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: 5/18/99
(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: 5/18/99
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: May 18, 1999
Payment Summary
<TABLE>
Pass-Thru Int Org.Moody's Org Beg Prin
Class CUSIP Rate Type Rating Balance Balance Distb. Amt
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 33736LAA3 0.07150000 Fixed Aaa 200,000,000.00 172,441,491.82 1,241,328.53
A-2 33736LAB1 0.07300000 Fixed Aaa 318,000,000.00 318,000,000.00 0.00
A-3 33736LAC9 0.07380000 Fixed Aaa 395,812,000.00 395,812,000.00 0.00
B 33736LAE5 0.07430000 Fixed Aa2 78,327,000.00 78,327,000.00 0.00
C 33736LAF2 0.07440000 Fixed A2 71,800,000.00 71,800,000.00 0.00
D 33736LAG0 0.07500000 Fixed Baa2 71,800,000.00 71,800,000.00 0.00
E 33736LAH8 0.07750000 Fixed Baa3 19,582,000.00 19,582,000.00 0.00
F 33736LAJ4 0.07000000 Fixed N/A 71,800,000.00 71,800,000.00 0.00
G 33736LAK1 0.07000000 Fixed N/A 13,054,813.00 13,054,813.00 0.00
H 33736LAL9 0.07000000 Fixed N/A 26,108,964.00 26,108,964.00 0.00
J 33736LAM7 0.07000000 Fixed N/A 13,054,483.00 13,054,483.00 0.00
K 33736LAN5 0.07000000 Fixed N/A 26,108,964.00 26,108,964.00 0.00
IO 33736LAD7 0.01261207 Variable Aaa 1,305,448,224.00 1,277,889,715.82 0.00
R N/A N/A 0.00 0.00 0.00
Totals: 1,305,448,224.00 1,277,889,715.82 1,241,328.53
</TABLE>
Int Total P&I Ending
Distb Amt Payable Balance
1,027,463.89 2,268,792.42 171,200,163.29
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
149,344.68 149,344.68 26,108,964.00
1,343,956.38 1,343,956.38 1,276,648,387.29
0.00 0.00 0.00
9,118,300.35 10,359,628.88 1,276,648,387.29
Distributions per Certificate
Beginning Principal Interest Ending
Class Cert Factor Distrb Distrb Cert Factor
A-1 0.86220746 6.2066427 5.1373194 0.8560008
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 5.7200537 1.0000000
IO 0.97888962 0.0000000 1.0294980 0.9779387
R 0.00000000 0.0000000 0.0000000 0.0000000
Principal Detail
<TABLE>
Beginning Principal Realized Appraisal Reimbrs Add Trust Ending
Class Balance Distrb Losses Reduction Amts Exp/Realzd Losses Balance
<S> <C> <C> <C> <C> <C> <C>
A-1 172,441,491.82 1,241,328.53 0.00 0.00 0.00 171,200,163.29
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 1,277,889,715.82 0.00 0.00 0.00 0.00 1,276,648,387.29
R 0.00 0.00 0.00 0.00 0.00 0.00
Totals: 1,277,889,715.82 1,241,328.53 0.00 0.00 0.00 1,276,648,387.29
</TABLE>
<TABLE>
Interest Detail
Accrued Excess Prepaymt Distribtbl Current Unpaid Payment to Class Interest Prepymt Prems/ Ending Balance
Class Cert Int Int Shtfl Cert Int Int Unpaid Int Dist Amount YMC Unpaid Interest
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 1,027,463.89 0.00 1,027,463.89 0.00 0.00 1,027,463.89 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 2,957.61 0.00 149,344.68 0.00 21,620.45
IO 1,343,069.55 0.00 1,343,069.55 0.00 886.83 1,343,956.38 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Totals: 9,120,371.14 0.00 9,120,371.13 2,957.61 886.83 9,118,300.35 0.00 21,620.45
</TABLE>
Trustee Report to Certificateholders
Mortgage Loan Activity for related Payment Date:
<TABLE>
# of Mortgage Weighted Avr. Weighted Avg Beg. Agg Stated End Agg Stated End Unpaid Avlble
Loans Outs Term to Mat Mtg Rate Prin Bal Prin Bal Prin Bal Distb Amt
<S> <C> <C> <C> <C> <C> <C>
278 106.02 0.0871571 1,277,890,081.16 1,276,648,752.63 1,276,879,170.79 10,359,628.88
</TABLE>
Current Current Additional Principal
