NOMURA ASSET SEC CORP COM MORT PAS THRO CER SER 1994-C3
8-K, 1996-07-17
ASSET-BACKED SECURITIES
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                      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 (Date of earliest event reported) July 11, 1996

             TRUST CREATED BY NOMURA ASSET SECURITIES CORPORATION
                    (under a Pooling & Servicing Agreement
                 dated as of November 1, 1994, which Trust is
                the issuer of Commercial Mortgage Pass-Through
            =============Certificates, Series 1994-C3)=============
            (Exact name of Registrant as specified in its Charter)



      New York                    33-48481-03                      36-3994067
(State or Other Jurisdiction      (Commission                 (I.R.S. Employer
of Formation)                      File No.)               Identification No.)

LaSalle National Bank, Trustee, 135 South LaSalle Street
Suite 200, Chicago, Illinois                                        ==60603==
Attention:  Asset-backed Securities Trust Services                 (Zip Code)
            Nomura 1994 - C3
(Address of principal executive office)

Registrant's telephone number, including area code:   (800) 246-5761

                        The Exhibit Index is on page 2.


                                    

                                    Page - 1
<PAGE>
Item 5.     Other Events

      Attached  hereto  is a copy of the  July 11, 1996,  Monthly  Remittance
Statement provided to the Certificateholders by the Trustee.

Item 7.     Financial Statements and Exhibits

    Exhibits

    Monthly Remittance Statement to the Certificateholders dated as of July 11,
    1996.

    Loan data file as of the July 1996 Determination Date.


                                
                                  SIGNATURE

      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, thereunto duly authorized.


                             MIDLAND LOAN SERVICES, L.P., not in its individual
                             capacity but solely as a duly authorized  agent of
                             the  Registrant  pursuant  to Section  3.22 of the
                             Pooling & Servicing Agreement dated as of November
                             1, 1994

                             By:   Midland Data  Systems,  Inc.,  its General
                             Partner





                             By:  Lawrence D. Ashley

                             Title: Director of MBS Programs


Date: July 11, 1996


         
                                 EXHIBIT INDEX

                                                                    Sequential
Document                                                           Page Number

Monthly Statement to the Certificateholders                                  3
dated as of July 11, 1996

Loan data file as of July 1996                                              12




                                    Page - 2



ABN AMRO
LaSalle National Bank

Administrator:
  Ryan Kutty  (800) 246-5761
  135 S. LaSalle Street   Suite 1740
  Chicago, IL   60603

                      Nomura Asset Securities Corporation
                          (Midland Loan Services L.P.)
                      Commercial Pass-Through Certificates
                                 Series 1994-C3
                          ABN AMRO Acct: 67-7301-21-0

Statement Date:       07/11/96
Payment Date:         07/11/96
Prior Payment:        06/11/96
Record Date:          06/28/96

WAC:                  9.769473%
WAMM:                       94

<TABLE>
                                   UPPER TIER
<CAPTION>
                     Original              Opening                Principal
Class               Face Value (1)         Balance                 Payment
CUSIP                Per $1,000           Per $1,000              Per $1,000
<S>                <C>                  <C>                      <C>       
A-1                  110,778,455.00      107,926,393.58          162,607.94
655356EL3               1000.000000          974.254367            1.467866
A-2                   10,589,117.00       10,589,117.00                0.00
655356EM1               1000.000000         1000.000000            0.000000
A-3                    8,960,022.00        8,960,022.00                0.00
655356EN9               1000.000000         1000.000000            0.000000
A-4                    6,516,379.00        6,516,379.00                0.00
655356EP4               1000.000000         1000.000000            0.000000
B-1                    4,887,284.00        4,887,284.00                0.00
655356EQ2               1000.000000         1000.000000            0.000000
B-2                    9,774,569.00        9,774,569.00                0.00
655356ER0               1000.000000         1000.000000            0.000000
B-3                    8,145,474.00        8,145,474.00                0.00
655356ES8               1000.000000         1000.000000            0.000000
B-4A                   3,257,193.00        3,257,193.00                0.00
655356ET6               1000.000000         1000.000000            0.000000
B-4B                       1,000.78            1,000.78                0.00
655356EU3               1000.000000         1000.000000            0.000000
B-5                            0.00                0.00                0.00
9ABSM219                1000.000000            0.000000            0.000000
R                              0.00                0.00                0.00
9ABSM220                1000.000000            0.000000            0.000000
- -------------      ----------------    ----------------    ----------------
TOTALS:              162,909,493.78      160,057,432.36          162,607.94
                   ================    ================    ================
<FN>
(1) N denotes notional balance not included in total
</FN>
</TABLE>

