13,368.45 0.00 5011998 0.00 0
252 Multifamily TN 20061101 N 1,170,210 8.800 9,823.97 0.00 5011998 0.00 0
201 Multifamily TN 20061101 N 2,151,660 8.580 16,847.34 0.00 5011998 0.00 0
186 Multifamily UT 20261101 N 2,488,119 8.600 19,516.70 0.00 5011998 0.00 0
159 Multifamily UT 20261101 N 3,121,278 8.600 24,483.17 0.00 5011998 0.00 0
259 Health Care OH 20061101 N 991,068 10.125 9,879.18 0.00 5011998 0.00 0
192 Multifamily UT 20261101 N 2,250,684 8.600 17,654.27 0.00 5011998 0.00 0
208 Retail GA 20111201 N 2,003,966 8.740 20,976.02 0.00 5011998 0.00 0
49 Retail IL 20070101 N 6,626,344 8.800 54,856.21 0.00 5011998 0.00 0
30 Multifamily TX 20061101 N 8,458,615 8.600 66,349.00 0.00 5011998 0.00 0
223 Multifamily GA 20031201 N 1,625,575 9.125 13,988.25 0.00 5011998 0.00 0
130 Retail GA 20111201 N 3,542,725 8.740 37,082.61 0.00 5011998 0.00 0
167 Multifamily MN 20220101 N 3,025,714 9.400 25,423.82 0.00 5011998 0.00 0
</TABLE>
<PAGE>
FIRST UNION-LEHMAN BROTHERS COMMERCIAL STATE STREET CORPORATE TRUST
MORTGAGE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH WEB: CORPORATETRUST.STATESTREET.COM
CERTIFICATES
SERIES 1997-C1 PAYMENT DATE: MAY 18, 1998
UNDERWRITER: LEHMAN / FIRST UNION REPORT ID B233-04
LOAN LEVEL DETAIL
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Offer Property Transfer Maturity Neg Am Beg Note Sched Prepay/ Prepay Paid Thru Prepmt Loan
Control# Type Date State Date (Y/N) Sched Bal Rate P&I Liquid Date Date Premium Status
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
129 Multifamily AZ 20061101 N 3,661,621 8.750 29,107.92 0.00 5011998 0.00 0
280 Multifamily NY 20070101 N 538,452 9.125 4,628.84 0.00 5011998 0.00 0
282 Multifamily NY 20070101 N 423,069 9.125 3,636.95 0.00 5011998 0.00 0
279 Multifamily NY 20070101 N 561,134 9.125 4,823.83 0.00 5011998 0.00 0
255 Multifamily NY 20070101 N 1,038,443 9.125 8,927.05 0.00 5011998 0.00 0
277 Multifamily NY 20070101 N 613,401 9.125 5,273.15 0.00 5011998 0.00 0
240 Retail CT 20061101 N 1,343,448 9.125 11,572.10 0.00 5011998 0.00 0
110 Multifamily FL 20061101 N 4,105,864 8.625 32,278.27 0.00 5011998 0.00 0
271 Self Storage AL 20070101 N 848,811 9.500 7,513.79 0.00 5011998 0.00 0
142 Hotel FL 20070201 N 3,419,366 9.680 30,663.96 0.00 5011998 0.00 0
283 Self Storage AL 20070101 N 394,796 9.500 3,494.79 0.00 5011998 0.00 0
214 Retail GA 20070101 N 1,822,839 8.750 15,209.66 0.00 5011998 0.00 0
270 Self Storage AL 20070101 N 848,811 9.500 7,513.79 0.00 5011998 0.00 0
244 Multifamily FL 20070101 N 1,268,633 8.600 10,458.27 0.00 5011998 0.00 0
229 Multifamily FL 20070101 N 1,533,588 8.600 12,642.48 0.00 5011998 0.00 0
248 Multifamily IN 20061201 N 1,184,355 8.205 9,464.62 0.00 5011998 0.00 0
257 Multifamily FL 20070101 N 1,007,618 8.600 8,306.53 0.00 5011998 0.00 0
239 Multifamily TN 20061201 N 1,353,408 8.205 10,815.58 0.00 5011998 0.00 0
243 Multifamily MD 20070101 N 1,283,985 8.375 10,089.41 0.00 5011998 0.00 0
250 Multifamily TX 20061101 N 1,188,329 9.070 9,715.97 0.00 5011998 0.00 0
233 Multifamily TX 20041015 N 1,403,468 9.400 11,819.99 0.00 5011998 0.00 0
251 Multifamily TX 20010901 N 1,177,706 8.850 9,947.38 0.00 5011998 0.00 0