Realized Losses Trust Fund Exp # of Payoffs Prepayments
0.00 2072.87 0 0.00
Appraisal Reduction Information:
Loan # SPB of Apr Red Loan All Unpd Int & Fees Appraised 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 6 1 0 0
Agg Prin Balance 20,086,791.46 1,914,913.50 0.00 0.00
REO Property with Final Recovery Determination:
Mortgage Basis for Final All Proceeds Portion Proceeds Amount of
Loan # Recovery Determination Received to Certificates 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 Proceeds Amount of
# Liquidation 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
Trustee Report to Certificateholders
Subordinate Level and Maturity
Original Subordinate Current Subordinate Original Class Maturity
Class Support Percentage Support Percentage at 0 percent CPR
A-1 0.3000 0.3068 February 18, 2004
A-2 0.3000 0.3068 December 18, 2006
A-3 0.3000 0.3068 April 18, 2007
B 0.2400 0.2454 April 18, 2007
C 0.1850 0.1892 April 18, 2007
D 0.1300 0.1329 October 18, 2008
E 0.1150 0.1176 August 18, 2009
F 0.0600 0.0614 December 18, 2014
G 0.0500 0.0511 December 18, 2016
H 0.0300 0.0307 May 18, 2017
J 0.0200 0.0205 March 18, 2020
K 0.0000 0.0000 April 18, 2027
IO N/A N/A April 18, 2027
R N/A N/A N/A
P&I Advance & Fee Information: Loan Prepayment Information:
Advances: Loan # Amount of Prepayment
- Current P&I 1,187,472.48 N/A N/A
- Outstanding P&I 1,187,472.48 N/A N/A
- Servicing 0.00 N/A N/A
- Nonrecoverable P&I 0.00 N/A N/A
Interest on: NA N/A
- P&I Advances 339.51 Total 0.00
- Servicing Advances 0.00
Servicing Compensation:
- to Master Servicer 42,596.34
- to Special Servicer 44,329.70
<TABLE>
Historical Information (Rolling 24 months)
One Month Del. Two Months Del. Three + Del. Pre-Payments Mod./REO/Workouts Liqudtns
Date Count Bal Count Bal Count Bal Count Bal Count Bal Count Bal
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
5/18/99 6 20,086,791.46 1 1,914,913.50 0 0.00 0 0.00 0 0.00 0 0.00
4/18/99 1 1,917,016.37 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00
3/18/99 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00
2/18/99 1 1,921,650.00 0 0.00 0 0.00 1 779,000.38 0 0.00 0 0.00
1/18/99 0 0.00 0 0.00 0 0.00 1.00 974098.51 0 0.00 0 0.00
0 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00
0 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00
0 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00
0 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00
0 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00
0 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00
0 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00
0 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00
0 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00
0 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00
0 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00
0 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00
0 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00
0 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00
0 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00
0 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00
0 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00
0 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00
</TABLE>
<TABLE>
First Union-Lehman Brothers Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates
Series 1997-C1
Underwriter: Lehman / First Union
Loan Level Detail
