<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report: October 18, 1999
CHASE MANHATTAN BANK - FIRST UNION NATIONAL BANK
COMMERCIAL MORTGAGE TRUST
- --------------------------------------------------------------------------------
(Exact Name of Registrant)
New York 333-05271 13-3728743
- ---------------------------- ------------------------ -------------------
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
380 Madison Avenue, New York 10017-2951
---------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 622-3510
<PAGE>
Item 5. Other Events:
On or about 10/18/99, Chase Manhattan Bank - First Union National Bank
Commercial Mortgage Trust (the "Depositor") made the distributions to holders of
its Commercial Mortgage Pass-Through Certificates, Series 1999-1 contemplated by
the applicable Pooling and Servicing Agreements for such Series (collectively,
the "Pooling and Servicing Agreements").
Copies of the Trustee's Report to Certificateholders with respect to such
distributions delivered pursuant to Section 4.02 of the applicable Pooling and
Servicing Agreements are being filed as exhibits to this Current Report on Form
8-K.
Item 7(c). Exhibits
Exhibits Description
-------- ---------------
20.1 Monthly Reports with respect to the October 18,
1999 distribution
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
Dated: October 29, 1999
Chase Commercial Mortgage
Securities Corp.
By: /s/ Geoffrey A. Souter
-----------------------------------------
Name: Geoffrey A. Souter
Title: Assistant Vice President
<PAGE>
INDEX TO EXHIBITS
----------------------------
Exhibit No. Description
- ----------- -----------------
20.1 Monthly Reports with respect to the
distribution to certificateholders on
October 18, 1999.
<PAGE>
[LOGO] STATE STREET
Serving Institutional Investors Worldwide(Service Mark)
Chase Manhattan Bank - First Union National Bank Commercial Mortgage Trust
Commercial Mortgage Pass Through Certificates
Series 1999-1
B305
Payment Date: October 18, 1999
Record Date: September 30, 1999
Summary of Available Information
<TABLE>
<CAPTION>
Delivery
Name of Report or File Preparer Frequency Vehicles
- ---------------------- -------- --------- --------
<S> <C> <C> <C>
Distribution Date Statement Trustee Monthly Web
Loan Schedule Trustee Monthly Web
Loan Portfolio Stratifications Trustee Monthly Web
Updated Mortgage Loan Schedule Servicer Monthly Web
REO Status Report Servicer Monthly Web
Watch List Servicer Monthly Web
Delinquent Loan Status Servicer Monthly Web
Historical Loan Modification Report Servicer Monthly Web
Historical Loss Estimate Report Servicer Monthly Web
Comparative Financial Report Servicer Monthly Web
CSSA Periodic Loan Update File Servicer Monthly Web
Operating Statement Analysis Servicer Quarterly Upon Request
NOI Adjustment Worksheet Servicer Annually Upon Request
</TABLE>
State Street Information Delivery Vehicles
Web Site: http://corporatetrust.statestreet.com
For other information
delivery requests: [email protected]
Deal-Specific Contacts
Account Officer (trustee and
paying agent questions): David Shepherd (617) 662-1327
Account Administrator
(analytics and
collateral questions): Lai Yee Yuen (617) 662-1302
Servicer The Chase Manhattan Bank (212) 622-3009
Special Servicer Orix Real Estate Capital Markets (214) 290-2489
Page 1 of 6
<PAGE>
[LOGO] STATE STREET
Serving Institutional Investors Worldwide(Service Mark)
Chase Manhattan Bank - First Union National Bank Commercial Mortgage Trust
Commercial Mortgage Pass Through Certificates
Series 1999-1
B305
Payment Date: October 18, 1999
Record Date: September 30, 1999
Trustee's Report to Certificateholders
Payment Summary
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------
Pass-Through Interest Original Beginning Principal
Class CUSIP Rate Type Balance Balance Paid
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 161582AA9 7.1340% Fixed $210,400,000.00 $209,680,697.92 $941,241.59
A-2 161582AB7 7.4390% Fixed $816,865,579.00 $816,865,579.00 $0.00
B 161582AD3 7.6190% Fixed $76,870,213.00 $76,870,213.00 $0.00
C 161582AE1 7.6250% Fixed $62,893,811.00 $62,893,811.00 $0.00
D 161582AF8 7.6250% Fixed $20,964,604.00 $20,964,604.00 $0.00
