<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: August 18, 1998
(Date of earliest event reported)
Mortgage Capital Funding, Inc. (Sponsor)
(Issuer in Respect of Multifamily/Commercial Mortgage
Pass-Through Certificates, Series 1998-MC2)
(Exact name of registrant as specified in charter)
Delaware
(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)
212-559-6899
(Registrant's telephone number, including area code)
Commission File Number 333-24489
13-3408716 (I.R.S. Employer Identification No.)
Not Applicable
(Former name, or former address if changed since last report)
<PAGE>
ITEM 5. OTHER EVENTS
This Current Report on Form 8-K relates to the Trust Fund
formed, and Multifamily/Commercial Mortgage Pass-Through Certificates, Series
1998-MC2 issued pursuant to, a Pooling and Servicing Agreement, dated as of
June 1, 1998 (the "Pooling and Servicing Agreement") by and among Mortgage
Capital Funding, Inc., as sponsor, Citicorp Real Estate, Inc. as mortgage
loan seller, Morgan Guaranty Trust Company of New York, as additional
warranting party, CRIIMI MAE Services Limited Partnership, as master servicer
and special servicer, and State Street Bank and Trust Company, as trustee and
REMIC administrator.
The Class X, Class A-1, Class A-2, Class B, Class C, Class D
and Class E Certificates have been registered pursuant to the Securities Act
of 1933 under a Registration Statement on Form S-3 (File No. 333-24489) (the
"Registration Statement").
Capitalized terms used herein and not defined herein have
the same meanings ascribed to such terms in the Pooling and Servicing
Agreement.
Pursuant to Section 8.13 of the Pooling and Servicing
Agreement, the Trustee is filing this Current Report containing the July 18,
1998 monthly distribution report prepared by the Trustee pursuant to Section
4.02 thereof.
This Current Report is being filed by the Trustee, in its
capacity as such under the Pooling and Servicing Agreement, on behalf of the
Registrant. The information reported and contained herein has been supplied
to the Trustee by one or more of the Master Servicer, the Special Servicer or
other third parties without independent review or investigation by the
Trustee. Pursuant to the Pooling and Servicing Agreement, the Trustee is not
responsible for the accuracy or completeness of such information.
<PAGE>
Mortgage Capital Funding, Inc., Multifamily Commercial Mortgage
Pass-Through Certificates, Series 1998-MC2
Item 7. Financial Statements and Exhibits
See Exhibit A, the Trustee's Report to Bondholders attached
hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: 08/18/98
By: State Street Bank and Trust Company
as Trustee
--------------------------------------------
By: David Shepherd
Authorized Signatory
IN ITS CAPACITY AS TRUSTEE UNDER THE
POOLING AND SERVICING AGREEMENT
ON BEHALF OF MORTGAGE CAPITAL FUNDING, INC.,
REGISTRANT
<PAGE>
Mortgage Capital Funding, INC.
Multifamily/Commercial Mortgage Pass-Through Certificates
B273
Payment Date: August 18, 1998
Record Date: July 31, 1998
Trustee Report to Certificateholders
Payment Summary
<TABLE>
<CAPTION>
Pass Through Interest Original Fitch Original Beginning Principal
Class Cusip Rate Type Rating Balance Balance Paid
- ----- ----- ---- ---- ------ ------- ------- ----
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 61910DEP3 6.325 Fixed AAA 205,079,000.00 204,014,174.69 923,944.76
A-2 61910DEQ1 6.423 Fixed AAA 514,190,000.00 514,190,000.00 0.00
B 61910DES7 6.549 Fixed AA 47,951,000.00 47,951,000.00 0.00
C 61910DET5 6.726 Fixed A 58,046,000.00 58,046,000.00 0.00
D 61910DEU2 7.091 Variable BBB 60,570,000.00 60,570,000.00 0.00
E 61910DEV0 7.3463229% Variable BBB- 37,856,000.00 37,856,000.00 0.00
F 61910DEW8 7.3463229% Variable N/A 12,619,000.00 12,619,000.00 0.00
G 61910DEY4 7.3463220% Variable N/A 25,238,000.00 25,238,000.00 0.00
H 61910DFA5 7.3463228% Variable N/A 7,571,000.00 7,571,000.00 0.00
J 61910DFC1 6.00% Fixed N/A 15,143,000.00 15,143,000.00 0.00
K 61910DFE7 6.00% Fixed N/A 7,571,000.00 7,571,000.00 0.00
L 61910DFG2 6.00% Fixed N/A 17,666,069.00 17,666,069.00 0.00
X 61910DER9 0.82027775% Variable AAA 1,009,500,069.00 1,008,435,243.69 0.00
R-III N/A N/A N/A 0.00 0.00
Total: 1,009,500,069.00 1,008,435,243.69 923,944.76
</TABLE>
<TABLE>
<CAPTION>
Interest Total Ending
Paid Paid Balance
---- ---- -------
<S> <C> <C> <C>
A-1 1,075,324.71 1,999,269.47 203,090,229.93
A-2 2,752,201.98 2,752,201.98 514,190,000.00
B 261,692.58 261,692.58 47,951,000.00
C 325,347.83 325,347.83 58,046,000.00
D 357,918.23 357,918.23 60,570,000.00
E 231,752.00 231,752.00 37,856,000.00
