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: 11/18/97
(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: 11/18/97
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: November 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 0.07150000 Fixed 200,000,000.00 194,788,658.67 1,046,814.51
A-2 33736LAB1 0.07300000 Fixed 318,000,000.00 318,000,000.00 0.00
A-3 33736LAC9 0.07380000 Fixed 395,812,000.00 395,812,000.00 0.00
B 33736LAE5 0.07430000 Fixed 78,327,000.00 78,327,000.00 0.00
C 33736LAF2 0.07440000 Fixed 71,800,000.00 71,800,000.00 0.00
D 33736LAG0 0.07500000 Fixed 71,800,000.00 71,800,000.00 0.00
E 33736LAH8 0.07750000 Fixed 19,582,000.00 19,582,000.00 0.00
F 33736LAJ4 0.07000000 Fixed 71,800,000.00 71,800,000.00 0.00
G 33736LAK1 0.07000000 Fixed 13,054,813.00 13,054,813.00 0.00
H 33736LAL9 0.07000000 Fixed 26,108,964.00 26,108,964.00 0.00
J 33736LAM7 0.07000000 Fixed 13,054,483.00 13,054,483.00 0.00
K 33736LAN5 0.07000000 Fixed 26,108,964.00 26,108,964.00 0.00
IO 33736LAD7 0.01306769 Variable 1,305,448,224. 1,300,236,882.6 0.00
R N/A N/A 0.00 0.00 0.00
Totals: 1,305,448,224. 1,300,236,882.6 1,046,814.51
</TABLE>
Class Interest Total P&I Ending
Distrib Amt Payable Balance
1,160,615.76 2,207,430.27 193,741,844.16
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
151,984.02 151,984.02 26,108,964.00
1,415,924.38 1,415,924.38 1,299,190,068.16
0.00 0.00 0.00
9,326,059.56 10,372,874.07 1,299,190,068.16
<TABLE>
Distributions per Certificate
Beginning Principal Interest Ending
Class Cert Factor Distrib Distrib Certificate Factor
<S> <C> <C> <C> <C>
A-1 0.97394329 5.2340726 5.8030788 0.9687092
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 5.8211432 1.0000000
IO 0.99600801 0.0000000 1.0846270 0.9952061
R 0.00000000 0.0000000 0.0000000 0.0000000
</TABLE>
Payment Details
Principal Detail
<TABLE>
Beginning Principal Realized Appraisal Reimb Add Tr Ending
Class Balance Distrib Losses Red Amts Exp/Rlzd Ls Balance
<S> <C> <C> <C> <C> <C> <C>
A-1 194,788,658.67 1,046,814.51 0.00 0.00 0.00 193,741,844.16
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 * 1,300,236,882.67 0.00 0.00 0.00 0.00 1,299,190,068.16
R 0.00 0.00 0.00 0.00 0.00 0.00
1,300,236,882.67 1,046,814.51 0.00 0.00 0.00 1,299,190,068.16
</TABLE>
Interest Detail
<TABLE>
Accrued Excs Prepa Distrib Curr Unpd Pymnt to Class Int Prepymt Prems/ Ending Balance
Class Cert Int Int Shrtfl Cert Int Int Unpd Int Dist Amt YMC Unpaid Interest
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 1,160,615.76 0.00 1,160,615.76 0.00 0.00 1,160,615.76 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 (318.27) 0.00 151,984.02 0.00 (3,482.13)
IO 1,415,924.38 0.00 1,415,924.38 0.00 0.00 1,415,924.38 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Totals: 9,326,377.83 0.00 9,326,377.83 (318.27) 0.00 9,326,059.56 0.00 (3,482.13)
</TABLE>
Additional Reporting Information
Mortgage Loan Activity for related Payment Date:
<TABLE>
# of Mortgs Wtd Avg Re- Wtd Avg Beg Agg Stated End Agg Stated Ending Unpaid Available
Loans Outs main T to Mat Mtg Rate Prin Bal Prin Bal Prin Bal Distrib Amt
<S> <C> <C> <C> <C> <C> <C>
280.00 124.00 0.09 1,300,237,248.01 1,299,190,433.50 1,299,297,810.80 10,372,874.07
</TABLE>
Current Current Additional Principal
Rlzd Loss Trust Fund Exp # of Payoff Prepayments
0.00 0.00 0.00 0.00
Appraisal Reduction Information:
Loan # SPB of Apr Red Ln All Unpd Int&Fees Apprsd Value P&I Adv on Loan
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 0.00 0.00 0.00 0.00
Agg Prin Bal0.00 0.00 0.00 0.00
REO Property with Final Recovery Determination:
Mortgage Basis for Final All Proceeds Portion Proceeds Amount of
Loan # Recov 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 Procds Amount of
# Lqdtn Event Proceeds Payable to Cert 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 1,092,130.75
- Outstanding P&1 1,092,130.75
- Servicing 0.00
- Nonrecoverable 0.00
Interest on:
- P&I Advances 320.55
- Servicing Advan 0.00
Servicing Compensation:
- to Master Serv 43,549.40
- to Special Serv 43,549.40
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