E 161582AG6 7.5836% Variable $48,917,408.00 $48,917,408.00 $0.00
F 161582AH4 7.5836% Variable $17,470,503.00 $17,470,503.00 $0.00
G 161582AJ0 6.4000% Fixed $59,399,711.00 $59,399,711.00 $0.00
H 161582AK7 6.4000% Fixed $10,482,302.00 $10,482,302.00 $0.00
I 161582AL5 6.4000% Fixed $10,482,301.00 $10,482,301.00 $0.00
J 161582AM3 6.4000% Fixed $20,964,604.00 $20,964,604.00 $0.00
K 161582AN1 6.4000% Fixed $6,988,201.00 $6,988,201.00 $0.00
L 161582AP6 6.4000% Fixed $8,735,252.00 $8,735,252.00 $0.00
M 161582AQ4 6.4000% Fixed $26,205,752.00 $26,205,752.00 $0.00
X* 161582AC5 0.3190% Variable $1,397,640,241.00 $1,396,920,938.92 $0.00
R N/A 0.0000% Residual $0.00 $0.00 $0.00
- --------------------------------------------------------------------------------------------------
* Based on a Notional Balance Totals: $1,397,640,241.00 $1,396,920,938.92 $941,241.59
----------------------------------------------------
<CAPTION>
- ---------------------------------------------------------------------
Interest Total Ending
Class CUSIP Paid Paid Balance
- ---------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 161582AA9 $1,246,551.75 $2,187,793.34 $208,739,456.33
A-2 161582AB7 $5,063,885.87 $5,063,885.87 $816,865,579.00
B 161582AD3 $488,061.79 $488,061.79 $76,870,213.00
C 161582AE1 $399,637.76 $399,637.76 $62,893,811.00
D 161582AF8 $133,212.59 $133,212.59 $20,964,604.00
E 161582AG6 $309,140.82 $309,140.82 $48,917,408.00
F 161582AH4 $110,407.44 $110,407.44 $17,470,503.00
G 161582AJ0 $316,798.46 $316,798.46 $59,399,711.00
H 161582AK7 $55,905.61 $55,905.61 $10,482,302.00
I 161582AL5 $55,905.61 $55,905.61 $10,482,301.00
J 161582AM3 $111,811.22 $111,811.22 $20,964,604.00
K 161582AN1 $37,270.41 $37,270.41 $6,988,201.00
L 161582AP6 $46,588.01 $46,588.01 $8,735,252.00
M 161582AQ4 $139,764.01 $139,764.01 $26,205,752.00
X* 161582AC5 $371,312.79 $371,312.79 $1,395,979,697.33
R N/A $0.00 $0.00 $0.00
- ---------------------------------------------------------------------
Totals: $8,886,254.14 $9,827,495.73 $1,395,979,697.33
------------------------------------------------
</TABLE>
* Based on a Notional Balance
Distributions per Certificate
- --------------------------------------------------------------------------------
Beginning Principal Interest Ending
Class Certif. Factor Distribution(1) Distribution(1) Certif. Factor
- --------------------------------------------------------------------------------
A-1 0.996581264 4.4735817 5.924675618 0.992107682
A-2 1.000000000 0.0000000 6.199166669 1.000000000
B 1.000000000 0.0000000 6.349166614 1.000000000
C 1.000000000 0.0000000 6.354166708 1.000000000
D 1.000000000 0.0000000 6.354166766 1.000000000
E 1.000000000 0.0000000 6.319648416 1.000000000
F 1.000000000 0.0000000 6.319648610 1.000000000
G 1.000000000 0.0000000 5.333333356 1.000000000
H 1.000000000 0.0000000 5.333333270 1.000000000
I 1.000000000 0.0000000 5.333333779 1.000000000
J 1.000000000 0.0000000 5.333333270 1.000000000
K 1.000000000 0.0000000 5.333334001 1.000000000
L 1.000000000 0.0000000 5.333333257 1.000000000
M 1.000000000 0.0000000 5.333333308 1.000000000
X* 0.999485345 0.0000000 0.265671221 0.998811895
R N/A N/A N/A N/A
- --------------------------------------------------------------------------------
* represents net payment per certificate
- --------------------------------------------------------------------------------
This report has been prepared by, or is based on information furnished to State
Street Bank and Trust Company ("State Street") by, one or more third parties
(e.g. Servicers, Master Servicer, etc.), and State Street has not independently
verified information received from or prepared by any such third party. State
Street shall not and does not undertake responsibility for the accuracy,
completeness, or sufficiency of this report or the information contained herein
for any purpose, and State Street makes no representations or warranties with
respect thereto. The information in this report is presented here with the
approval of the Issuer soley as a convenience for the user, and should not be
relied upon without further investigation by any user contemplating an
investment decision with repsect to the related securities.