F 77,252.71 77,252.71 12,619,000.00
G 154,505.42 154,505.42 25,238,000.00
H 46,349.18 46,349.18 7,571,000.00
J 75,715.00 75,715.00 15,143,000.00
K 37,855.00 37,855.00 7,571,000.00
L 88,330.35 88,330.35 17,666,069.00
X 689,330.83 689,330.83 1,007,511,298.93
R-III 0.00 0.00 0.00
6,173,575.82 6,408,189.75 1,007,511,298.93
</TABLE>
<TABLE>
<CAPTION>
Beginning Principal Interest Prepayment Ending
Class Certif. Factor Distribution(1) Distribution(1) Premiums Certif. Factor
- ----- -------------- --------------- --------------- ---------- --------------
<S> <C> <C> <C> <C> <C>
A-1 0.9948077311 4.5053114166 5.2434657376 0.0000000000 0.9903024197
A-2 1.0000000000 0.0000000000 5.3525000097 0.0000000000 1.0000000000
B 1.0000000000 0.0000000000 5.4574999479 0.0000000000 1.0000000000
C 1.0000000000 0.0000000000 5.6050000000 0.0000000000 1.0000000000
D 1.0000000000 0.0000000000 5.9091667492 0.0000000000 1.0000000000
E 1.0000000000 0.0000000000 6.1219357566 0.0000000000 1.0000000000
F 1.0000000000 0.0000000000 6.1219359696 0.0000000000 1.0000000000
G 1.0000000000 0.0000000000 6.1219359696 0.0000000000 1.0000000000
H 1.0000000000 0.0000000000 6.1219363360 0.0000000000 1.0000000000
J 1.0000000000 0.0000000000 5.0000000000 0.0000000000 1.0000000000
K 1.0000000000 0.0000000000 5.0000000000 0.0000000000 1.0000000000
L 1.0000000000 0.0000000000 5.0000002830 0.0000000000 1.0000000000
X 0.9989451954 0.0000000000 0.6828437671 0.0000000000 0.9980299456
R-III 0.0000000000 0.0000000000 0.0000000000 0.0000000000 0.0000000000
</TABLE>
STATE STREET This report has been prepared by or based on
Serving Institutional information furnished to State Street Bank and
Investors Worldwide 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>
Mortgage Capital Funding, INC.
Multifamily/Commercial Mortgage Pass-Through Certificates
B273
Payment Date: August 18, 1998
Record Date: July 31, 1998
Trustee Report to Certificateholders
Principal Detail
<TABLE>
<CAPTION>
Beginning Scheduled Unscheduled Principal Realized Additional Trust Total Principal Ending
Class Balance Principal Principal Adjustments Losses Fund Expenses Distrib. Amount Balance
- ----- ----------------- ---------- ----------- ----------- -------- ---------------- --------------- ----------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 204,014,174.69 923,944.76 0.00 0.00 0.00 0.00 923,944.76 203,090,229.93
A-2 514,190,000.00 0.00 0.00 0.00 0.00 0.00 0.00 514,190,000.00
B 47,951,000.00 0.00 0.00 0.00 0.00 0.00 0.00 47,951,000.00
C 58,046,000.00 0.00 0.00 0.00 0.00 0.00 0.00 58,046,000.00
D 60,570,000.00 0.00 0.00 0.00 0.00 0.00 0.00 60,570,000.00
E 37,856,000.00 0.00 0.00 0.00 0.00 0.00 0.00 37,856,000.00
F 12,619,000.00 0.00 0.00 0.00 0.00 0.00 0.00 12,619,000.00
G 25,238,000.00 0.00 0.00 0.00 0.00 0.00 0.00 25,238,000.00
H 7,571,000.00 0.00 0.00 0.00 0.00 0.00 0.00 7,571,000.00
J 15,143,000.00 0.00 0.00 0.00 0.00 0.00 0.00 15,143,000.00
K 7,571,000.00 0.00 0.00 0.00 0.00 0.00 0.00 7,571,000.00
L 17,666,069.00 0.00 0.00 0.00 0.00 0.00 0.00 17,666,069.00
X* 1,008,435,243.59 0.00 0.00 0.00 0.00 0.00 0.00 1,008,435,243.69
R-III N/A 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total: $1,008,435,243.59 923,944.76 0.00 0.00 0.00 0.00 923,944.76 1,007,511,298.93
</TABLE>
* Based on a Notional Balance
Interest Detail
<TABLE>
<CAPTION>
Accrued Underpaid Overpaid Excess Prepayment Prepayment Interest Distributable Cumulative Interest
Class Certificate Interest Int. Due Int. Due PPIS Premiums Shortfall Shortfall Certif. Interest Shortfall
- ----- -------------------- -------- -------- ---- -------- --------- --------- ---------------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 1,075,324.71 0.00 0.00 0.00 0.00 0.00 0.00 1,075,324.71 0.00
A-2 2,752,201.98 0.00 0.00 0.00 0.00 0.00 0.00 2,752,201.98 0.00
B 261,692.58 0.00 0.00 0.00 0.00 0.00 0.00 261,692.58 0.00
C 325,347.83 0.00 0.00 0.00 0.00 0.00 0.00 325,347.83 0.00
D 357,918.23 0.00 0.00 0.00 0.00 0.00 0.00 357,918.23 0.00
E 231,752.00 0.00 0.00 0.00 0.00 0.00 0.00 231,752.00 0.00
F 77,252.71 0.00 0.00 0.00 0.00 0.00 0.00 77,252.71 0.00
G 154,505.42 0.00 0.00 0.00 0.00 0.00 0.00 154,505.42 0.00
H 46,349.18 0.00 0.00 0.00 0.00 0.00 0.00 46,349.18 0.00
J 75,715.00 0.00 0.00 0.00 0.00 0.00 0.00 75,715.00 0.00
K 37,855.00 0.00 0.00 0.00 0.00 0.00 0.00 37,855.00 0.00
L 88,330.35 0.00 0.00 0.00 0.00 0.00 0.00 88,330.35 0.02
X 689,330.83 0.00 0.00 0.00 0.00 0.00 0.00 689,330.83 0.00
R-III 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total: 6,173,575.82 0.00 0.00 0.00 0.00 0.00 0.00 6,173,575.82 0.02
</TABLE>
<PAGE>
Mortgage Capital Funding, INC.