- --------------------------------------------------------------------------------------------------------------------
Offer Property Transfer Maturity Neg Am Ending Note Sched Paid Thru Loan
Control# Type Date State Date (Y/N) Sched Bal Rate P&I Date Status
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
156 Multifamily AR 20061101 N 3,101,116 8.782 26,378.20 5011999 0
172 Multifamily NV 20040101 N 2,814,240 8.570 23,488.54 5011999 0
236 Multifamily TX 20070101 N 1,372,960 8.330 10,596.57 5011999 0
123 Multifamily AZ 20040101 N 3,686,934 8.530 30,675.49 4011999 B
193 Hotel TX 20161101 N 2,168,868 9.250 20,881.76 5011999 0
198 Hotel NC 20191101 N 2,170,433 9.250 19,711.28 4011999 B
25 Hotel VA 20191101 N 9,164,052 9.250 83,225.42 4011999 B
35 Hotel MA 20040501 N 7,531,117 9.400 66,740.17 5011999 0
41 Hotel VA 20191101 N 7,234,778 9.250 65,704.28 4011999 B
84 Hotel CO 20040501 N 5,037,046 9.400 44,637.90 5011999 0
86 Hotel PA 20040501 N 4,962,080 9.400 45,195.80 5011999 0
161 Office TX 20070401 N 3,028,213 9.340 26,740.62 4011999 B
199 Retail MI 20070401 N 2,190,719 8.920 17,771.13 5011999 0
222 Retail MA 20070401 N 1,610,073 9.060 13,914.60 5011999 0
228 Industrial OK 20120401 N 1,483,281 8.900 16,133.22 5011999 0
226 Retail PA 20070401 N 1,576,406 9.072 12,956.94 5011999 0
21 Multifamily IL 20040401 N 10,712,578 8.290 82,194.77 5011999 0
245 Multifamily GA 20070401 N 1,233,743 8.537 10,233.85 5011999 0
38 Retail MD 20070401 N 7,571,989 8.463 59,004.55 5011999 0
53 Multifamily TX 20040401 N 6,336,701 8.180 48,139.65 5011999 0
9 Multifamily MD 20040301 N 18,071,710 8.320 139,139.57 5011999 0
57 Retail FL 20040401 N 5,984,449 8.850 49,653.00 5011999 0
77 Mobile Home CO 20070301 N 5,303,841 8.330 40,872.50 5011999 0
11 Hotel IL 20040301 N 14,151,315 9.375 125,428.38 5011999 0
15 Retail MA 20070401 N 13,089,336 8.710 104,251.42 5011999 0
117 Multifamily NY 20170401 N 3,827,188 8.550 34,839.62 5011999 0
17 Multifamily FL 20061101 N 12,736,518 8.475 99,728.51 5011999 0
152 Multifamily NY 20070101 N 3,237,666 8.445 25,245.63 5011999 0
154 Multifamily TX 20040301 N 3,188,552 8.020 23,892.68 5011999 0
157 Self Storage CO 20061001 N 3,107,608 9.460 27,869.37 5011999 0
158 Retail MD 20111201 N 2,910,808 8.249 31,042.63 5011999 0
164 Industrial TX 20120101 N 2,873,762 9.250 32,162.26 5011999 0
162 Retail TX 20070301 N 3,017,942 8.760 25,507.52 5011999 0
165 Multifamily FL 20070401 N 3,026,937 8.280 23,204.00 5011999 0
177 Multifamily AL 20040301 N 2,722,331 8.000 20,361.97 5011999 0
168 Retail PA 20070101 N 2,912,176 8.636 24,432.38 5011999 0
19 Retail PA 20070201 N 11,228,134 8.840 90,576.25 5011999 0
187 Retail NY 20060901 N 2,420,425 9.060 21,082.73 5011999 0
196 Retail FL 20040301 N 2,211,389 8.520 17,332.45 5011999 0
204 Industrial 7211998 TX 20040201 N 2,092,665 8.980 18,013.29 4011999 B
203 Multifamily TX 20040201 N 2,111,018 8.450 16,455.51 5011999 0
23 Retail FL 20031201 N 9,310,674 8.368 72,159.93 5011999 0
225 Retail TX 20070101 N 1,585,958 8.700 12,648.00 5011999 0
230 Multifamily TX 20040201 N 1,497,350 8.450 11,671.93 5011999 0
238 Multifamily TX 20040201 N 1,364,798 8.450 10,638.68 5011999 0
249 Retail TX 20070301 N 1,169,111 8.940 10,021.10 5011999 0
28 Multifamily FL 20070201 N 8,930,724 8.500 69,925.09 5011999 0
13 Office Va 20070101 N 13,504,769 8.740 108,073.12 5011999 0
22 Multifamily CA 20070401 N 9,418,130 8.570 74,091.26 4011999 B
40 Multifamily CA 20070401 N 7,413,310 8.570 58,319.59 5011999 0