Page 2 of 6
<PAGE>
[LOGO] STATE STREET
Serving Institutional Investors Worldwide(Service Mark)
Chase Manhattan Bank - First Union National Bank Commercial Mortgage Trust
Commercial Mortgage Pass Through Certificates
Series 1999-1
B305
Payment Date: October 18, 1999
Record Date: September 30, 1999
Trustee's Report to Certificateholders
Principal Detail
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
Beginning Scheduled Unscheduled Other Principal/ Total Principal Realized Losses/
Class Balance Principal Principal Cash Adjustments Distrib. Amount Balance Adj.
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 $209,680,697.92 $940,914.21 $327.38 $0.00 $941,241.59 $0.00
A-2 $816,865,579.00 $0.00 $0.00 $0.00 $0.00 $0.00
B $76,870,213.00 $0.00 $0.00 $0.00 $0.00 $0.00
C $62,893,811.00 $0.00 $0.00 $0.00 $0.00 $0.00
D $20,964,604.00 $0.00 $0.00 $0.00 $0.00 $0.00
E $48,917,408.00 $0.00 $0.00 $0.00 $0.00 $0.00
F $17,470,503.00 $0.00 $0.00 $0.00 $0.00 $0.00
G $59,399,711.00 $0.00 $0.00 $0.00 $0.00 $0.00
H $10,482,302.00 $0.00 $0.00 $0.00 $0.00 $0.00
I $10,482,301.00 $0.00 $0.00 $0.00 $0.00 $0.00
J $20,964,604.00 $0.00 $0.00 $0.00 $0.00 $0.00
K $6,988,201.00 $0.00 $0.00 $0.00 $0.00 $0.00
L $8,735,252.00 $0.00 $0.00 $0.00 $0.00 $0.00
M $26,205,752.00 $0.00 $0.00 $0.00 $0.00 $0.00
X* $1,396,920,938.92 $0.00 $0.00 $0.00 $0.00 $0.00
R $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
- -------------------------------------------------------------------------------------------------------------
Totals: $1,396,920,938.92 $940,914.21 $327.38 $0.00 $941,241.59 $0.00
-----------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------
Reimbursement of Ending Cumulative
Class Prior loss/additional exp. Balance Realized Losses
- -----------------------------------------------------------------------
<S> <C> <C> <C>
A-1 $0.00 $208,739,456.33 $0.00
A-2 $0.00 $816,865,579.00 $0.00
B $0.00 $76,870,213.00 $0.00
C $0.00 $62,893,811.00 $0.00
D $0.00 $20,964,604.00 $0.00
E $0.00 $48,917,408.00 $0.00
F $0.00 $17,470,503.00 $0.00
G $0.00 $59,399,711.00 $0.00
H $0.00 $10,482,302.00 $0.00
I $0.00 $10,482,301.00 $0.00
J $0.00 $20,964,604.00 $0.00
K $0.00 $6,988,201.00 $0.00
L $0.00 $8,735,252.00 $0.00
M $0.00 $26,205,752.00 $0.00
X* $0.00 $1,395,979,697.33 $0.00
R $0.00 $0.00 $0.00
- -----------------------------------------------------------------------
Totals: $0.00 $1,395,979,697.33 $0.00
---------------------------------------------------------------
</TABLE>
Interest Detail
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Prepayment
Beg. Prepayment Current Premium/ Cum. Unpaid
Accrued Unpaid Int. Interest Yield Deferred Excess Total Interest Interest
Class Certif. Interest Interest Shortfall Shortfalls Maintenance Interest Interest Distr. Amount Shortfall
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 $1,246,551.75 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1,246,551.75 $0.00
A-2 $5,063,885.87 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $5,063,885.87 $0.00
B $488,061.79 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $488,061.79 $0.00
C $399,637.76 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $399,637.76 $0.00
D $133,212.59 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $133,212.59 $0.00
E $309,140.82 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $309,140.82 $0.00
F $110,407.44 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $110,407.44 $0.00
G $316,798.46 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $316,798.46 $0.00
H $55,905.61 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $55,905.61 $0.00
I $55,905.61 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $55,905.61 $0.00
J $111,811.22 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $111,811.22 $0.00
K $37,270.41 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $37,270.41 $0.00
L $46,588.01 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $46,588.01 $0.00
M $139,764.01 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $139,764.01 $0.00
X* $371,312.79 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $371,312.79 $0.00
