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: 12/18/97
(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: 12/18/97
By:
Name: David Shepherd
Title: Assistant Secretary
State Street Bank and Trust Company
as Trustee
First Union Commercial Mortgage Securities, Inc.
Series 1997-C1
B233
Report to Certificateholders for Payment Date: December 18, 1997
Payment Summary
<TABLE>
Pass-Through Interest Original Beginning Principal
Class CUSIP Rate Type Balance Balance Distrib. Amount
<S> <C> <C> <C> <C> <C> <C>
A-1 33736LAA3 0.0715000 Fixed 200,000,000.00 193,741,844.16 1,100,681.29
A-2 33736LAB1 0.0730000 Fixed 318,000,000.00 318,000,000.00 0.00
A-3 33736LAC9 0.0738000 Fixed 395,812,000.00 395,812,000.00 0.00
B 33736LAE5 0.0743000 Fixed 78,327,000.00 78,327,000.00 0.00
C 33736LAF2 0.0744000 Fixed 71,800,000.00 71,800,000.00 0.00
D 33736LAG0 0.0750000 Fixed 71,800,000.00 71,800,000.00 0.00
E 33736LAH8 0.0775000 Fixed 19,582,000.00 19,582,000.00 0.00
F 33736LAJ4 0.0700000 Fixed 71,800,000.00 71,800,000.00 0.00
G 33736LAK1 0.0700000 Fixed 13,054,813.00 13,054,813.00 0.00
H 33736LAL9 0.0700000 Fixed 26,108,964.00 26,108,964.00 0.00
J 33736LAM7 0.0700000 Fixed 13,054,483.00 13,054,483.00 0.00
K 33736LAN5 0.0700000 Fixed 26,108,964.00 26,108,964.00 0.00
IO * 33736LAD7 0.0126460 Variable 1,305,448,224.00 1,299,190,068.16 0.00
R N/A N/A 0.00 0.00 0.00
Totals: 1,305,448,224.00 1,299,190,068.16 1,100,681.29
</TABLE>
Class Interest Total P&I Ending
Distribution Amt Payable Balance
1,154,378.49 2,255,059.78 192,641,162.87
1,934,500.00 1,934,500.00 318,000,000.00
2,434,243.80 2,434,243.80 395,812,000.00
484,974.68 484,974.68 78,327,000.00
445,160.00 445,160.00 71,800,000.00
448,750.00 448,750.00 71,800,000.00
126,467.08 126,467.08 19,582,000.00
418,833.33 418,833.33 71,800,000.00
76,153.08 76,153.08 13,054,813.00
152,302.29 152,302.29 26,108,964.00
76,151.15 76,151.15 13,054,483.00
151,186.28 151,186.28 26,108,964.00
1,369,127.63 1,369,127.63 1,298,089,386.87
0.00 0.00 0.00
9,272,227.81 10,372,909.10 1,298,089,386.87
Distributions per Certificate
Beginning Principal Interest Ending
Class Cert Factor Distribution Distribution Certificate Factor
A-1 0.96870922 5.5034065 5.7718924 0.9632058
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 5.7905890 1.0000000
IO 0.99520612 0.0000000 1.0487797 0.9943630
R 0.00000000 0.0000000 0.0000000 0.0000000
Payment Details
Principal Detail
<TABLE>
Beginning Principal Realized Appraisal Reimbrs Add Trust Ending
Class Balance Distribution Losses Reduction Amts Exp/Realzd Losses Balance
<S> <C> <C> <C> <C> <C> <C>
A-1 193,741,844.16 1,100,681.29 0.00 0.00 0.00 192,641,162.87
A-2 318,000,000.00 0.00 0.00 0.00 0.00 318,000,000.00
A-3 395,812,000.00 0.00 0.00 0.00 0.00 395,812,000.00
B 78,327,000.00 0.00 0.00 0.00 0.00 78,327,000.00
C 71,800,000.00 0.00 0.00 0.00 0.00 71,800,000.00
D 71,800,000.00 0.00 0.00 0.00 0.00 71,800,000.00
E 19,582,000.00 0.00 0.00 0.00 0.00 19,582,000.00
F 71,800,000.00 0.00 0.00 0.00 0.00 71,800,000.00
G 13,054,813.00 0.00 0.00 0.00 0.00 13,054,813.00