Multifamily/Commercial Mortgage Pass-Through Certificates
B273
Payment Date: August 18, 1998
Record Date: July 31, 1998
Trustee Report to Certificateholders
Aggregate Information
<TABLE>
<CAPTION>
Aggregate P&I Beg. Stated Ending Stated Mortgage Pool # of Outstanding
Advances Prin. Balance Prin. Balance Rate Loans*
-------- ------------- ------------- ---- ------
<S> <C> <C> <C> <C>
1,246,348.69 1,008,435,244.66 1,007,511,299.90 7.43115% 147
</TABLE>
*The difference in loan count between July and August is due to the servicer
combining six loans into three
<TABLE>
<CAPTION>
Delinquencies 30-59 60-89 90+ Foreclosures REO
------------- ----- ----- --- ------------ ---
<S> <C> <C> <C> <C> <C>
# of Loans 0 0 0 0 0
Balance 0.00 0.00 0.00 0.00 0.00
</TABLE>
Aggregate of Expenses, Loses and Fees
<TABLE>
<CAPTION>
Additional Trust Cumulative Realized Sub-Servicer Master Servicer
Fund Expenses Losses Fees Fees
------------- ------ ---- ----
<S> <C> <C> <C>
0.00 0.00 51,568.99 17,217.46
</TABLE>
REOS
<TABLE>
<CAPTION>
Loan Name Final Recovery Date Amount of Proceeds Appraised Value Other Revenues*
- --------- ------------------- ------------------ --------------- ---------------
<S> <C> <C> <C> <C>
</TABLE>
Subordinate Support Percentage and Maturities
<TABLE>
<CAPTION>
Original Subordination Current Subordination
Class Credit Support Credit Support
----- ---------------------- ---------------------
<S> <C> <C>
A-1 28.75% 28.81%
A-2 28.75% 28.81%
B 24.00% 24.05%
C 18.25% 18.29%
D 12.25% 12.27%
E 8.50% 8.52%
F 7.25% 7.26%
G 4.75% 4.76%
H 4.00% 4.01%
J 2.50% 2.50%
K 1.75% 1.75%
L 0.00% 0.00%
X N/A N/A
R-III N/A N/A
</TABLE>
<PAGE>
Exhibit 99.B
<TABLE>
<S> <C>
Mortgage Capital Funding, Inc. State Street Corporate Trust
Multifamily/Commercial Pass-Through Certificates Web: corporatetrust.statestreet.com
Series 1998-MC2 Payment August 18, 1998
Citibank / J.P. Morgan & Co. Report B273-01
</TABLE>
<TABLE>
<CAPTION>
Distribution of Current Scheduled Principal Balances
---------------------------------------------------------------------------------------------------------------------
Current Weighted Averages
Scheduled # of % Tot ---------------------------------------
Principal Mtg Sched Prin Sched Mnths Mort
Balance Props. Balance Bal DSCR* to Mat Rate
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
LESS THAN 99,999.99 10 8,005,244 0.79% 1.61 137.41 7.265
1,000,000.00+ 35 49,254,209 4.89% 1.47 135.33 7.459
1,750,000.00+ 26 56,494,970 5.61% 1.38 140.85 7.459
2,500,000.00+ 34 122,720,481 12.18% 1.46 130.32 7.526
5,000,000.00+ 13 80,644,033 8.00% 1.33 141.04 7.369
7,500,000.00+ 10 89,653,223 8.90% 1.39 116.84 7.286
10,000,000.00+ 11 140,171,155 13.91% 1.36 129.41 7.172
15,000,000.00+ 6 171,069,898 16.98% 1.18 151.32 7.513
100,000,000.00+ 2 289,498,087 28.73% 1.54 115.12 6.915
---------------------------------------------------------------------------------------------------------------------
Total 147 1,007,511,300 100.00% 1.40 129.94 7.256
---------------------------------------------------------------------------------------------------------------------
</TABLE>
Distribution of Current Mortgage Interest Rates
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
Current
Mortgage # of Weighted Averages
Interest Mtg % Tot ---------------------------------------
Mnths Mort Sched Prin Sched
Rate Props. Balance Bal DSCR* to Mat Rate
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
LESS THAN 6.999% 10 175,217,233 17.39% 1.69 118.63 6.763
7.000% + 43 389,323,008 38.64% 1.34 114.22 7.091
7.250% + 35 137,120,288 13.61% 1.45 125.84 7.352
7.500% + 52 281,420,019 27.93% 1.28 159.45 7.650
8.000% + 4 17,008,547 1.69% 1.33 125.64 8.157
8.500% + 2 5,857,230 0.58% 1.71 192.58 8.707
9.000% + 1 1,564,975 0.16% 1.46 173.00 9.020
---------------------------------------------------------------------------------------------------------------------
Total 147 1,007,511,300 100.00% 1.40 129.94 7.256
---------------------------------------------------------------------------------------------------------------------
</TABLE>
Distribution of Remaining Stated Term (Balloon Loans Only)
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
Remaining Weighted Averages
Stated # of % Tot ------------------------------------
Term Mtg Sched Prin Sched Mnths Mort
(Months) Props. Balance Bal DSCR* to Mat Rate
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