                                    Page - 3
<PAGE>

                          Principal           Negative          Closing
Class                    Adj. or Loss       Amortization        Balance
CUSIP                     Per $1,000         Per $1,000       Per $1,000

A-1                            0.00                0.00      107,763,785.64
655356EL3                  0.000000            0.000000          972.786501
A-2                            0.00                0.00       10,589,117.00
655356EM1                  0.000000            0.000000         1000.000000
A-3                            0.00                0.00        8,960,022.00
655356EN9                  0.000000            0.000000         1000.000000
A-4                            0.00                0.00        6,516,379.00
655356EP4                  0.000000            0.000000         1000.000000
B-1                            0.00                0.00        4,887,284.00
655356EQ2                  0.000000            0.000000         1000.000000
B-2                            0.00                0.00        9,774,569.00
655356ER0                  0.000000            0.000000         1000.000000
B-3                            0.00                0.00        8,145,474.00
655356ES8                  0.000000            0.000000         1000.000000
B-4A                           0.00                0.00        3,257,193.00
655356ET6                  0.000000            0.000000         1000.000000
B-4B                           0.00                0.00            1,000.78
655356EU3                  0.000000            0.000000         1000.000000
B-5                            0.00                0.00                0.00
9ABSM219                   0.000000            0.000000            0.000000
R                              0.00                0.00                0.00
9ABSM220                   0.000000            0.000000            0.000000
- -------------      ----------------    ----------------    ----------------
TOTALS:                        0.00                0.00      159,894,824.42
                   ================    ================    ================

Total P&I Payment                                          1,424,772.89
                                                           ============
<TABLE>
<CAPTION>
                         Interest             Interest          Pass-Through
Class                    Payment             Adjustment          Rate (2)
CUSIP                   Per $1,000           Per $1,000         Next Rate (3)
<S>                    <C>                  <C>                 <C>        
A-1                      823,790.71                0.00          9.15947264%
655356EL3                  7.436380            0.000000          9.15948115%
A-2                       82,590.46                0.00          9.35947264%
655356EM1                  7.799561            0.000000          9.35948115%
A-3                       70,705.57                0.00          9.46947264%
655356EN9                  7.891227            0.000000          9.46948115%
A-4                       52,453.99                0.00          9.65947264%
655356EP4                  8.049561            0.000000          9.65948115%
B-1                       39,340.49                0.00          9.65947264%
655356EQ2                  8.049561            0.000000          9.65948115%
B-2                      107,096.74                0.00         Not Defined
655356ER0                 10.956671            0.000000          0.00000000%
B-3                       86,186.99                0.00         Not Defined
655356ES8                 10.580967            0.000000          0.00000000%
B-4A                           0.00                0.00          9.65947264%
655356ET6                  0.000000            0.000000          9.65948115%
B-4B                           0.00                0.00          9.65947264%
655356EU3                  0.000000            0.000000          9.65948115%
B-5                            0.00                0.00                None
9ABSM219                   0.000000            0.000000          0.00000000%
R                              0.00                0.00                None
9ABSM220                   0.000000            0.000000          0.00000000%
- -------------      ----------------    ----------------    ----------------
TOTALS:                1,262,164.95                0.00
                   ================    ================
<FN>
(2) Interest Paid minus Interest Adjustment minus Deferred
 Interest equals Accrual
(3) Estimated
</FN>
</TABLE>