H 26,108,964.00 0.00 0.00 0.00 0.00 26,108,964.00
J 13,054,483.00 0.00 0.00 0.00 0.00 13,054,483.00
K 26,108,964.00 0.00 0.00 0.00 0.00 26,108,964.00
IO 1,299,190,068.16 0.00 0.00 0.00 0.00 1,298,089,386.87
R 0.00 0.00 0.00 0.00 0.00 0.00
Totals 1,299,190,068.16 1,100,681.29 0.00 0.00 0.00 1,298,089,386.87
</TABLE>
Interest Detail
<TABLE>
Accrued ExcessPrepaymt Distrib Cur Unpaid Payment to Class Int Prepymt Prems/ Ending Bal
Class Cert Int Int S/falls Cert Int Int Unpaid Int Dist Amt YMC Unpaid Int
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 1,154,378.49 0.00 1,154,378.49 0.00 0.00 1,154,378.49 0.00 0.00
A-2 1,934,500.00 0.00 1,934,500.00 0.00 0.00 1,934,500.00 0.00 0.00
A-3 2,434,243.80 0.00 2,434,243.80 0.00 0.00 2,434,243.80 0.00 0.00
B 484,974.68 0.00 484,974.68 0.00 0.00 484,974.68 0.00 0.00
C 445,160.00 0.00 445,160.00 0.00 0.00 445,160.00 0.00 0.00
D 448,750.00 0.00 448,750.00 0.00 0.00 448,750.00 0.00 0.00
E 126,467.08 0.00 126,467.08 0.00 0.00 126,467.08 0.00 0.00
F 418,833.33 0.00 418,833.33 0.00 0.00 418,833.33 0.00 0.00
G 76,153.08 0.00 76,153.08 0.00 0.00 76,153.08 0.00 0.00
H 152,302.29 0.00 152,302.29 0.00 0.00 152,302.29 0.00 0.00
J 76,151.15 0.00 76,151.15 0.00 0.00 76,151.15 0.00 0.00
K 152,302.29 0.00 152,302.29 -1,116.01 0.00 151,186.28 0.00 -4,598.14
IO 1,369,127.63 0.00 1,369,127.63 0.00 0.00 1,369,127.63 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Totals: 9,273,343.82 0.00 9,273,343.82 -1,116.01 0.00 9,272,227.81 0.00 -4,598.14
</TABLE>
Additional Reporting Information
Mortgage Loan Activity for related Payment Date:
<TABLE>
# of Mortgage Wtd Avg Remng Wtd Avg Beginning Agg St Ending Agg Stated Ending Unpaid Available
Loans Outs Term to Mat Morg Rate Prin Bal Prin Bal Principal Balance Distribution Amt
<S> <C> <C> <C> <C> <C> <C>
280 123 0.087 1,299,190,433.50 1,298,089,752.21 1,298,089,752.41 10,372,909.10
</TABLE>
Current Current Additional Principal
Realized Losses Trust Fund Exp # of Payoffs Prepayments
0.00 0.00 0.00 0.00
Appraisal Reduction Information:
Loan # SPB of Apr Red Lo All Unpd Int/fees Apprsd Value P&I Adv on Ln
N/A 0.00 0.00 0.00 0.00
Aggregate Delinquency information for related Payment Date:
One Month Two Months 3 Months + Foreclosures
# of Loans 0 0 0 0
Agg Prin Bal 0.00 0.00 0.00 0.00
REO Property with Final Recovery Determination:
Mortgage Basis for Final All Proceeds Portion Proceeds Amount of
Loan # Recovery Determ Received to Certs Realized Loss
N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A
Liquidated Mortgage Loans: (other than Prepayments in full)
Loan Nature of Liquidation Portion of Proce Amount of
# Liquidation EventProceeds Payable to Certs Realized Loss
N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A
P&I Advance & Fee Information:
Advances:
- Current P&I 1,146,451.13
- Outstanding P&I 1,146,451.13
- Servicing 0.00
- Nonrecvb P&I 0.00
Interest on:
- P&I Advances 1,118.91
- Svcng Advanc 0.00
Servicing Compensation:
- to Master Sevcr 43,306.35
- to Spec Svcr 43,306.35
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