LESS THAN 36 - - 0.00% 0.00 0.00 0.000
37-96 4 16,091,048 1.83% 1.25 78.04 7.188
97-120 109 799,757,423 91.18% 1.44 115.27 7.159
121-180 7 46,695,402 5.32% 1.33 171.30 7.681
180+ 2 14,595,268 1.66% 1.21 208.88 7.682
---------------------------------------------------------------------------------------------------------------------
Total 122 877,139,142 100.00% 1.43 119.13 7.196
---------------------------------------------------------------------------------------------------------------------
</TABLE>
Distribution of Remaining Stated Term (Fully Amortizing Loans Only)
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
Remaining Weighted Averages
Stated # of % Tot -----------------------------------
Term Mtg Sched Prin Sched Mnths Mort
(Months) Props. Balance Bal DSCR* to Mat Rate
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
LESS THAN 36 - - 0.00% 0.00 0.00 -
37-96 - - 0.00% 0.00 0.00 -
97-120 3 13,475,829 10.34% 1.33 115.79 7.252
121-180 5 19,483,090 14.94% 1.24 172.79 7.603
180+ 17 97,413,239 74.72% 1.22 220.70 7.727
---------------------------------------------------------------------------------------------------------------------
Total 25 130,372,158 100.00% 1.23 202.69 7.659
---------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Mortgage Capital Funding, Inc. State Street Corporate Trust
Multifamily/Commercial Pass-Through Certificates Web: corporatetrust.statestreet.com
Series 1998-MC2 Payment August 18, 1998
Citibank / J.P. Morgan & Co. Report B273-02
</TABLE>
Distribution by State
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
Weighted Averages
# of % Tot ----------------------------------------
Mtg Sched Prin Sched Mnths Mort
States Props. Balance Bal DSCR* to Mat Rate
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
New York 4 192,864,799 19.14% 1.35 114.10 7.054
California 18 116,870,743 11.60% 1.22 159.89 7.697
Minnesota 3 111,993,801 11.12% 1.85 119.17 6.766
Georgia 8 64,608,385 6.41% 1.41 113.31 7.284
Illinois 7 63,451,518 6.30% 1.27 107.91 7.187
Texas 11 53,717,151 5.33% 1.36 145.02 7.498
Florida 8 32,975,207 3.27% 1.37 115.76 7.347
Ohio 13 30,810,321 3.06% 1.30 227.15 7.558
Massachusetts 5 29,041,683 2.88% 1.36 117.00 7.216
Michigan 7 24,753,078 2.46% 1.45 113.67 7.266
Other 63 286,424,614 28.43% 1.38 132.30 7.327
---------------------------------------------------------------------------------------------------------------------
Total 147 1,007,511,300 100.00% 1.40 129.94 7.256
---------------------------------------------------------------------------------------------------------------------
</TABLE>
Distribution of Property Type
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
Weighted Averages
# of % Tot -------------------------------------
Property Mtg Sched Prin Sched Mnths Mort
Types Props. Balance Bal DSCR* to Mat Rate
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Office 29 348,240,886 34.56% 1.29 130.85 7.297
Multifamily 35 225,237,817 22.36% 1.33 118.82 7.117
Retail 44 192,381,740 19.09% 1.35 149.65 7.449
Mixed-Use 5 115,709,239 11.48% 1.83 116.93 6.747
Hotel 17 74,969,728 7.44% 1.58 135.56 7.632
Industrial 10 24,458,982 2.43% 1.39 118.34 7.534
Health Care 4 21,312,842 2.12% 1.44 116.16 7.345
Mobile Home Park 2 3,660,075 0.36% 1.24 104.15 7.539
Nursing Home 1 1539990.96 0.15% 2.73 230.00 7.850
---------------------------------------------------------------------------------------------------------------------
Total 147 1,007,511,300 100.00% 1.40 129.94 7.256
</TABLE>
Distribution of Seasoning
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
Weighted Averages
# of % Tot ----------------------------------------
Seasoning Mtg Sched Prin Sched Mnths Mort
(months) Props. Balance Bal DSCR* to Mat Rate
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0-12 146 1,003,346,518 99.59% 1.40 129.79 7.251
13-36 1 4,164,782 0.41% 1.25 167.00 8.400
37-60 0 - 0.00% 0.00 0.00 0.000
61-84 0 - 0.00% 0.00 0.00 0.000
85-120 0 - 0.00% 0.00 0.00 0.000
121-180 0 - 0.00% 0.00 0.00 0.000
181+ 0 - 0.00% 0.00 0.00 0.000
---------------------------------------------------------------------------------------------------------------------
Total 147 1,007,511,300 100.00% 1.40 129.94 7.256
---------------------------------------------------------------------------------------------------------------------
</TABLE>