                                    Page - 4
<PAGE>
<TABLE>
                      Nomura Asset Securities Corporation
                          (Midland Loan Services L.P.)
                      Commercial Pass-Through Certificates
                                 Series 1994-C3
                          ABN AMRO Acct: 67-7301-21-0

                                   LOWER TIER

<CAPTION>
                     Original              Opening                Principal
Class               Face Value (1)         Balance                 Payment
CUSIP                Per $1,000           Per $1,000              Per $1,000
<S>                <C>                  <C>                      <C>       
A-1-L                110,778,455.00      107,926,393.58          162,607.94
None                    1000.000000          974.254367            1.467866
A-2-L                 10,589,117.00       10,589,117.00                0.00
None                    1000.000000         1000.000000            0.000000
A-3-L                  8,960,022.00        8,960,022.00                0.00
None                    1000.000000         1000.000000            0.000000
A-4-L                  6,516,379.00        6,516,379.00                0.00
None                    1000.000000         1000.000000            0.000000
B-1-L                  4,887,284.00        4,887,284.00                0.00
None                    1000.000000         1000.000000            0.000000
B-2-L                  9,774,569.00        9,774,569.00                0.00
None                    1000.000000         1000.000000            0.000000
B-3-L                  8,145,474.00        8,145,474.00                0.00
None                    1000.000000         1000.000000            0.000000
B-4A-L                 3,257,193.00        3,257,193.00                0.00
None                    1000.000000         1000.000000            0.000000
B-4B-L                     1,000.78            1,000.78                0.00
None                    1000.000000         1000.000000            0.000000
B-5-L                          0.00                0.00                0.00
None                    1000.000000            0.000000            0.000000
LR                             0.00                0.00                0.00
9ABSM221                1000.000000            0.000000            0.000000
- -------------      ----------------    ----------------    ----------------
Totals               162,909,493.78      160,057,432.36          162,607.94
                   ================    ================    ================
<FN>
(1) N denotes notional balance not included in total
</FN>
</TABLE>
                          Principal           Negative          Closing
Class                    Adj. or Loss       Amortization        Balance
CUSIP                     Per $1,000         Per $1,000       Per $1,000

A-1-L                          0.00                0.00      107,763,785.64
None                       0.000000            0.000000          972.786501
A-2-L                          0.00                0.00       10,589,117.00
None                       0.000000            0.000000         1000.000000
A-3-L                          0.00                0.00        8,960,022.00
None                       0.000000            0.000000         1000.000000
A-4-L                          0.00                0.00        6,516,379.00
None                       0.000000            0.000000         1000.000000
B-1-L                          0.00                0.00        4,887,284.00
None                       0.000000            0.000000         1000.000000
B-2-L                          0.00                0.00        9,774,569.00
None                       0.000000            0.000000         1000.000000
B-3-L                          0.00                0.00        8,145,474.00
None                       0.000000            0.000000         1000.000000
B-4A-L                         0.00                0.00        3,257,193.00
None                       0.000000            0.000000         1000.000000
B-4B-L                         0.00                0.00            1,000.78
None                       0.000000            0.000000         1000.000000
B-5-L                          0.00                0.00                0.00
None                       0.000000            0.000000            0.000000
LR                             0.00                0.00                0.00
9ABSM221                   0.000000            0.000000            0.000000
- -------------      ----------------    ----------------    ----------------
Totals                         0.00                0.00      159,894,824.42
                   ================    ================    ================