R $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
- ---------------------------------------------------------------------------------------------------------------------------------
Totals: $8,886,254.14 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $8,886,254.14 $0.00
-----------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 3 of 6
<PAGE>
[LOGO] STATE STREET
Serving Institutional Investors Worldwide(Service Mark)
Chase Manhattan Bank - First Union National Bank Commercial Mortgage Trust
Commercial Mortgage Pass Through Certificates
Series 1999-1
B305
Payment Date: October 18, 1999
Record Date: September 30, 1999
Trustee's Report to Certificateholders
Delinquency Statistics
------------------------------------------------------------
One Month Two Months Three+Months Foreclosures Total
- -------------------------------------------------------------------------
# of Loans 0 0 0 0 0
- -------------------------------------------------------------------------
Ending APB 0.00 0.00 0.00 0.00 0.00
- -------------------------------------------------------------------------
Appraisal Reduction
--------------------------------
Current Total Cumulative Total
- --------------------------------------------------------------------
Loan Number 0 0 0
- --------------------------------------------------------------------
Amount 0.00 0.00 0.00 0.00 0.00
- --------------------------------------------------------------------
Liquidated Mortgage Loans
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
Loan Number Aggregate Liquidation Proceeds Proceeds allocable to certificates Collateral Support Deficit
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
No Liquidated Loans 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------
No Liquidated Loans 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
REO Properties (which a Final Recovery Determination has been made)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Loan Number Aggregate Liquidation Proceeds Proceeds allocable to certificates Collateral Support Deficit Appraised Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
No REO Properties 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
No REO Properties 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
====================================================================================================================================
Aggregate amount of monies collected by Servicer with respect to REO property during the Collection Period 0.00
====================================================================================================================================
====================================================================================================================================
Aggr. of all Liquidation Proceeds and other amt. received in connection with Final Recovery Determination 0.00
====================================================================================================================================
</TABLE>
Mortgage Loans which were defeased during the related Due Period
- --------------------------------------------------------------------------------
Loan Number NA NA NA
- --------------------------------------------------------------------------------
Page 4 of 6
<PAGE>
[LOGO] STATE STREET
Serving Institutional Investors Worldwide(Service Mark)
Chase Manhattan Bank - First Union National Bank Commercial Mortgage Trust
Commercial Mortgage Pass Through Certificates
Series 1999-1
B305
Payment Date: October 18, 1999
Record Date: September 30, 1999
Trustee's Report to Certificateholders
- --------------------------------------------------------------------------------
Available Distribution Amount 9,827,496.06
- --------------------------------------------------------------------------------
Collateral Information:
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------
Current Period Current Period
Closing Beginning Ending
------- --------- ------
<S> <C> <C> <C>
Stated Principal Balance 1,397,640,242.00 1,396,920,939.78 1,395,979,698.19
Actual Principal Balance 1,395,997,146.39
Loan Count 205 205