Distribution of Amortization Type
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
Weighted Averages
# of % Tot -------------------------------------
Amortization Mtg Sched Prin Sched Mnths Mort
Type Props. Balance Bal DSCR* to Mat Rate
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Balloon 122 877,139,142 87.06% 1.43 119.13 7.196
ARD 0 - 0.00% 0.00 0.00 0.000
Fully Amortizing 24 79,172,158 7.86% 1.35 199.26 7.530
IO/Amortizing 1 51,200,000 5.08% 1.05 208.00 7.860
---------------------------------------------------------------------------------------------------------------------
Total 147 1,007,511,300 100.00% 1.40 129.94 7.256
---------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Mortgage Capital Funding, Inc. State Street Corporate Trust
Multifamily/Commercial Pass-Through Certificates Web: corporatetrust.statestreet.com
Series 1998-MC2 Payment August 18, 1998
Citibank / J.P. Morgan & Co. Report B273-03
</TABLE>
Distribution of Original Term to Stated Maturity
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
Weighted Averages
Original # of % Tot ----------------------------------------
Term to Mtg Sched Prin Sched Mnths Mort
Maturity Props. Balance Bal DSCR* to Mat Rate
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0-84 0 - 0.00% 0.00 0.00 0.000
85-120 0 - 0.00% 0.00 0.00 0.000
121-180 7 26,632,964 2.64% 1.27 172.35 7.446
181+240 24 119,061,007 11.82% 1.25 202.57 7.690
241+ 116 861,817,329 85.54% 1.43 118.60 7.190
---------------------------------------------------------------------------------------------------------------------
Total 147 1,007,511,300 100.00% 1.40 129.94 7.256
---------------------------------------------------------------------------------------------------------------------
</TABLE>
Distribution of Debt Service Coverage Ratio at Closing
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
Weighted Averages
# of % Tot ------------------------------------
Mtg Sched Prin Sched Mnths Mort
DSCR Props. Balance Bal DSCR* to Mat Rate
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
LESS THAN 0.000 0 - 0.00% 0.00 0.00 0.000
0.000-1.109 3 53,959,041 5.36% 1.05 206.24 7.836
1.110-1.199 7 55,539,291 5.51% 1.17 135.68 7.305
1.200-1.299 38 236,220,963 23.45% 1.25 137.81 7.396
1.300-1.399 37 340,609,110 33.81% 1.34 118.87 7.178
1.400-1.499 22 68,934,597 6.84% 1.45 120.92 7.342
1.500-1.599 18 83,902,546 8.33% 1.53 117.65 7.293
1.600-1.799 9 26,915,964 2.67% 1.66 136.81 7.311
1.800-1.999 8 135,320,941 13.43% 1.86 121.48 6.871
2.000+ 5 6,108,845 0.61% 2.42 144.47 7.436
---------------------------------------------------------------------------------------------------------------------
Total 147 1,007,511,300 100.00% 1.40 129.94 7.256
---------------------------------------------------------------------------------------------------------------------
</TABLE>
Distribution of LTV at Closing
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
Weighted Averages
# of % Tot --------------------------------------
Mtg Sched Prin Sched Mnths Mort
LTV Props. Balance Bal DSCR* to Mat Rate
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Not populated 0 - 0.00% 0.00 0.00 0.000
LESS THAN 24.999 0 - 0.00% 0.00 0.00 0.000
25.000+ 4 4,844,249 0.48% 1.73 134.67 7.863
50.000+ 15 152,407,847 15.13% 1.78 121.02 6.911
60.000+ 10 46,277,149 4.59% 1.55 123.61 7.454
65.000+ 20 75,796,971 7.52% 1.39 122.08 7.475
70.000+ 45 200,630,881 19.91% 1.37 146.14 7.472
75.000+ 35 432,972,233 42.97% 1.29 126.57 7.206
80.000+ 18 94,581,968 9.39% 1.28 134.53 7.278
---------------------------------------------------------------------------------------------------------------------
Total 147 1,007,511,300 100.00% 1.40 129.94 7.256
---------------------------------------------------------------------------------------------------------------------
</TABLE>
* At Closing
NOTE: Reduction in loan count is due to the combining of the following
loans from 7/1998 to 8/1998
Loan #904005 and Loan #904150 combine to loan #904005
Loan #904053 and Loan #904075 combine to loan #904053
Loan #904146 and Loan #904155 combine to loan #904146
Increase in weighted average months to maturity is due to corrected maturity
dates from 7/1998 to 8/1998
<PAGE>
Exhibit 99-C
<TABLE>
<S> <C>
Mortgage Capital Funding, Inc. State Street Corporate Trust
Multifamily/Commercial Pass-Through Certificates corporatetrust.statestreet.com