7 Retail AL 20081001 N 19,636,637 9.224 164,158.40 5011999 0
33 Multifamily NC 20040301 N 7,691,198 8.000 57,527.15 5011999 0
42 Office CA 20070301 N 7,228,710 8.720 57,665.07 5011999 0
47 Multifamily SC 20040301 N 6,635,154 8.000 49,628.36 5011999 0
50 Retail NE 20070101 N 6,519,309 8.240 49,912.49 5011999 0
56 Multifamily SC 20040301 N 6,213,467 8.000 46,474.31 5011999 0
54 Multifamily TX 20040201 N 6,280,073 8.280 48,216.11 5011999 0
55 Retail MI 20070201 N 6,226,122 8.860 53,096.34 5011999 0
66 Multifamily NC 20040301 N 5,729,157 8.000 42,851.86 5011999 0
67 Retail CT 20070301 N 5,701,242 8.560 44,843.84 5011999 0
74 Multifamily NC 20040301 N 5,493,713 8.000 41,090.82 5011999 0
81 Retail MD 20111201 N 4,821,025 8.249 51,414.36 5011999 0
93 Multifamily MS 20040301 N 4,787,378 8.000 35,807.72 5011999 0
97 Multifamily VA 20040301 N 4,708,897 8.000 35,220.70 5011999 0
98 Multifamily TX 20040101 N 4,653,547 8.070 35,085.89 5011999 0
89 Multifamily AL 20040301 N 4,905,101 8.000 36,688.23 5011999 0
96 Multifamily TX 20040301 N 4,714,736 8.000 35,264.38 5011999 0
101 Mobile Home ME 20020201 N 4,531,860 10.50 42,535.38 5011999 0
111 Retail TX 20070201 N 4,033,645 9.030 33,078.07 5011999 0
113 Retail IL 20070101 N 3,980,416 8.660 33,457.55 5011999 0
14 Retail FL 20061201 N 13,185,657 8.440 102,847.48 5011999 0
116 Multifamily TX 20070301 N 3,937,780 9.020 32,242.48 5011999 0
118 Multifamily AL 20061001 N 3,921,047 8.800 31,610.97 5011999 0
122 Multifamily TX 20040301 N 3,734,662 8.510 29,245.65 5011999 0
128 Retail FL 20070101 N 3,634,011 8.740 29,081.49 5011999 0
16 Office CA 20070301 N 12,458,239 9.230 118,894.27 5011999 0
139 Retail TX 20040201 N 3,439,561 8.700 27,409.62 5011999 0
144 Multifamily VA 20040301 N 3,328,647 8.000 24,896.98 5011999 0
220 Industrial MA 20070201 N 16,933,096 8.940 145,305.92 5011999 0
70 Office PA 20070401 N 5,560,552 8.990 47,795.17 5011999 0
106 Self Storage CA 20070401 N 4,242,074 8.900 36,207.62 5011999 0
202 Retail CA 20070401 N 2,097,442 8.995 18,035.36 5011999 0
190 Hotel OH 20120101 N 2,210,181 9.250 20,017.90 5011999 0
205 Hotel MI 20040201 N 2,089,423 9.750 19,070.34 5011999 0
241 Hotel TN 20070101 N 1,306,562 9.375 11,940.75 5011999 0
247 Office GA 20061101 N 1,214,577 9.343 10,785.10 5011999 0
256 Retail GA 20070101 N 1,024,966 8.710 8,430.77 5011999 0
264 Retail GA 20070101 N 915,148 8.710 7,527.47 5011999 0
268 Multifamily NC 20061001 N 871,885 8.950 7,521.98 5011999 0
272 Retail GA 20070101 N 829,734 8.710 6,824.91 5011999 0
281 Multifamily NC 20061001 N 433,249 9.050 3,766.53 5011999 0
210 Retail CO 20031101 N 2,012,992 9.000 17,413.32 5011999 0
253 Retail NY 20070101 N 1,118,210 9.010 9,659.00 5011999 0
267 Industrial NH 20040101 N 874,031 8.730 7,387.07 5011999 0
274 Multifamily OH 20061001 N 776,468 9.340 6,900.80 5011999 0
148 Retail FL 20031201 N 3,250,278 8.780 27,610.13 5011999 0
150 Multifamily TX 20120301 N 3,247,437 8.900 26,315.45 5011999 0
143 Retail CA 20120401 N 3,357,680 8.412 27,576.07 5011999 0
181 Retail IL 20040301 N 2,566,023 8.580 20,840.86 5011999 0
182 Retail FL 20070401 N 2,561,416 9.040 20,995.06 5011999 0
185 Multifamily TX 20070301 N 2,480,644 8.400 19,236.40 5011999 0
189 Retail TX 20061001 N 2,303,389 9.180 20,224.47 5011999 0
29 Retail IL 20061201 N 8,301,156 8.474 75,790.61 5011999 0
51 Multifamily TN 20061101 N 6,516,386 8.520 51,227.03 5011999 0
59 Retail OK 20070401 N 6,009,475 9.040 49,257.65 5011999 0
71 Self Storage NM 20061001 N 5,489,389 9.560 49,599.72 5011999 0