                                    Page - 5
<PAGE>

<TABLE>
<CAPTION>
                         Interest             Interest          Pass-Through
Class                    Payment             Adjustment          Rate (2)
CUSIP                   Per $1,000           Per $1,000         Next Rate (3)
<S>                    <C>                  <C>                 <C>        
A-1-L                    868,760.04                0.00          9.65947264%
None                       7.842320            0.000000          9.65948115%
A-2-L                     85,237.74                0.00          9.65947264%
None                       8.049561            0.000000          9.65948115%
A-3-L                     72,124.24                0.00          9.65947264%
None                       8.049561            0.000000          9.65948115%
A-4-L                     52,453.99                0.00          9.65947264%
None                       8.049561            0.000000          9.65948115%
B-1-L                     39,340.49                0.00          9.65947264%
None                       8.049561            0.000000          9.65948115%
B-2-L                     78,680.98                0.00          9.65947264%
None                       8.049560            0.000000          9.65948115%
B-3-L                     65,567.47                0.00          9.65947264%
None                       8.049559            0.000000          9.65948115%
B-4A-L                         0.00                0.00          9.65947264%
None                       0.000000            0.000000          9.65948115%
B-4B-L                         0.00                0.00          9.65947264%
None                       0.000000            0.000000          9.65948115%
B-5-L                          0.00                0.00                None
None                       0.000000            0.000000          0.00000000%
LR                             0.00                0.00                None
9ABSM221                   0.000000            0.000000          0.00000000%
- -------------      ----------------    ----------------    ----------------
Totals                 1,262,164.95                0.00
                   ================    ================
<FN>
(2) Interest Paid minus Interest Adjustment minus Deferred
Interest equals Accrual
 (3) Estimated
</FN>
</TABLE>

Servicing Compensation                                  0.00
Servicing Fee                                      14,671.94
Special Servicing Rehabilitation Fee                1,053.49
Disposition Fee                                         0.00
                                                        ----
Total                                              15,725.43
                                                   =========

OTHER FEES
Prepayment Premiums                   0.00
Net Default Interest                  0.00
Total                                 0.00


OUTSTANDING INTEREST SHORTFALL
A-1-L                    0.00      A-1                  0.00
A-2-L                    0.00      A-2                  0.00
A-3-L                    0.00      A-3                  0.00
A-4-L                    0.00      A-4                  0.00
B-1-L                    0.00      B-1                  0.00
B-2-L                    0.00      B-2                  0.00
B-3-L                    0.00      B-3                  0.07
B-4A-L                   0.00     B-4A            104,875.74
B-4B-L                   0.00     B-4B                 32.22


                                    Page - 6
<PAGE>

Advance Interest                632,995.09
Subsequent Advance Interest    (613,318.67)
First Month Advance                                19,676.42

Subsequent Advance Interest     613,318.67
Less Sub. Interest Distributio  (25,173.54)
Net                                               588,145.13
                                                  ----------
Total Current Advance                             607,821.55
                                                  ==========

POOL INFORMATION

Beginning
Loan Count                 55
Balance        160,057,432.36

Ending
Loan Count                 55
Balance        159,894,824.42


PROPERTY ADVANCES
Current        Unreimbursed
 0.00              0.00

SUMMARY OF REO PROPERTY
                              Principal
Loan Number    Loan Name      Balance      Book Value



Date Of Fina    Amount         Aggregate Other
Recovery      Of Proceeds      Revenues Collected



Book Value of Real Estate Through Foreclosure
or Grant of Deed in Lieu of Foreclosure                 0.00


                              DELINQUENCIES & REOS

Distribution           Delinq 1 Month               Delinq 2 Months
Date                 #            Balance          #              Balance
07/11/96 ....         1         6,529,755           0                 0
/ ...........      1.82%            4.080%       0.00%            0.000%
06/11/96 ....         0                 0           1         2,532,513
/ ...........      0.00%            0.000%       1.82%            1.578%
05/13/96 ....         2         9,076,978           0                 0
/ ...........      3.64%            5.649%       0.00%            0.000%
04/11/96 ....         0                 0           0                 0
/ ...........      0.00%            0.000%       0.00%            0.000%
03/11/96 ....         0                 0           0                 0
/ ...........      0.00%            0.000%       0.00%            0.000%
02/12/96 ....         0                 0           0                 0
/ ...........      0.00%            0.000%       0.00%            0.000%
01/11/96 ....         0                 0           0                 0
/ ...........      0.00%            0.000%       0.00%            0.000%
12/11/95 ....         0                 0           0                 0
/ ...........      0.00%            0.000%       0.00%            0.000%
11/13/95 ....         0                 0           0                 0
/ ...........      0.00%            0.000%       0.00%            0.000%
10/11/95 ....         0                 0           0                 0
/ ...........      0.00%            0.000%       0.00%            0.000%
09/11/95 ....         0                 0           0                 0
/ ...........      0.00%            0.000%       0.00%            0.000%
08/11/95 ....         0                 0           0                 0
/ ...........      0.00%            0.000%       0.00%            0.000%
07/11/95 ....         1         2,091,282           0                 0
/ ...........      1.82%            1.289%       0.00%            0.000%
06/12/95 ....         0                 0           0                 0
/ ...........      0.00%            0.000%       0.00%            0.000%