Series 1998-MC2 Payment Date: August 18, 1998
Citibank / J.P. Morgan & Co. Report ID B273-04
</TABLE>
<TABLE>
<CAPTION>
Loan Level Detail
- --------------------------------------------------------------------------------
Offer Property Transfer Maturity Neg Am Ending
Control# Type Date State Date (Y/N) Sched Bal
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
904001 Office NY 20080201 N 181,665,536
904002 Office CA 20151201 N 51,200,000
904003 Office PR 20080401 N 23,429,582
904004 Office MA 20080501 N 13,972,118
904005 Office CT 20130101 N 11,748,720
904006 Office MA 20080501 N 8,981,885
904008 Office AL 20080501 N 6,488,356
904009 Office CA 20080501 N 6,089,042
904010 Office VA 20080401 N 4,072,998
904011 Office FL 20080401 N 3,989,610
904012 Office AL 20080401 N 2,941,885
904013 Office MA 20080501 N 2,495,100
904014 Office TX 20080501 N 2,480,573
904015 Office TN 20080501 N 2,153,563
904016 Office MN 20080301 N 1,993,343
904017 Office FL 20080401 N 1,945,024
904018 Office WI 20080501 N 1,595,251
904019 Office VA 20080501 N 1,572,349
904020 Office VA 20130201 N 1,472,154
904021 Office CO 20080501 N 1,440,219
904022 Office CA 20080401 N 1,346,607
904023 Office CO 20080501 N 1,329,586
904025 Office MA 20080501 N 1,247,517
904028 Office CO 20080501 N 980,744
904029 Office CO 20080501 N 897,022
904030 Office CO 20080501 N 649,843
904031 Office CO 20080501 N 627,916
904032 Office OH 20180301 N 520,575
904033 Mixed-Use MN 20080531 N 107,832,552
904034 Mixed-Use VA 20080301 N 2,889,787
904035 Mixed-Use CA 20080401 N 2,243,841
904036 Mixed-Use CT 20080501 N 1,646,492
904037 Mixed-Use NC 20080501 N 1,096,568
904038 Multifamily IL 20071201 N 32,538,362
904039 Multifamily GA 20071201 N 18,774,727
904041 Multifamily CO 20080401 N 12,150,602
904042 Multifamily WA 20080201 N 11,938,809
904043 Multifamily AK 20080401 N 9,952,479
904044 Multifamily IL 20050101 N 9,946,804
904045 Multifamily OR 20080401 N 9,772,099
904046 Multifamily CA 20080501 N 8,683,039
904048 Multifamily KS 20071201 N 7,657,064
904049 Multifamily IL 20080401 N 6,781,386
904053 Multifamily OH 20180301 N 6,815,271
904054 Multifamily AL 20080301 N 5,082,936
904056 Multifamily NY 20080301 N 4,277,160
904058 Multifamily TN 20080401 N 3,872,035
904059 Multifamily IL 20080331 N 3,490,132
904060 Multifamily NY 20080301 N 3,183,100
904062 Multifamily NV 20080301 N 2,740,917
904063 Multifamily FL 20080401 N 2,443,042
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------
Note Sched Prepay/ Prepay Paid Thru Prepmt Loan
Rate P&I Liquid Date Date Premium Status
- -----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
7.030 1,296,910.27 0.00 0 8011998 0.00
7.860 335,360.00 0.00 0 8011998 0.00
7.500 164,315.41 0.00 0 8011998 0.00
7.170 94,746.20 0.00 0 8011998 0.00
7.600 111,924.50 0.00 0 8011998 0.00
7.130 60,665.04 0.00 0 8011998 0.00
7.560 45,716.29 0.00 0 8011998 0.00
7.550 42,861.13 0.00 0 8011998 0.00
7.810 33,810.82 0.00 0 7011998 0.00
7.470 27,886.46 0.00 0 7011998 0.00
7.240 20,104.20 0.00 0 8011998 0.00
7.230 17,020.51 0.00 0 8011998 0.00
7.580 17,511.81 0.00 0 8011998 0.00
7.570 16,060.69 0.00 0 8011998 0.00
7.260 13,657.09 0.00 0 8011998 0.00
7.540 13,688.13 0.00 0 7011998 0.00
7.590 11,917.68 0.00 0 7011998 0.00
7.780 11,316.16 0.00 0 8011998 0.00
7.280 13,718.32 0.00 0 7011998 0.00
7.040 10,249.86 0.00 0 8011998 0.00
7.600 9,532.01 0.00 0 8011998 0.00
7.040 9,462.50 0.00 0 8011998 0.00
7.180 8,467.94 0.00 0 8011998 0.00
7.040 6,979.84 0.00 0 8011998 0.00
7.040 6,384.00 0.00 0 8011998 0.00
7.040 4,624.85 0.00 0 8011998 0.00
7.040 4,468.80 0.00 0 8011998 0.00
7.570 4,251.86 0.00 0 8011998 0.00
6.720 698,333.60 0.00 0 7011998 0.00
7.040 19,371.88 0.00 0 8011998 0.00
7.260 15,364.23 0.00 0 8011998 0.00
6.920 10,888.98 0.00 0 8011998 0.00
7.340 8,014.77 0.00 0 7011998 0.00
7.180 221,859.91 0.00 0 8011998 0.00
7.050 126,377.47 0.00 0 8011998 0.00
6.720 81,699.27 0.00 0 8011998 0.00
6.710 77,512.97 0.00 0 8011998 0.00
6.810 69,470.50 0.00 0 8011998 0.00
7.110 67,270.64 0.00 0 7011998 0.00
7.100 65,859.13 0.00 0 7011998 0.00
7.250 59,349.34 0.00 0 8011998 0.00
7.390 53,260.73 0.00 0 7011998 0.00
7.260 46,434.12 0.00 0 8011998 0.00
7.570 50,933.20 0.00 0 8011998 0.00
7.240 34,756.41 0.00 0 8011998 0.00
7.330 31,302.66 0.00 0 8011998 0.00
7.190 30,683.04 0.00 0 8011998 0.00
7.140 23,615.59 0.00 0 8011998 0.00