284 Multifamily UT 20060801 N 393,116 9.330 3,447.63 0.00 5011998 0.00 0
254 Multifamily NY 20060901 N 1,060,537 8.980 8,614.15 0.00 5011998 0.00 0
246 Multifamily GA 20061001 N 1,238,938 9.150 10,703.60 0.00 5011998 0.00 0
32 Multifamily FL 20070101 N 7,854,145 8.625 61,663.17 0.00 5011998 0.00 0
3 Retail MD 20070101 N 28,504,796 8.750 231,008.68 0.00 5011998 0.00 0
212 Retail FL 20070301 N 1,938,791 8.875 16,280.80 0.00 4011998 0.00 B
146 Office SC 20070101 N 3,294,548 9.250 30,883.03 0.00 5011998 0.00 0
188 Multifamily TX 20070101 N 2,432,915 8.370 18,666.30 0.00 5011998 0.00 0
206 Retail VA 20070101 N 2,111,955 8.875 17,775.98 0.00 5011998 0.00 0
92 Retail FL 20040101 N 4,899,262 8.750 39,704.62 0.00 5011998 0.00 0
</TABLE>
<PAGE>
FIRST UNION-LEHMAN BROTHERS COMMERCIAL STATE STREET CORPORATE TRUST
MORTGAGE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH WEB: CORPORATETRUST.STATESTREET.COM
CERTIFICATES
SERIES 1997-C1 PAYMENT DATE: MAY 18, 1998
UNDERWRITER: LEHMAN / FIRST UNION REPORT ID B233-04
LOAN LEVEL DETAIL
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Offer Property Transfer Maturity Neg Am Beg Note Sched Prepay/ Prepay Paid Thru Prepmt Loan
Control# Type Date State Date (Y/N) Sched Bal Rate P&I Liquid Date Date Premium Status
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
213 Retail GA 20070101 N 1,849,847 8.750 15,415.19 0.00 5011998 0.00 0
121 Retail AL 20070101 N 3,789,666 8.625 30,387.62 0.00 5011998 0.00 0
24 Multifamily TN 20061201 N 9,396,898 8.200 71,036.67 0.00 5011998 0.00 0
269 Multifamily TX 20070301 N 851,856 9.000 7,048.75 0.00 5011998 0.00 0
262 Multifamily TX 20070301 N 952,890 9.000 7,884.76 0.00 5011998 0.00 0
75 Retail NJ 20070401 N 5,437,823 9.030 44,171.32 0.00 5011998 0.00 0
91 Hotel NJ 20070201 N 4,910,916 9.000 43,558.72 0.00 5011998 0.00 0
278 Multifamily MN 20270101 N 594,582 8.780 4,733.06 0.00 5011998 0.00 0
155 Mobile Home VA 20061201 N 3,146,496 8.360 25,466.07 0.00 5011998 0.00 0
276 Multifamily FL 20070301 N 783,048 8.670 6,300.63 0.00 5011998 0.00 0
273 Multifamily FL 20070101 N 834,102 8.650 6,711.05 0.00 5011998 0.00 0
26 Multifamily FL 20070101 N 9,208,472 8.350 70,522.67 0.00 5011998 0.00 0
34 Multifamily FL 20070101 N 7,723,234 8.350 59,148.04 0.00 5011998 0.00 0
258 Multifamily MD 20070101 N 1,011,536 8.650 7,959.40 0.00 5011998 0.00 0
217 Industrial AZ 20120201 N 1,714,857 9.750 16,599.04 0.00 5011998 0.00 0
52 Retail LA 20120201 N 6,303,153 8.910 66,185.13 0.00 5011998 0.00 0
105 Retail TX 20120101 N 4,211,267 8.690 43,819.97 0.00 5011998 0.00 0
261 Multifamily OH 20220401 N 968,339 9.000 7,845.07 0.00 4011998 0.00 B
61 Retail WA 20040101 N 6,012,216 8.875 50,669.85 0.00 5011998 0.00 0
109 Retail CA 20070101 N 4,140,758 9.000 35,246.25 0.00 5011998 0.00 0
82 Retail NC 20070101 N 5,166,945 8.875 42,318.30 0.00 5011998 0.00 0
131 Retail NC 20070101 N 3,587,671 8.650 29,695.43 0.00 5011998 0.00 0
145 Office NJ 20070301 N 3,327,909 9.125 27,826.83 0.00 5011998 0.00 0
124 Multifamily MA 20070401 N 3,746,634 8.530 29,106.78 0.00 5011998 0.00 0
65 Retail SC 20070101 N 5,862,646 8.750 48,917.55 0.00 5011998 0.00 0