10 Multifamily PA 20061201 N 16,146,552 7.992 120,979.15 5011999 0
83 Multifamily TX 20031201 N 5,094,596 8.280 39,175.59 5011999 0
88 Multifamily TX 20031201 N 4,996,623 8.280 38,422.21 5011999 0
95 Retail TX 20040401 N 4,775,563 8.870 38,571.39 5011999 0
115 Retail FL 20070401 N 3,938,971 8.900 31,897.51 5011999 0
151 Retail CA 20040101 N 3,240,734 8.645 25,712.65 5011999 0
149 Retail TX 20070301 N 3,248,606 8.720 27,371.05 5011999 0
108 Multifamily TX 20070201 N 4,082,493 8.670 34,302.07 5011999 0
141 Hotel CA 20191101 N 3,378,362 9.375 30,957.50 5011999 0
8 Multifamily PA 20120401 N 18,695,902 8.657 148,212.84 5011999 0
163 Multifamily TX 20070201 N 3,043,135 8.390 23,595.08 5011999 0
39 Multifamily GA 20070101 N 7,445,971 8.080 56,190.54 5011999 0
60 Multifamily TX 20070201 N 5,991,320 8.540 47,076.76 4011999 B
79 Office FL 20070301 N 5,216,244 8.940 42,416.39 5011999 0
85 Multifamily KY 20070401 N 5,067,135 8.630 40,074.50 5011999 0
120 Multifamily TX 20061201 N 3,775,207 8.500 29,603.17 5011999 0
160 Multifamily CO 20070201 N 3,067,064 8.790 24,634.24 5011999 0
169 Retail KS 20070301 N 2,926,080 8.738 23,378.84 5011999 0
180 Multifamily MN 20040101 N 2,576,081 8.020 19,334.69 5011999 0
197 Retail AZ 20070101 N 2,210,849 8.866 17,887.50 5011999 0
231a Retail MO 20070301 N 1,352,571 8.820 15,852.37 5011999 0
242 Industrial WY 20070101 N 1,286,827 8.740 10,884.40 5011999 0
266 Office AZ 20031101 N 885,734 9.075 7,306.43 5011999 0
20 Retail CO 20070401 N 10,998,254 8.050 82,572.35 5011999 0
48 Retail AZ 20040401 N 6,647,217 8.910 53,875.48 5011999 0
44 Retail AZ 20040401 N 6,990,167 8.830 56,261.89 5011999 0
31 Multifamily MO 20070301 N 8,105,357 8.410 62,909.90 5011999 0
36 Retail AZ 20040101 N 7,572,887 8.610 59,916.39 5011999 0
43 Retail CO 20061201 N 7,067,281 8.770 56,745.31 5011999 0
58 Retail AZ 20031101 N 6,003,939 8.905 48,809.19 5011999 0
73 Retail AZ 20120401 N 5,512,340 8.770 44,135.24 5011999 0
80 Retail AZ 20120401 N 5,200,675 8.978 42,400.52 5011999 0
94 Retail CO 20070401 N 4,778,990 8.970 38,935.60 5011999 0
100 Retail CA 20160301 N 4,401,987 8.442 40,890.45 5011999 0
107 Retail MO 20070401 N 4,146,415 9.014 35,706.60 5011999 0
114 Office AZ 20070401 N 3,940,521 9.030 32,271.29 5011999 0
140 Multifamily MO 20111201 N 3,429,259 8.295 26,405.14 5011999 0
6 Retail GA 20070201 N 20,771,064 8.840 167,558.14 5011999 0
127 Multifamily VA 20061101 N 3,651,163 8.590 28,879.96 5011999 0
126 Multifamily NC 20061101 N 3,677,941 8.750 29,501.27 5011999 0
224 Multifamily WI 20211101 N 1,591,969 9.285 13,368.45 5011999 0
252 Multifamily TN 20061101 N 1,153,329 8.800 9,823.97 5011999 0
201 Multifamily TN 20061101 N 2,131,804 8.580 16,847.34 5011999 0
186 Multifamily UT 20261101 N 2,465,244 8.600 19,516.70 5011999 0
159 Multifamily UT 20261101 N 3,092,583 8.600 24,483.17 5011999 0
259 Health Care OH 20061101 N 970,317 10.13 9,879.18 4011999 B
192 Multifamily UT 20261101 N 2,229,992 8.600 17,654.27 5011999 0
208 Retail 5071999 GA 20111201 N 1,917,296 8.740 20,976.02 3011999 1
49 Retail IL 20070101 N 6,541,245 8.800 54,856.21 5011999 0
30 Multifamily TX 20061101 N 8,380,851 8.600 66,349.00 5011999 0
223 Multifamily GA 20031201 N 1,603,430 9.125 13,988.25 5011999 0
130 Retail 5071999 GA 20111201 N 3,389,506 8.740 37,082.61 3011999 1
167 Multifamily MN 20220101 N 3,002,239 9.400 25,423.82 5011999 0
129 Multifamily AZ 20061101 N 3,628,902 8.750 29,107.92 5011999 0