7.360 23,357.08 0.00 0 8011998 0.00
7.290 18,834.52 0.00 0 8011998 0.00
7.110 16,481.31 0.00 0 8011998 0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Loan Level Detail
- --------------------------------------------------------------------------------
Offer Property Transfer Maturity Neg Am Ending
Control# Type Date State Date (Y/N) Sched Bal
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
904064 Multifamily IL 20080501 N 2,394,989
904065 Multifamily MI 20080301 N 2,352,124
904066 Multifamily IL 20080401 N 2,313,805
904068 Multifamily AL 20080401 N 1,742,511
904069 Multifamily WA 20080401 N 1,695,300
904070 Multifamily AK 20080401 N 1,592,397
904072 Multifamily CO 20050201 N 1,393,580
904073 Multifamily ID 20080401 N 1,151,807
904074 Multifamily WI 20080601 N 918,837
904076 Retail TX 20121001 N 27,812,888
904077 Retail ME 20080601 N 17,314,340
904080 Retail NE 20180301 N 10,509,006
904082 Retail PA 20080401 N 4,786,467
904083 Retail OH 20180301 N 3,173,026
904084 Retail RI 20080401 N 2,692,736
904086 Retail NC 20180201 N 2,372,906
904087 Retail TX 20080301 N 1,792,738
904088 Retail OH 20080401 N 1,241,277
904089 Retail OH 20180301 N 877,540
904090 Retail OH 20080401 N 790,480
904092 Retail OH 20180301 N 7,040,152
904094 Retail CA 20080601 N 5,392,907
904095 Retail TX 20080301 N 4,659,560
904096 Retail TX 20080401 N 4,481,313
904098 Retail NY 20080501 N 3,739,004
904099 Retail PA 20080401 N 3,186,585
904101 Retail PA 20080201 N 2,886,729
904102 Retail NJ 20080301 N 2,686,418
904104 Retail OH 20180301 N 2,305,402
904105 Retail OH 20180301 N 2,305,402
904106 Retail TX 20080501 N 2,093,602
904107 Retail CA 20130401 N 2,059,939
904108 Retail FL 20080501 N 1,856,806
904109 Retail OH 20180301 N 1,764,996
904110 Retail AZ 20080401 N 1,743,004
904111 Retail OH 20180301 N 1,710,460
904112 Retail CA 20080501 N 1,619,990
904113 Retail MD 20130201 N 1,437,540
904114 Retail PA 20130101 N 1,321,501
904115 Retail CA 20080401 N 1,196,899
904116 Retail OH 20180301 N 1,175,011
904117 Retail TX 20080501 N 1,146,173
904118 Retail OH 20180301 N 1,090,728
904119 Retail TX 20130301 N 1,044,102
904120 Retail AZ 20080401 N 895,980
904121 Retail AZ 20080401 N 846,308
904122 Lodging GA 20080501 N 13,457,712
904123 Lodging GA 20080501 N 11,962,410
904125 Lodging GA 20080301 N 6,516,532
904127 Lodging CO 20080101 N 5,088,650
904128 Lodging GA 20080501 N 4,336,958
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------
Note Sched Prepay/ Prepay Paid Thru Prepmt Loan
Rate P&I Liquid Date Date Premium Status
- -----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
6.990 15,951.14 0.00 0 8011998 0.00
7.250 16,099.36 0.00 0 7011998 0.00
7.360 15,999.95 0.00 0 8011998 0.00
7.380 12,796.06 0.00 0 8011998 0.00
7.220 11,562.42 0.00 0 8011998 0.00
6.810 11,115.28 0.00 0 8011998 0.00
7.220 9,522.00 0.00 0 8011998 0.00
7.220 7,855.65 0.00 0 8011998 0.00
7.550 6,464.30 0.00 0 8011998 0.00
7.560 196,931.73 0.00 0 8011998 0.00
7.560 128,892.86 0.00 0 8011998 0.00
7.440 85,004.41 0.00 0 8011998 0.00
7.140 32,387.10 0.00 0 8011998 0.00
7.570 25,916.12 0.00 0 8011998 0.00
7.330 18,565.49 0.00 0 8011998 0.00
7.150 18,823.88 0.00 0 8011998 0.00
7.140 12,145.16 0.00 0 8011998 0.00
7.390 9,986.01 0.00 0 8011998 0.00
7.570 7,167.43 0.00 0 8011998 0.00
7.390 7,366.18 0.00 0 8011998 0.00
7.570 57,501.40 0.00 0 8011998 0.00
7.400 37,388.51 0.00 0 7011998 0.00
7.290 32,018.68 0.00 0 8011998 0.00
7.540 33,371.77 0.00 0 8011998 0.00
7.650 28,079.08 0.00 0 8011998 0.00
7.490 23,626.91 0.00 0 7011998 0.00
7.230 19,743.79 0.00 0 8011998 0.00
7.610 20,146.34 0.00 0 8011998 0.00
7.570 18,829.68 0.00 0 8011998 0.00
7.570 18,829.68 0.00 0 8011998 0.00
7.460 15,464.22 0.00 0 8011998 0.00
7.100 16,212.24 0.00 0 8011998 0.00
7.710 13,273.89 0.00 0 8011998 0.00
7.570 14,415.84 0.00 0 8011998 0.00
7.740 13,206.77 0.00 0 8011998 0.00
7.570 13,970.41 0.00 0 8011998 0.00
7.400 11,903.11 0.00 0 8011998 0.00
7.170 13,307.47 0.00 0 7011998 0.00
7.620 12,606.90 0.00 0 7011998 0.00
7.490 8,382.36 0.00 0 8011998 0.00
7.570 9,597.06 0.00 0 8011998 0.00
7.710 8,656.10 0.00 0 8011998 0.00
7.570 8,908.67 0.00 0 8011998 0.00
7.670 7,875.88 0.00 0 8011998 0.00
7.150 6,447.39 0.00 0 8011998 0.00
7.300 6,171.27 0.00 0 8011998 0.00
7.320 98,188.58 0.00 0 8011998 0.00
7.320 87,278.74 0.00 0 8011998 0.00
7.530 48,531.81 0.00 0 8011998 0.00
7.850 42,597.14 0.00 0 8011998 0.00