153 Hotel LA 20070201 N 3,239,951 9.375 29,100.04 0.00 5011998 0.00 0
218 Multifamily WI 20220301 N 1,700,798 9.620 14,545.55 0.00 5011998 0.00 0
221 Multifamily GA 20070201 N 1,666,089 8.790 13,931.94 0.00 5011998 0.00 0
265 Multifamily IN 20070301 N 910,261 8.700 7,548.87 0.00 5011998 0.00 0
45 Retail AZ 20070201 N 6,924,737 9.000 57,618.78 0.00 5011998 0.00 0
103 Hotel GA 20061101 N 4,313,112 9.750 40,536.88 0.00 5011998 0.00 0
72 Hotel KY 20010801 N 5,557,262 9.625 49,855.69 0.00 5011998 0.00 0
</TABLE>
<PAGE>
FIRST UNION-LEHMAN BROTHERS COMMERCIAL STATE STREET CORPORATE TRUST
MORTGAGE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH WEB: CORPORATETRUST.STATESTREET.COM
CERTIFICATES
SERIES 1997-C1 PAYMENT DATE: MAY 18, 1998
UNDERWRITER: LEHMAN / FIRST UNION REPORT ID B233-04
LOAN LEVEL DETAIL
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Offer Property Transfer Maturity Neg Am Beg Note Sched Prepay/ Prepay Paid Thru Prepmt Loan
Control# Type Date State Date (Y/N) Sched Bal Rate P&I Liquid Date Date Premium Status
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
200 Multifamily TX 20070201 N 2,176,436 8.750 17,646.50 0.00 5011998 0.00 0
211 Multifamily AZ 20220201 N 1,982,587 8.600 15,520.23 0.00 4011998 0.00 B
63 Multifamily AZ 20220201 N 5,933,973 8.600 47,500.43 0.00 4011998 0.00 B
136 Multifamily CA 20070301 N 3,522,255 8.750 27,927.86 0.00 5011998 0.00 0
173 Multifamily NJ 20070201 N 2,822,630 9.350 24,064.13 0.00 5011998 0.00 0
209 Retail IN 20070401 N 2,046,435 8.875 17,194.52 0.00 5011998 0.00 0
176 Multifamily GA 20220301 N 2,761,700 8.250 22,076.60 0.00 5011998 0.00 0
171 Multifamily NY 20070301 N 2,870,607 8.625 23,008.90 0.00 5011998 0.00 0
119 Hotel FL 20070401 N 3,835,569 9.375 36,035.36 0.00 5011998 0.00 0
179 Retail MD 20170401 N 2,589,501 9.375 24,328.49 0.00 5011998 0.00 0
135 Multifamily CT 20040401 N 3,526,357 9.125 28,883.97 0.00 4011998 0.00 B
234 Retail TX 20070401 N 1,402,686 9.220 11,569.08 0.00 5011998 0.00 0
183 Retail TX 20070401 N 2,571,817 9.220 21,630.00 0.00 5011998 0.00 0
263 Retail AZ 20070301 N 933,765 9.125 8,011.45 0.00 5011998 0.00 0
138 Hotel PA 20070401 N 3,466,384 9.125 29,672.05 0.00 5011998 0.00 0
112 Multifamily TX 20070101 N 4,060,994 8.520 31,583.59 0.00 5011998 0.00 0
260 Multifamily VA 20061101 N 983,633 8.900 8,323.59 0.00 5011998 0.00 0
215 Multifamily MA 20070201 N 1,775,778 8.840 14,908.81 0.00 5011998 0.00 0
133 Hotel MA 20070401 N 3,567,133 9.375 31,140.84 0.00 5011998 0.00 0
178 Multifamily TX 20070101 N 2,674,518 8.560 20,875.58 0.00 5011998 0.00 0
194 Multifamily TX 20070401 N 2,241,183 8.875 17,957.71 0.00 4011998 0.00 B
219 Office NY 20070301 N 1,679,788 9.125 14,412.14 0.00 5011998 0.00 0
12 Multifamily MD 20070301 N 13,877,824 8.200 104,685.62 0.00 5011998 0.00 0
237 Retail TX 20070401 N 1,381,856 9.220 11,917.66 0.00 5011998 0.00 0
227 Multifamily TX 20070401 N 1,590,535 8.750 12,587.21 0.00 5011998 0.00 0
76 Retail NC 20070401 N 5,345,489 8.875 44,855.27 0.00 5011998 0.00 0
4 Retail PA 20070401 N 23,806,328 8.625 190,418.48 0.00 5011998 0.00 0
134 Health Care CA 20070301 N 3,551,686 8.370 28,673.48 0.00 4011998 0.00 B