280 Multifamily NY 20070101 N 531,179 9.125 4,628.84 5011999 0
282 Multifamily NY 20070101 N 417,355 9.125 3,636.95 5011999 0
279 Multifamily NY 20070101 N 553,555 9.125 4,823.83 5011999 0
255 Multifamily NY 20070101 N 1,024,417 9.125 8,927.05 5011999 0
277 Multifamily NY 20070101 N 605,116 9.125 5,273.15 5011999 0
240 Retail CT 20061101 N 1,324,989 9.125 11,572.10 5011999 0
110 Multifamily FL 20061101 N 4,068,295 8.625 32,278.27 5011999 0
271 Self Storage AL 20070101 N 837,984 9.500 7,513.79 5011999 0
142 Hotel FL 20070201 N 3,377,315 9.680 30,663.96 5011999 0
283 Self Storage AL 20070101 N 389,760 9.500 3,494.79 5011999 0
214 Retail GA 20070101 N 1,796,783 8.750 15,209.66 5011999 0
270 Self Storage AL 20070101 N 837,984 9.500 7,513.79 5011999 0
244 Multifamily FL 20070101 N 1,250,085 8.600 10,458.27 5011999 0
229 Multifamily FL 20070101 N 1,511,167 8.600 12,642.48 5011999 0
248 Multifamily IN 20061201 N 1,165,842 8.205 9,464.62 5011999 0
257 Multifamily FL 20070101 N 992,886 8.600 8,306.53 5011999 0
239 Multifamily TN 20061201 N 1,332,252 8.205 10,815.58 5011999 0
243 Multifamily MD 20070101 N 1,268,687 8.375 10,089.41 5011999 0
250 Multifamily TX 20061101 N 1,178,339 9.070 9,715.97 5011999 0
233 Multifamily TX 20041015 N 1,392,208 9.400 11,819.99 5011999 0
251 Multifamily TX 20010901 N 1,160,557 8.850 9,947.38 5011999 0
284 Multifamily UT 20060801 N 387,787 9.330 3,447.63 5011999 0
254 Multifamily NY 20060901 N 1,051,319 8.980 8,614.15 5011999 0
246 Multifamily GA 20061001 N 1,221,832 9.150 10,703.60 5011999 0
32 Multifamily FL 20070101 N 7,783,395 8.625 61,663.17 5011999 0
3 Retail MD 20070101 N 28,226,663 8.750 231,008.68 5011999 0
212 Retail 11161998 FL 20070301 N 1,914,914 8.875 16,280.80 2011999 2
146 Office SC 20070101 N 3,219,816 9.250 30,883.03 5011999 0
188 Multifamily TX 20070101 N 2,409,911 8.370 18,666.30 5011999 0
206 Retail VA 20070101 N 2,085,387 8.875 17,775.98 5011999 0
92 Retail FL 20040101 N 4,851,458 8.750 39,704.62 5011999 0
213 Retail GA 20070101 N 1,826,040 8.750 15,415.19 5011999 0
121 Retail AL 20070101 N 3,751,689 8.625 30,387.62 5011999 0
24 Multifamily TN 20061201 N 9,304,449 8.200 71,036.67 5011999 0
269 Multifamily TX 20070301 N 842,882 9.000 7,048.75 5011999 0
262 Multifamily TX 20070301 N 942,851 9.000 7,884.76 4011999 B
75 Retail NJ 20070401 N 5,393,589 9.030 44,171.32 5011999 0
91 Hotel NJ 20070201 N 4,819,422 9.000 43,558.72 5011999 0
278 Multifamily MN 20270101 N 589,383 8.780 4,733.06 5011999 0
155 Mobile Home VA 20061201 N 3,098,428 8.360 25,466.07 5011999 0
276 Multifamily FL 20070301 N 774,315 8.670 6,300.63 5011999 0
273 Multifamily FL 20070101 N 824,617 8.650 6,711.05 5011999 0
26 Multifamily FL 20070101 N 9,121,070 8.350 70,522.67 5011999 0
34 Multifamily FL 20070101 N 7,649,930 8.350 59,148.04 5011999 0
258 Multifamily MD 20070101 N 1,002,468 8.650 7,959.40 5011999 0
217 Industrial AZ 20120201 N 1,678,461 9.750 16,599.04 5011999 0
52 Retail 5071999 LA 20120201 N 6,039,621 8.910 66,185.13 3011999 1
105 Retail 5071999 TX 20120101 N 4,030,334 8.690 43,819.97 3011999 1
261 Multifamily OH 20220401 N 960,416 9.000 7,845.07 4011999 B
61 Retail WA 20040101 N 5,927,879 8.875 50,669.85 5011999 0
109 Retail CA 20070101 N 4,083,761 9.000 35,246.25 5011999 0
82 Retail NC 20070101 N 5,117,870 8.875 42,318.30 5011999 0
131 Retail NC 20070101 N 3,535,611 8.650 29,695.43 5011999 0
145 Office NJ 20070301 N 3,293,600 9.125 27,826.83 5011999 0