                                    Page - 7
<PAGE>
<TABLE>
<CAPTION>
Distribution       Delinq 3+  Months             Foreclosure (1)    Balance
Date              #            Balance         #          Balance  Of REOs (1)
<C>             <C>          <C>             <C>             <C>        <C>
07/11/96 ..        1         2,526,294          0                 0         0
/ .........     1.82%            1.578%      0.00%            0.000%    0.000%
06/11/96 ..        0                 0          0                 0         0
/ .........     0.00%            0.000%      0.00%            0.000%    0.000%
05/13/96 ..        0                 0          0                 0         0
/ .........     0.00%            0.000%      0.00%            0.000%    0.000%
04/11/96 ..        0                 0          0                 0         0
/ .........     0.00%            0.000%      0.00%            0.000%    0.000%
03/11/96 ..        0                 0          0                 0         0
/ .........     0.00%            0.000%      0.00%            0.000%    0.000%
02/12/96 ..        0                 0          0                 0         0
/ .........     0.00%            0.000%      0.00%            0.000%    0.000%
01/11/96 ..        0                 0          0                 0         0
/ .........     0.00%            0.000%      0.00%            0.000%    0.000%
12/11/95 ..        0                 0          0                 0         0
/ .........     0.00%            0.000%      0.00%            0.000%    0.000%
11/13/95 ..        0                 0          0                 0         0
/ .........     0.00%            0.000%      0.00%            0.000%    0.000%
10/11/95 ..        0                 0          0                 0         0
/ .........     0.00%            0.000%      0.00%            0.000%    0.000%
09/11/95 ..        0                 0          0                 0         0
/ .........     0.00%            0.000%      0.00%            0.000%    0.000%
08/11/95 ..        0                 0          0                 0         0
/ .........     0.00%            0.000%      0.00%            0.000%    0.000%
07/11/95 ..        0                 0          0                 0         0
/ .........     0.00%            0.000%      0.00%            0.000%    0.000%
06/12/95 ..        0                 0          0                 0         0
/ .........     0.00%            0.000%      0.00%            0.000%    0.000%

<FN>
(1) Foreclosure and REO Totals are Included in the Appropriate
 Delinquency Aging Category
</FN>
</TABLE>

                  Prepayments
Distribution       Begin Pool      Prepayment $/      Sched
Date                Balance/#      # of Payoffs     Principal

07/11/96          160,057,432            0           162,608
                           55            0
06/11/96          160,537,427            0           158,704
                           55            0
05/13/96          160,694,852            0           157,424
                           55            0
04/11/96          160,851,006            0           156,154
                           55            0
03/11/96          161,005,901            0           154,895
                           55            0
02/12/96          161,159,547            0           153,646
                           55            0
01/11/96          161,311,954            0           152,407
                           55            0
12/11/95          161,463,133            0           151,178
                           55            0
11/13/95          161,613,092            0           149,960
                           55            0
10/11/95          161,761,843            0           148,751
                           55            0
09/11/95          161,909,394            0           147,552
                           55            0
08/11/95          162,055,757            0           146,362
                           55            0
07/11/95          162,200,940            0           145,183
                           55            0
06/12/95          162,344,953            0           144,013
                           55            0



                                    Page - 8
<PAGE>

                      Rates & Maturity
Distribution          Next Weighted Avg.
Date                  Coupon        Remit                 WAMM
07/11/96              9.76948%     9.65948%                94