147 Retail MA 20070301 N 3,307,689 8.750 27,541.81 0.00 5011998 0.00 0
1 Retail CA 20170401 N 33,200,456 8.550 258,071.10 0.00 5011998 0.00 0
184 Health Care GA 20070401 N 2,500,135 9.000 21,189.71 0.00 4011998 0.00 B
102 Retail GA 20070401 N 4,471,761 8.530 34,696.83 0.00 5011998 0.00 0
</TABLE>
<PAGE>
FIRST UNION-LEHMAN BROTHERS COMMERCIAL STATE STREET CORPORATE TRUST
MORTGAGE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH WEB: CORPORATETRUST.STATESTREET.COM
CERTIFICATES
SERIES 1997-C1 PAYMENT DATE: MAY 18, 1998
UNDERWRITER: LEHMAN / FIRST UNION REPORT ID B233-04
LOAN LEVEL DETAIL
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Offer Property Transfer Maturity Neg Am Beg Note Sched Prepay/ Prepay Paid Thru Prepmt Loan
Control# Type Date State Date (Y/N) Sched Bal Rate P&I Liquid Date Date Premium Status
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
132 Hotel DE 20070401 N 3,564,036 9.250 33,200.17 0.00 5011998 0.00 0
104 Hotel TN 20070401 N 4,329,112 9.375 37,792.87 0.00 5011998 0.00 0
137 Hotel GA 20070401 N 3,468,046 9.375 30,275.82 0.00 5011998 0.00 0
78 Hotel FL 20070401 N 5,306,110 9.375 46,322.00 0.00 5011998 0.00 0
125 Hotel GA 20070401 N 3,710,809 9.375 32,395.12 0.00 5011998 0.00 0
37 Health Care MT 20070401 N 7,641,674 8.490 59,151.78 0.00 5011998 0.00 0
5 Multifamily IN 20070401 N 22,073,155 8.250 167,156.82 0.00 5011998 0.00 0
46 Retail FL 20070401 N 6,782,544 9.000 57,484.95 0.00 5011998 0.00 0
69 Retail FL 20070401 N 5,657,830 9.000 46,718.44 0.00 5011998 0.00 0
87 Hotel VA 20170401 N 5,014,230 9.250 46,709.21 0.00 5011998 0.00 0
2 Multifamily NJ 20270401 N 29,769,537 8.420 228,975.31 0.00 4011998 0.00 B
68 Hotel NJ 20070401 N 5,722,275 9.375 49,955.10 0.00 5011998 0.00 0
235 Office AZ 20070401 N 1,390,851 9.250 12,023.60 0.00 4011998 0.00 B
232 Multifamily TX 20070401 N 1,460,933 9.160 12,540.16 0.00 4011998 0.00 B
207 Multifamily TX 20070401 N 2,079,972 9.160 17,853.78 0.00 5011998 0.00 0
174 Multifamily TX 20040401 N 2,818,703 8.540 21,917.70 0.00 5011998 0.00 0
191 Retail IL 20070401 N 2,257,853 8.810 17,987.10 0.00 5011998 0.00 0
27 Multifamily TX 20040401 N 9,029,812 8.400 69,327.23 0.00 5011998 0.00 0
166 Industrial FL 20040401 N 3,028,439 8.832 24,173.21 0.00 5011998 0.00 0
170 Retail FL 20070401 N 2,880,106 8.980 23,292.34 0.00 5011998 0.00 0
216 Hotel OK 20170401 N 1,720,914 10.000 16,887.88 0.00 5011998 0.00 0
62 Office TX 20040401 N 5,934,989 9.180 51,093.40 0.00 5011998 0.00 0
175 Retail MD 20111101 N 2,746,595 8.938 29,154.42 0.00 5011998 0.00 0
195 Retail NY 20111101 N 2,175,379 8.938 23,091.11 0.00 5011998 0.00 0
- ----------------------------------------------------------------------------------------------------------------------------------
totals 1,293,653,313 10,537,989 - 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
If state field is blank loan has properties in multiple states.
- ----------------------------------------------------------------------------------------------------------------------------------
Loan Status:
A= Payment not rec'd. but still in grace period, B= Late payment, but less than 1mo., 0= Current, 1= 1 mo. delinquent, 2= 2mo.