Gross WAC 7.69267%
Net WAC 7.63358%
Gross WAC for next period 0.00000%
WAM 0.00
- ---------------------------------------------------------------------------------------------
</TABLE>
Interest Reserve Account:
- --------------------------------------------------------------------------------
Beginning Balance 0.00
Deposits 0.00
Withdrawals 0.00
Ending Balance 0.00
- --------------------------------------------------------------------------------
Advances:
<TABLE>
- -----------------------------------------------------------------------------------------------------------
<S> <C>
Aggregate P&I Advances 179,592.85
Aggregate unreimbursed P&I Advances outstanding as of close of business on distribution date 179,592.85
Interest accrued and payable to Master Servicer in respect of unreimbursed P&I Advances 0.00
Interest Payable to Master Servicer on Advances 0.00
Aggregate Amount of interest on Servicing Advances paid to the Special Servicer 0.00
- -----------------------------------------------------------------------------------------------------------
</TABLE>
Servicing and Trustee Fees:
<TABLE>
- --------------------------------------------------------------------------------------------------------
<S> <C>
Aggregate Amount of servicing compensation paid to Master Servicer 67,627.21
Aggregate Amount of servicing compensation paid to Special Servicer 0.00
Aggregate Amount of servicing compensation paid to Sub-Servicer directly out of trust fund 0.00
Sub-Servicing Fee (included in Master Servicing Fee) 0.00
Trustee Fees
- --------------------------------------------------------------------------------------------------------
</TABLE>
Speed History
- ----------------------------------------------------------
CPR
%
- ----------------------------------------------------------
1 month 0.00%
- ----------------------------------------------------------
3 month 0.00%
- ----------------------------------------------------------
6 month 0.00%
- ----------------------------------------------------------
12 month 0.00%
- ----------------------------------------------------------
Life 0.00%
- ----------------------------------------------------------
Aggregate Amount Of:
================================================================================
Liquidation Proceeds 0.00
Insurance Proceeds 0.00
Principal Recovery Fees 0.00
Additional Trust Fund Expenses 0.00
Additional Interest 0.00
Net Default Interest 0.00
================================================================================
Page 5 of 6
<PAGE>
[LOGO] STATE STREET
Serving Institutional Investors Worldwide(Service Mark)
Chase Manhattan Bank - First Union National Bank Commercial Mortgage Trust
Commercial Mortgage Pass Through Certificates
Series 1999-1
B305
Payment Date: October 18, 1999
Record Date: September 30, 1999
Trustee's Report to Certificateholders
Original/Current Ratings
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Original DCR Current DCR Original Fitch Current Fitch Original Moody's Current Moodys Original S&P Current S&P
Class 19990925 19990925
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 AAA AAA AAA AAA
A-2 AAA AAA AAA AAA
B AA AA AA AA
C A A A A
D A- A- A- A-
E BBB BBB BBB BBB
F BBB- BBB- BBB- BBB-
G NR NR NR NR
H NR NR NR NR
I NR NR NR NR
J NR NR NR NR
K NR NR NR NR
L NR NR NR NR
M NR NR NR NR
X* AAA AAA AAA AAA
R
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Subordinate Support Percentage & Original Class Maturity @ 0% CPR
- -------------------------------------------------------------------------
Orig. Class Maturity Original Subordinate Current Subordinate
Class @ 0% CPR Support Percentage Support Percentage
- ----- -------- ------------------ ------------------
A-1 8/15/07 26.500% 26.532%
A-2 8/15/09 26.500% 26.532%
B 8/15/09 21.000% 21.025%
C 8/15/09 16.500% 16.520%
D 8/15/09 15.000% 15.018%
E 8/15/11 11.500% 11.514%
F 8/15/11 10.250% 10.262%
G 6.000% 6.007%
H 5.250% 5.256%
I 4.500% 4.505%
J 3.000% 3.004%
K 2.500% 2.503%
L 1.875% 1.877%
M 0.000% 0.000%
X* NA NA
R NA NA
- -------------------------------------------------------------------------
Page 6 of 6