124 Multifamily MA 20070401 N 3,713,058 8.530 29,106.78 5011999 0
65 Retail SC 20070101 N 5,778,843 8.750 48,917.55 5011999 0
153 Hotel LA 20070201 N 3,188,332 9.375 29,100.04 5011999 0
218 Multifamily WI 20220301 N 1,688,371 9.620 14,545.55 5011999 0
221 Multifamily GA 20070201 N 1,642,613 8.790 13,931.94 5011999 0
265 Multifamily IN 20070301 N 897,367 8.700 7,548.87 5011999 0
45 Retail AZ 20070201 N 6,847,436 9.000 57,618.78 5011999 0
103 Hotel GA 20061101 N 4,238,119 9.750 40,536.88 5011999 0
72 Hotel KY 20010801 N 5,485,195 9.625 49,855.69 5011999 0
200 Multifamily TX 20070201 N 2,152,301 8.750 17,646.50 5011999 0
211 Multifamily AZ 20220201 N 1,964,782 8.600 15,520.23 5011999 0
63 Multifamily AZ 20220201 N 5,866,461 8.600 47,500.43 5011999 0
136 Multifamily CA 20070301 N 3,491,762 8.750 27,927.86 5011999 0
173 Multifamily NJ 20070201 N 2,794,410 9.350 24,064.13 5011999 0
209 Retail IN 20070401 N 2,018,442 8.875 17,194.52 5011999 0
176 Multifamily GA 20220301 N 2,719,831 8.250 22,076.60 5011999 0
171 Multifamily NY 20070301 N 2,838,345 8.625 23,008.90 5011999 0
119 Hotel FL 20070401 N 3,758,117 9.375 36,035.36 5011999 0
179 Retail MD 20170401 N 2,537,211 9.375 24,328.49 5011999 0
135 Multifamily CT 20040401 N 3,498,199 9.125 28,883.97 4011999 B
234 Retail TX 20070401 N 1,393,805 9.220 11,569.08 5011999 0
183 Retail TX 20070401 N 2,549,837 9.220 21,630.00 5011999 0
263 Retail AZ 20070301 N 921,367 9.125 8,011.45 5011999 0
138 Hotel PA 20070401 N 3,425,929 9.125 29,672.05 4011999 B
112 Multifamily TX 20070101 N 4,023,674 8.520 31,583.59 5011999 0
215 Multifamily MA 20070201 N 1,750,945 8.840 14,908.81 5011999 0
133 Hotel MA 20070401 N 3,527,447 9.375 31,140.84 5011999 0
178 Multifamily TX 20070101 N 2,650,126 8.560 20,875.58 5011999 0
194 Multifamily TX 20070401 N 2,222,394 8.875 17,957.71 4011999 B
219 Office NY 20070301 N 1,657,485 9.125 14,412.14 5011999 0
12 Multifamily 4221999 MD 20070301 N 13,744,338 8.200 104,685.62 5011999 0
237 Retail TX 20070401 N 1,366,018 9.220 11,917.66 5011999 0
227 Multifamily TX 20070401 N 1,579,131 8.750 12,587.21 5011999 0
76 Retail NC 20070401 N 5,280,105 8.875 44,855.27 5011999 0
4 Retail PA 20070401 N 23,574,196 8.625 190,418.48 5011999 0
134 Health Care CA 20070301 N 3,498,802 8.370 28,673.48 5011999 0
147 Retail MA 20070301 N 3,261,187 8.750 27,541.81 5011999 0
1 Retail CA 20170401 N 32,949,959 8.550 258,071.10 5011999 0
184 Health Care GA 20070401 N 2,470,260 9.000 21,189.71 5011999 0
102 Retail GA 20070401 N 4,437,851 8.530 34,696.83 5011999 0
132 Hotel DE 20070401 N 3,490,859 9.250 33,200.17 5011999 0
104 Hotel TN 20070401 N 4,280,948 9.375 37,792.87 5011999 0
137 Hotel GA 20070401 N 3,429,462 9.375 30,275.82 5011999 0
78 Hotel FL 20070401 N 5,247,077 9.375 46,322.00 5011999 0
125 Hotel GA 20070401 N 3,669,524 9.375 32,395.12 5011999 0
37 Health Care MT 20070401 N 7,572,662 8.490 59,151.78 5011999 0
5 Multifamily IN 20070401 N 21,864,433 8.250 167,156.82 5011999 0
46 Retail FL 20070401 N 6,701,498 9.000 57,484.95 5011999 0
69 Retail FL 20070401 N 5,607,017 9.000 46,718.44 5011999 0
87 Hotel VA 20170401 N 4,911,278 9.250 46,709.21 5011999 0
2 Multifamily NJ 20270401 N 29,497,051 8.420 228,975.31 4011999 B
68 Hotel NJ 20070401 N 5,658,612 9.375 49,955.10 5011999 0
235 Office AZ 20070401 N 1,375,001 9.250 12,023.60 4011999 B
232 Multifamily TX 20070401 N 1,443,996 9.160 12,540.16 5011999 0
207 Multifamily TX 20070401 N 2,055,858 9.160 17,853.78 5011999 0