delinquent, 3= Three or more mo. delinquent
4= Assumed scheduled payment (performing matured balloon), 7= Foreclosure, 9=REO
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
FIRST UNION-LEHMAN BROTHERS COMMERCIAL STATE STREET CORPORATE TRUST
MORTGAGE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH WEB: CORPORATETRUST.STATESTREET.com
Certificates
SERIES 1997-C1 PAYMENT DATE: MAY 18, 1998
UNDERWRITER: LEHMAN / FIRST UNION REPORT ID B233-05
DELINQUENCY/PREPAYMENT REPORTING HISTORY: ROLLING 24 MONTHS
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Dist Delinq 1 Month Delinq 2 Months Delinq 3+ Months Forecloure/Bank REO Modifications Prepayments
-------------------------------------------------------------------------------------------------------------------------
Date # Bal # Bal # Bal # Bal # Bal # Bal # Bal
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
598 0 - 0 - 0 - 0 - 0 - 0 - 0 -
498 2 2,665,966.95 0 - 0 - 0 - 0 - 0 - 0 -
398 2 2,668,055.53 0 - 0 - 0 - 0 - 0 - 0 -
298 0 - 0 - 0 - 0 - 0 - 0 - 0 -
198 1 5,370,211.42 0 - 0 - 0 - 0 - 0 - 0 -
1297 0 - 0 - 0 - 0 - 0 - 0 - 0 -
1197 0 - 0 - 0 - 0 - 0 - 0 - 0 -
1097 0 - 0 - 0 - 0 - 0 - 0 - 0 -
997 0 - 0 - 0 - 0 - 0 - 0 - 0 -
897 0 - 0 - 0 - 0 - 0 - 0 - 0 -
797 0 - 0 - 0 - 0 - 0 - 0 - 0 -
697 0 - 0 - 0 - 0 - 0 - 0 - 0 -
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
FIRST UNION-LEHMAN BROTHERS COMMERCIAL STATE STREET CORPORATE TRUST
MORTGAGE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH WEB: CORPORATETRUST.STATESTREET.com
Certificates
SERIES 1997-C1 PAYMENT DATE: MAY 18, 1998
UNDERWRITER: LEHMAN / FIRST UNION REPORT ID B233-07
DELINQUENCY LOAN DETAIL
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
Offer Paid Thru Current Outstand Adv Loan Spec Ser Foreclosure Bankruptcy REO
Control# Period Date P&I Adv P&I Adv Desc(1) Status (2) Trans Date Date Date Date
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
204 4181998 2011998 18,013.29 18,013.29 1 n/a n/a n/a n/a n/a
280 4181998 3011998 4,628.84 4,628.84 1 n/a n/a n/a n/a n/a
204 3181998 1011998 18,013.29 18,013.29 1 n/a n/a n/a n/a n/a
280 3181998 1011998 4,628.84 4,628.84 1 n/a n/a n/a n/a n/a
No delinquent loans for 2/18/98
76 1181998 11011997 44,885.27 44,885.27 1 n/a n/a n/a n/a n/a
No delinquent loans for 12/18/97
No delinquent loans for 11/18/97
No delinquent loans for 10/18/97
No delinquent loans for 9/18/97
No delinquent loans for 8/18/97
No delinquent loans for 7/18/97
No delinquent loans for 6/18/97
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C>
(1) Advance Description (2)Loan
0 = Late Payment but LESS THAN one month delinquent 1= Spec Serviced 6= DPO
1 = P& I Advance - Loan delinquent 1 2 = Foreclosure 7=Foreclosure Sale
2 = P& I Advance - Loan delinquent 2 months 3= Bankruptcy 8= Bankruptcy Sale
3 = P& I Advance - Loan delinquent 3 months or more 4=REO 9= REO Disposition
4 = P& I Advance - Loan in Grace Period 5= Prepay in Full 10 = Mod/Workout
5 = P& I Advance - Assumed Scheduled Payment
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
FIRST UNION-LEHMAN BROTHERS COMMERCIAL STATE STREET CORPORATE TRUST
MORTGAGE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH WEB: CORPORATETRUST.STATESTREET.com
Certificates
SERIES 1997-C1 PAYMENT DATE: MAY 18, 1998
UNDERWRITER: LEHMAN / FIRST UNION REPORT ID B233-08
SPECIALLY SERVICED LOAN SUMMARY
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
<S> <C>
Number of Loans as of the Closing Date 283*
Principal Balance as of the Closing Date 1,305,448,224.47
Current Number of Loans 280
Current Outstanding Principal Balance 1,292,512,242.03
Current Number of Specially Serviced Loans 0
Current Outstanding Principal Balance of Specially Serviced Loans 0.00
Percent of Specially Serviced Loans (per Current Number of Loans) 0.00000%
Percent of Specially Serviced Loans (per Current Outstanding Principal Balance) 0.00000%
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
Curr Bal Curr Bal
as % of as % of
Number of Initial Current Spec Total Pool
Specially Serviced Loan Status Loans Prin Bal Prin Bal Serv Loans Balance
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1 = Request for waiver of Prepayment Penalty
2 = Payment Default
3 = Request for Loan Modification or Workout
4 = Loans with Borrower Bankruptcy
5 = Loans in Process of Foreclosure
6 = Loans now REO Property
7 = Loan Paid Off
8 = Loans Returned to Master Servicer
- -------------------------------------------------------------------------------------------------------------------
*Original Loan count includes four loans which have subsequently been combined into one
</TABLE>
<PAGE>
FIRST UNION-LEHMAN BROTHERS COMMERCIAL STATE STREET CORPORATE TRUST
MORTGAGE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH WEB: CORPORATETRUST.STATESTREET.com
Certificates
SERIES 1997-C1 PAYMENT DATE: MAY 18, 1998
UNDERWRITER: LEHMAN / FIRST UNION REPORT ID B233-09
SPECIALLY SERVICED LOAN DETAIL
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
OFFER TRANSFER SCHED MATURITY PROP SPEC SERV
CONTROL# DATE PRIN BAL DATE TYPE STATE NOI NOI DATE DSCR STATUS CODE *
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
No specially serviced loans
</TABLE>
- --------------------------------------------
* Legend
- --------
1 = Request for waiver of Prepayment Penalty
2 = Payment Default
3 = Request for Loan Modification or Workout
4 = Loans with Borrower Bankruptcy
5 = Loans in Process of Foreclosure
6 = Loans now REO Property
7 = Loan Paid Off
8 = Loans Returned to Master Servicer
- --------------------------------------------
<PAGE>
FIRST UNION-LEHMAN BROTHERS COMMERCIAL STATE STREET CORPORATE TRUST
MORTGAGE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH WEB: CORPORATETRUST.STATESTREET.com
Certificates
SERIES 1997-C1 PAYMENT DATE: MAY 18, 1998
UNDERWRITER: LEHMAN / FIRST UNION REPORT ID B233-10
MODIFIED LOAN DETAIL
<TABLE>
<CAPTION>
- ------------------------------------------------------
DistributionControl Modification Modification
Date # Date Description
- ------------------------------------------------------
<S> <C> <C>
No modified loans.