06/11/96              9.76947%     9.65947%                97

05/13/96              9.76946%     9.65946%                98

04/11/96              9.76945%     9.65945%                99

03/11/96              9.76944%     9.65944%               100

02/12/96              9.76943%     9.65943%               101

01/11/96              9.76942%     9.65942%               102

12/11/95              9.76941%     9.65941%               103

11/13/95              9.76939%     9.65939%               104

10/11/95              9.76938%     9.65938%               105

09/11/95              9.76936%     9.65936%               106

08/11/95              9.76935%     9.65935%               107

07/11/95              9.76933%     9.65933%               108

06/12/95              9.76932%     9.65932%               109


<TABLE>
DELINQUENCY LOAN DETAIL
<CAPTION>
Disclosure                      Paid                      Outstanding
Doc                             Thru        Current P&I       P&I
Control #         Period        Date          Advance      Advances (1)
<S>               <C>          <C>           <C>           <C>       
30203769          199607       01/01/96      24,383.29     146,296.88
30207489          199607       05/01/96      58,739.35     117,478.42
30207471          199607       06/01/96      21,350.29      21,350.29
30207482          199607       06/01/96      72,648.09      72,648.09
30207481          199607       06/01/96      14,326.51      14,326.51
30207485          199607       06/01/96      18,206.09      18,206.09
30207486          199607       06/01/96      15,173.60      15,173.60
30207487          199607       06/01/96      18,176.53      18,176.53
30207490          199607       06/01/96      29,924.65      29,924.65
30207491          199607       06/01/96       7,584.47       7,584.47
30207492          199607       06/01/96      12,434.09      12,434.09
30207493          199607       06/01/96      21,263.26      21,263.26
30207494          199607       06/01/96       9,207.93       9,207.93
30207504          199607       06/01/96      66,486.61      66,486.61
30207505          199607       06/01/96      62,580.18      62,580.18
30207506          199607       06/01/96       9,147.96       9,147.96
30207507          199607       06/01/96      10,713.59      10,713.59
30207510          199607       06/01/96      33,298.39      33,298.39
30207511          199607       06/01/96      46,337.16      46,337.16
30207514          199607       06/01/96       7,804.18       7,804.18
30207515          199607       06/01/96       9,543.63       9,543.63
30207517          199607       06/01/96      37,222.43      37,222.43
30207518          199607       06/01/96      34,356.64      34,356.64
30207579          199607       06/01/96      14,604.87      14,604.87
30207580          199607       06/01/96      18,240.36      18,240.36
30207581          199607       06/01/96      22,213.52      22,213.52
30207582          199607       06/01/96      12,705.78      12,705.78
- --------      ----------     ----------     ----------     ----------
                                TOTALS:     708,673.45     889,326.11
                                            ==========     ==========
<FN>
(1)  Outstanding P&I Advances include the current period P&I Advance
</FN>
</TABLE>


                                    Page - 9
<PAGE>

<TABLE>
<CAPTION>
              Outstanding                                Special
               Property                                  Servicer
Doc           Protection    Advance         Loan         Transfer
Control #      Advances    Desc. (1)     Status (2)        Date
<S>              <C>          <C>         <C>            <C>
30203769         0.00          3                         03/26/96
30207489         0.00          1
30207471         0.00          B
30207482         0.00          B
30207481         0.00          A
30207485         0.00          A
30207486         0.00          A
30207487         0.00          A
30207490         0.00          A
30207491         0.00          A
30207492         0.00          A
30207493         0.00          A
30207494         0.00          A
30207504         0.00          A
30207505         0.00          A
30207506         0.00          A
30207507         0.00          A
30207510         0.00          A
30207511         0.00          A
30207514         0.00          A
30207515         0.00          A
30207517         0.00          A
30207518         0.00          A
30207579         0.00          A
30207580         0.00          A
30207581         0.00          A
30207582         0.00          A
- --------         ----           
TOTALS:          0.00
                 ====
<FN>
(1) Advance Description:
     A.  P&I Advance - Loan in Grace Period
     B.  P&I Advance - Late Payment but less one month delinq
     1.  P&I Advance - Loan delinquent 1 month
     2.  P&I Advance - Loan delinquent 2 months
     3.  P&I Advance - Loan delinquent 3 months
(2) Loan Status:
     1.  Specially  Serviced
     2. Foreclosure
     3. Bankruptcy
     4. REO
     5. Prepaid in Full
     6. DPO
     7. Foreclosure Sale
     8. Bankruptcy Sale
     9. REO Disposition
     10. Modification/Workout
</FN>
</TABLE>