7.540 32,259.38 0.00 0 8011998 0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Loan Level Detail
- --------------------------------------------------------------------------------
Offer Property Transfer Maturity Neg Am Ending
Control# Type Date State Date (Y/N) Sched Bal
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
904129 Lodging VA 20180401 N 4,047,333
904131 Lodging FL 20080401 N 3,918,935
904133 Lodging VA 20180401 N 3,612,804
904135 Lodging FL 20080501 N 3,539,590
904136 Lodging SC 20080401 N 3,476,204
904138 Lodging NC 20080501 N 2,617,051
904140 Lodging SC 20080301 N 1,691,698
904141 Lodging IN 20080301 N 1,641,117
904142 Lodging GA 20080301 N 1,640,529
904146 Industrial NH 20080401 N 4,089,801
904147 Industrial CA 20080401 N 2,987,424
904151 Industrial FL 20080401 N 1,836,663
904152 Industrial TX 20080301 N 1,233,183
904153 Industrial CA 20080501 N 1,197,648
904154 Industrial CA 20080301 N 1,096,214
904156 Health Care AZ 20080501 N 12,758,139
904157 Health Care TX 20080401 N 4,480,957
904158 Health Care MI 20080301 N 2,289,469
904160 Mobile Home Park TX 20080301 N 2,492,061
904161 Mobile Home Park MO 20050501 N 1,168,013
904007 Office CA 20071101 N 8,913,768
904040 Multifamily NH 20080301 N 14,799,281
904047 Multifamily MI 20080101 N 8,014,205
904050 Multifamily NH 20080301 N 6,550,240
904051 Multifamily MI 20080101 N 6,453,125
904052 Multifamily WI 20130601 N 6,359,394
904057 Multifamily IA 20120701 N 4,164,782
904067 Multifamily MI 20080101 N 1,809,659
904071 Multifamily MI 20080101 N 1,431,818
904078 Retail FL 20080301 N 13,445,537
904079 Retail CA 20080101 N 13,428,821
904081 Retail HI 20140201 N 7,779,996
904091 Retail NJ 20080401 N 9,951,885
904093 Retail IL 20080501 N 5,986,040
904097 Retail GA 20080601 N 4,336,867
904103 Retail MI 20080401 N 2,402,677
904132 Lodging WI 20121001 N 3,689,323
904139 Lodging MN 20171101 N 2,167,907
904143 Lodging WI 20130101 N 1,564,975
904144 Industrial GA 20050401 N 3,582,651
904145 Industrial CA 20121101 N 3,503,175
904148 Industrial CA 20080101 N 2,587,162
904149 Industrial MA 20080501 N 2,345,062
904159 Health Care CA 20071201 N 1,784,276
904162 Other CA 20171001 N 1,539,991
- --------------------------------------------------------------------------------
totals S.S. Loan Count: 0 1,007,511,300
- --------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------
Note Sched Prepay/ Prepay Paid Thru Prepmt Loan
Rate P&I Liquid Date Date Premium Status
- -----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
7.590 33,052.54 0.00 0 8011998 0.00
7.630 29,412.86 0.00 0 8011998 0.00
7.590 29,503.96 0.00 0 8011998 0.00
7.650 26,581.53 0.00 0 9011998 0.00
7.580 28,367.22 0.00 0 8011998 0.00
7.490 19,381.45 0.00 0 8011998 0.00
7.760 12,851.75 0.00 0 8011998 0.00
7.260 11,936.95 0.00 0 8011998 0.00
8.010 13,102.65 0.00 0 8011998 0.00
7.640 29,061.86 0.00 0 7011998 0.00
7.490 22,150.23 0.00 0 7011998 0.00
7.150 14,510.07 0.00 0 8011998 0.00
7.150 8,883.07 0.00 0 8011998 0.00
7.230 8,169.84 0.00 0 8011998 0.00
7.130 7,414.62 0.00 0 8011998 0.00
7.100 91,285.92 0.00 0 8011998 0.00
7.440 33,079.18 0.00 0 8011998 0.00
8.080 17,873.84 0.00 0 7011998 0.00
7.440 17,377.77 0.00 0 8011998 0.00
7.750 8,382.02 0.00 0 8011998 0.00
8.090 70,000.90 0.00 0 8011998 0.00
6.910 97,980.58 0.00 0 8011998 0.00
7.140 54,383.34 0.00 0 8011998 0.00
6.910 43,366.72 0.00 0 8011998 0.00
7.140 43,790.06 0.00 0 8011998 0.00
6.970 57,417.72 0.00 0 8011998 0.00
8.400 31,997.18 0.00 0 8011998 0.00
7.140 12,280.11 0.00 0 8011998 0.00
7.140 9,716.13 0.00 0 8011998 0.00
7.140 91,088.72 0.00 0 8011998 0.00
7.520 94,578.91 0.00 0 7011998 0.00
7.780 59,448.00 (40.26) 0 8011998 0.00
7.220 72,087.52 0.00 0 8011998 0.00
7.310 41,175.04 0.00 0 8011998 0.00
7.250 30,632.44 0.00 0 8011998 0.00
7.430 16,735.70 0.00 0 8011998 0.00
8.770 30,675.48 0.00 0 8011998 0.00
8.600 19,231.58 0.00 0 8011998 0.00
9.020 13,238.92 0.00 0 8011998 0.00
7.210 25,928.35 0.00 0 8011998 0.00
7.920 34,237.42 0.00 0 8011998 0.00
7.850 18,806.71 0.00 0 8011998 0.00
7.820 16,949.50 0.00 0 8011998 0.00
7.910 13,785.55 0.00 0 8011998 0.00
7.850 12,944.57 0.00 0 8011998 0.00
- -----------------------------------------------------------------------
4,325,490 (40.26) 0.00
- -----------------------------------------------------------------------
</TABLE>
- -------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