</TABLE>
<PAGE>
FIRST UNION-LEHMAN BROTHERS COMMERCIAL STATE STREET CORPORATE TRUST
MORTGAGE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH WEB: CORPORATETRUST.STATESTREET.com
Certificates
SERIES 1997-C1 PAYMENT DATE: MAY 18, 1998
UNDERWRITER: LEHMAN / FIRST UNION REPORT ID B233-11
REALIZED LOSS DETAIL
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Distribution Control Appraisal App Val/ Sched Gross GP as Agg Liq Net Liq NP as Current
Date # Date Broker Est Prin Bal Proceeds % of bal Expenses Proceeds % of bal Realized Loss
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
No realized losses
- ---------------------------------------------------------------------------------------------------------------------------------
Current Tot 0 0 0% 0 0 0
Cumulative 0 0 0% 0 0 0
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
FIRST UNION-LEHMAN BROTHERS COMMERCIAL STATE STREET CORPORATE TRUST
MORTGAGE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH WEB: CORPORATETRUST.STATESTREET.COM
CERTIFICATES
SERIES 1997-1 PAYMENT DATE: MAY 18, 1998
UNDERWRITER: LEHMAN / FIRST UNION REPORT B233-01
DISTRIBUTION OF CURRENT SCHEDULED PRINCIPAL BALANCES
<TABLE>
<CAPTION>
Current -------------------------------------------------------------------------------------------------
Scheduled # of Aggregate % Tot Weighted Averages
Principal Mtg Sched Prin Sched Mort Mnths
Balance Loans Balance Bal DSCR Rate to Mat
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
LESS THAN 1,000,000.00 26 19,850,260 1.54 1.44 9.07 116.50
1,000,000.00+ 48 69,043,077 5.34 1.46 8.93 121.97
2,000,000.00+ 43 105,006,252 8.12 1.41 8.83 126.58
3,000,000.00+ 53 182,908,853.00 14.15 1.37 8.81 116.93
4,000,000.00+ 23 102,829,767 7.96 1.38 8.74 97.99
5,000,000.00+ 26 141,003,182 10.91 1.43 8.86 112.18
6,000,000.00+ 17 108,658,872 8.41 1.31 8.64 91.92
7,000,000.00+ 13 97,656,272 7.56 1.47 8.62 105.97
8,000,000.00+ 10 89,947,115 6.96 1.31 8.51 112.97
10,000,000.00+ 10 127,096,123 9.83 1.43 8.65 98.14
15,000,000.00+ 5 90,320,159 6.99 1.33 8.65 114.89
20,000,000.00+ 6 158,192,308 12.24 1.27 8.57 176.50
- -------------------------------------------------------------------------------------------------------------------------------
Total 280 1,292,512,242 100.00 1.38 8.72 118.05
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
DISTRIBUTION OF CURRENT MORTGAGE INTEREST RATES
<TABLE>
<CAPTION>
Current -------------------------------------------------------------------------------------------------
Mortgage # of Aggregate % Tot Weighted Averages
Interest Mtg Sched Prin Sched Mort Mnths
Rate Loans Balance Bal DSCR Rate to Mat
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
LESS THAN 8.00 1 16,301,098 1.26 1.26 7.99 103.00
8.000-8.249 24 133,425,484 10.32 1.32 8.09 88.92
8.250-8.499 34 238,983,289 18.49 1.32 8.37 130.63
8.500-8.749 64 312,582,495 24.18 1.31 8.61 131.77
8.750-8.999 63 281,878,935 21.81 1.34 8.85 104.55
9.000-9.249 46 145,253,227 11.24 1.46 9.10 106.10
9.250-9.499 35 130,367,266 10.09 1.68 9.34 140.67
9.500-9.999 10 26,447,980 2.05 1.30 9.65 102.38
10.000+ 3 7,272,469 0.56 1.57 10.33 95.76
- -------------------------------------------------------------------------------------------------------------------------------
Total 280 1,292,512,242 100.00 1.38 8.72 118.05
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
DISTRIBUTION OF REMAINING STATED TERM (BALLOON LOANS ONLY)
<TABLE>
<CAPTION>
Remaining -------------------------------------------------------------------------------------------------
Stated # of Aggregate % Tot Weighted Averages
Term Mtg Sched Prin Sched Mort Mnths
(Months) Loans Balance Bal DSCR Rate to Mat
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
LESS THAN 13 0 - 0.00 0.00 0.00 0.00
13-24 0 - 0.00 0.00 0.00 0.00
25-36 0 - 0.00 0.00 0.00 0.00
37-48 2 5,740,995 0.50 1.49 10.16 43.98