174 Multifamily TX 20040401 N 2,793,491 8.540 21,917.70 5011999 0
191 Retail IL 20070401 N 2,238,683 8.810 17,987.10 5011999 0
27 Multifamily TX 20040401 N 8,946,843 8.400 69,327.23 5011999 0
166 Industrial FL 20040401 N 3,002,837 8.832 24,173.21 5011999 0
170 Retail FL 20070401 N 2,856,449 8.980 23,292.34 5011999 0
216 Hotel OK 20170401 N 1,686,097 10.00 16,887.88 5011999 0
62 Office TX 20040401 N 5,857,517 9.180 51,093.40 5011999 0
175 Retail 5071999 MD 20111101 N 2,628,327 8.938 29,154.42 3011999 1
195 Retail 5071999 NY 20111101 N 2,081,708 8.938 23,091.11 3011999 1
0 NA 0 0 0 0 0.000 - 0
- ------------------------------------------------------------------------------------------------------ --------------------------
totals 1,276,648,753 10,522,764
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
Delinquency/Prepayment Reporting History: Rolling 24 months
Dist Delinq 1 Month Delinq 2 Months Delinq 3+ Months Foreclos/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>
599 6 20,086,791.46 1.00 1,914,913.50
499 1 1,917,016.37 0
399 0 -0
299 1 1,924,803.88 0 779,000.38
199 0 -0 974,098.51
1298 0 -0
1198 2 4,041,253.45 0
1098 0 -0
998 0 -0
898 0 -0
798 1 2,117,424.33 0
698 0 -0
598 0 -0
498 2 2,665,966.95 0
398 2 2,668,055.53 0
298 0 -0
198 1 5,370,211.42 0
1297 0 -0
1197 0 -0
1097 0 -0
997 0 -0
897 0 -0
797 0 -0
697 0 -0
</TABLE>
<TABLE>
Delinquency Loan Detail
Offer Paid Thru Current Outstand Adv Loan Spec Ser Foreclose Bankrupt REO
Control# Period Date P&I Adv P&I Adv Desc(1) Status Trans Date Date Date Date
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
52 5/18/99 3/1/99 66,185.00 131,460.00 1 n/a n/a n/a n/a n/a
105 5/18/99 3/1/99 43,820.00 87,032.00 1 n/a n/a n/a n/a n/a
130 5/18/99 3/1/99 37,083.00 73,654.00 1 n/a n/a n/a n/a n/a
175 5/18/99 3/1/99 29,154.00 57,912.00 1 n/a n/a n/a n/a n/a
195 5/18/99 3/1/99 23,019.00 45,868.00 1 n/a n/a n/a n/a n/a
208 5/18/99 3/1/99 20,976.00 41,663.00 1 n/a n/a n/a n/a n/a
212 5/18/99 2/18/99 16,281.00 48,415.00 1 n/a n/a n/a n/a n/a
212 4/18/99 2/18/99 16,281.00 32,278.00 1 n/a n/a n/a n/a n/a
No delinquent loans for 3/18/99
201 2181999 12011998 16,131.63 16,131.63 1 n/a n/a n/a n/a n/a
No delinquent loans for 1/18/99
No delinquent loans for 12/18/98
204 111819989011998 18,013.29 34,690.40 1 n/a n/a n/a n/a n/a
212 111819989011998 16,280.80 32,136.61 1 n/a n/a n/a n/a n/a
No delinquent loans for 10/18/98
No delinquent loans for 9/18/98
No delinquent loans for 8/18/98
204 7181998 5011998 17,771.13 35,567.57 1 n/a n/a n/a n/a n/a
No delinquent loans for 6/18/98
No delinquent loans for 5/18/98
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
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Specially Serviced Loan Summary
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 278
Current Outstanding Principal Balance 1,276,648,752.59
Current Number of Specially Serviced Loans 2
Current Outstanding Principal Balance of Specially Serviced Loans 15,850,032.00
Percent of Specially Serviced Loans (per Current Number of Loans) 0.00719424
Percent of Specially Serviced Loans (per Current Outstanding Principal Balance) .0124153
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
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>
Specially Serviced Loan Detail
Offer Transfer Sched Maturity Prop
Control# Date Prin Bal Date Type State NOI NOI Date
204 7/21/98 2,095,001.00 2/1/04 Industrial TX
12 4/22/99 13,755,031.00 3/1/07 Mulit-Fam. MD