49-60 0 - 0.00 0.00 0.00 0.00
61-72 55 274,810,987 23.88 1.35 8.55 69.64
73+ 193 870,451,646 75.63 1.36 8.73 116.32
- -------------------------------------------------------------------------------------------------------------------------------
Total 250 1,151,003,628 100.00 1.36 8.70 104.81
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
DISTRIBUTION OF REMAINING STATED TERM (FULLY AMORTIZING LOANS ONLY)
<TABLE>
<CAPTION>
Remaining -------------------------------------------------------------------------------------------------
Stated # of Aggregate % Tot Weighted Averages
Term Mtg Sched Prin Sched Mort Mnths
(Months) Loans Balance Bal DSCR Rate to Mat
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
LESS THAN 13 0 - 0.00 0.00 0.00 0.00
13-24 0 - 0.00 0.00 0.00 0.00
25-36 0 - 0.00 0.00 0.00 0.00
37-60 1 5,551,980 3.92 1.42 9.62 39.00
61-120 3 19,237,064 13.59 1.51 9.31 105.22
121-180 10 33,515,502.00 23.68 1.51 8.73 163.63
181-240 6 19,956,110.00 14.10 1.49 9.01 223.50
241+ 10 63,247,959.00 44.70 1.48 8.74 312.32
- -------------------------------------------------------------------------------------------------------------------------------
Total 30 141,508,614 100.00 1.49 8.89 225.70
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
FIRST UNION-LEHMAN BROTHERS COMMERCIAL STATE STREET CORPORATE TRUST
MORTGAGE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH WEB: CORPORATETRUST.STATESTREET.COM
CERTIFICATES
SERIES 1997-1 PAYMENT DATE: MAY 18, 1998
UNDERWRITER: LEHMAN / FIRST UNION REPORT B233-02
DISTRIBUTION OF HIGHEST STATE CONCENTRATIONS BY BALANCE AT CLOSING
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------
Top # of Aggregate % Tot Weighted Averages
Ten Mtg Sched Prin Sched Mort Mnths
States Loans Balance Bal DSCR Rate to Mat
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Texas 52 166,801,472 12.91 1.28 8.64 94.15
Florida 30 146,654,719 11.35 1.38 8.69 97.61
California 14 102,402,228 7.92 1.35 8.71 156.02
Pennsylvania 9 88,923,265 6.88 1.38 8.64 116.65
Maryland 10 83,901,736 6.49 1.40 8.51 108.57
Arizona 17 71,583,838 5.54 1.31 8.85 119.46
Georgia 20 68,662,679 5.31 1.36 8.83 115.97
Masschusetts 8 51,983,325 4.02 1.53 8.94 101.08
New Jersey 6 51,951,178 4.02 1.42 8.74 244.07
Illinois 7 49,131,399 3.80 1.38 8.78 85.00
Other 107 410,516,402 31.76 1.40 8.74 118.08
- -------------------------------------------------------------------------------------------------------------------------------
Total 280 1,292,512,242 100.00 1.38 8.72 118.05
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
DISTRIBUTION OF PROPERTY
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------
# of Aggregate % Tot Weighted Averages
Property Mtg Sched Prin Sched Mort Mnths
Types Loans Balance Bal DSCR Rate to Mat
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Retail 94 500,653,173 38.73 1.37 8.75 115.37
Multi-Family 123 521,694,866 40.36 1.28 8.44 121.94
Office 14 69,281,634 5.36 1.55 9.02 102.13
Self-Storage 6 15,089,176 1.17 1.38 9.34 103.12
Industrial 8 30,730,541 2.38 1.29 8.99 110.25
Health Care 4 14,671,619 1.14 1.36 8.66 106.42
Mobile Home Park 3 13,057,875 1.01 1.33 9.10 83.95
Hotel 28 127,333,358 9.85 1.72 9.37 129.76
- -------------------------------------------------------------------------------------------------------------------------------
Total 280 1,292,512,242 100.00 1.38 8.72 118.05
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
DISTRIBUTION OF SEASONING
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------
# of Aggregate % Tot Weighted Averages
Seasoning Mtg Sched Prin Sched Mort Mnths
(months) Loans Balance Bal DSCR Rate to Mat
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
LESS THAN 13 3 17,749,940 1.37 2.04 9.40 72.00
13-24 276 1,270,197,752 98.27 1.37 8.70 118.95
25-36 0 - 0.00 0.00 0.00 0.00
37-48 1 4,564,550 0.35 1.47 10.50 45.00
49-60 0 - 0.00 0.00 0.00 0.00
61-72 0 - 0.00 0.00 0.00 0.00
73+ 0 - 0.00 0.00 0.00 0.00
- -------------------------------------------------------------------------------------------------------------------------------
Total 280 1,292,512,242 100.00 1.38 8.72 118.05
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
DISTRIBUTION OF MOST RECENT DEBT SERVICE COVERAGE RATIO
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------
# of Aggregate % Tot Weighted Averages
Mtg Sched Prin Sched Mort Mnths
DSCR Loans Balance Bal DSCR Rate to Mat
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0 0 - 0.00 0.00 0.00 0.00
LESS THAN 1.01 6 19,140,874 1.48 0.80 8.82 102.74
1.01 - 1.10 13 37,144,937 2.87 1.07 8.58 107.06
1.11 - 1.20 32 137,987,049 10.68 1.17 8.54 114.37
1.21 - 1.30 70 418,124,275 32.35 1.27 8.58 141.24
1.31 - 1.40 51 294,986,668 22.82 1.35 8.65 96.83
1.41 - 1.50 48 174,368,176 13.49 1.45 8.98 109.42
1.51 - 2.00 48 166,532,171 12.88 1.62 8.96 107.97
2.01+ 12 44,228,091 3.42 2.52 9.13 139.46
- -------------------------------------------------------------------------------------------------------------------------------
Total 280 1,292,512,242 100.00 1.38 8.72 118.05
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
FIRST UNION-LEHMAN BROTHERS COMMERCIAL STATE STREET CORPORATE TRUST
MORTGAGE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH WEB: CORPORATETRUST.STATESTREET.COM
CERTIFICATES
SERIES 1997-1 PAYMENT DATE: MAY 18, 1998
UNDERWRITER: LEHMAN / FIRST UNION REPORT B233-03
DISTRIBUTION OF LOAN TO VALUE RATIO
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------
Most # of Aggregate % Tot Weighted Averages
Recent Mtg Sched Prin Sched Mort Mnths
LIV Loans Balance Bal DSCR Rate to Mat
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0 0 - 0.00 0.00 0.00 0.00
LESS THAN 50.00 12 51,421,940 3.98 1.84 8.93 114.05
50.00-59.99 36 117,344,275 9.08 1.68 9.11 130.07
60.00-69.99 89 331,010,473 25.61 1.40 8.98 110.64
70.00-79.99 140 770,847,766 59.64 1.29 8.52 118.57
80.00-89.99 2 4,735,593 0.37 1.15 8.60 342.00
90.00-99.99 0 - 0.00 0.00 0.00 0.00
100.00+ 1 17,152,194 1.33 1.33 8.94 105.00
- -------------------------------------------------------------------------------------------------------------------------------
Total 280 1,292,512,242 100 1.38 8.72 118.05
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
DISTRIBUTION OF AMORTIZATION TYPE
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------
# of Aggregate % Tot Weighted Averages
Amortization Mtg Sched Prin Sched Mort Mnths
Type Loans Balance Bal DSCR Rate to Mat
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Fully Amortizing 27 118,139,798 9.14 1.49 8.78 252.66
Amortizing Balloon 249 1,149,583,400 88.94 1.36 8.70 104.81
Other 4 24,789,044 1.92 1.49 9.38 90.39
- -------------------------------------------------------------------------------------------------------------------------------
Total 280 1,292,512,242 100.00 1.38 8.72 118.05
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
DISTRIBUTION OF ORIGINAL TERM TO STATED MATURITY
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------
Original # of Aggregate % Tot Weighted Averages
Term to Mtg Sched Prin Sched Mort Mnths
Maturity Loans Balance Bal DSCR Rate to Mat
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
LESS THAN 73 2 6,728,425 0.52 1.45 9.49 39.17
73-88 56 279,375,537 21.61 1.36 8.58 69.23
89-107 1 1,402,642 0.11 1.51 9.40 77.00
108-120 179 776,374,322 60.07 1.37 8.73 105.04
121-240 26 150,177,484 11.62 1.38 8.80 181.30
241-274 0 - 0.00 0.00 0.00 0.00
275+ 16 78,453,832 6.07 1.44 8.78 306.97
- -------------------------------------------------------------------------------------------------------------------------------
Total 280 1,292,512,242 100.00 1.38 8.72 118.05
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