                                   Page - 10
<PAGE>

Disclosure
Doc         Foreclosure       Bankruptcy      REO
Control #       Date             Date         Date

30203769
30207489
30207471
30207482
30207481
30207485
30207486
30207487
30207490
30207491
30207492
30207493
30207494
30207504
30207505
30207506
30207507
30207510
30207511
30207514
30207515
30207517
30207518
30207579
30207580
30207581
30207582
- --------
TOTALS:
========



Servicer Advances For Current Distribution Date As Of
 Close Of Business on:                                                07/10/96

Advances Due To Delinquency Or late Payment                         177,121.02

Advances Due To Extended Grace Periods                              531,552.43

Advances For Previous Distributions Dates Reported As Due To Grace
Period And Subsequently Determined To Have Become Delinquent
During The Month Of Such Previous Distribution                            0.00


                                   Page - 11


<TABLE>
                 MIDLAND LOAN SERVICES, L.P. - MASTER SERVICER
                  LOAN PORTFOLIO ANALYSIS SYSTEM - LOAN STATUS
                        PORTFOLIO: NOMURA SERIES 1994 C3
                          REPORTING PERIOD: JULY, 1996
                            DATE PRINTED: 16-JUL-96
<CAPTION>
           CURRENT
ASSET      PRINCIPAL      DAYS                       ENVIRON
NO         BALANCE       DELINQ     LTV      DSCR    ISSUES      ASSET STATUS                  RESOLUTION TYPE
<S>        <C>             <C>     <C>        <C>       <C>       <C>                           <C>
01         4,119,779         0      72.0%     1.56      N/A       PERFORMING                    PERFORM TO MATURITY
02         2,163,430         0      39.8%     1.87      N/A       PERFORMING                    PERFORM TO MATURITY
03         1,874,060         0      52.8%     2.10      N/A       PERFORMING                    PERFORM TO MATURITY
04         4,055,087         0      54.8%     1.72      N/A       PERFORMING                    PERFORM TO MATURITY
05         1,251,327         0      44.7%     1.82      N/A       PERFORMING                    PERFORM TO MATURITY
06         2,078,379         0      45.2%     2.52      N/A       PERFORMING                    PERFORM TO MATURITY
07         1,674,124         0      66.2%     1.39      N/A       PERFORMING                    PERFORM TO MATURITY
08           930,666         0      68.9%     1.62      N/A       PERFORMING                    PERFORM TO MATURITY
09           949,550         0      67.8%     1.37      N/A       PERFORMING                    PERFORM TO MATURITY
10         1,072,036         0      65.0%     1.93      N/A       PERFORMING                    PERFORM TO MATURITY
11         1,223,168         0      68.0%     1.42      N/A       PERFORMING                    PERFORM TO MATURITY
12         1,264,954         0      65.2%     1.97      N/A       PERFORMING                    PERFORM TO MATURITY
13         1,620,967         0      60.6%     1.74      N/A       PERFORMING                    PERFORM TO MATURITY
14         2,049,778         0      56.5%     1.76      N/A       PERFORMING                    PERFORM TO MATURITY
15         2,674,343         0      72.3%     2.10      N/A       PERFORMING                    PERFORM TO MATURITY
16         3,986,638         0      69.9%     1.23      N/A       PERFORMING                    PERFORM TO MATURITY
17         3,991,571         0      65.2%     1.16      N/A       PERFORMING                    PERFORM TO MATURITY
18         4,373,686         0      70.5%     1.84      N/A       PERFORMING                    PERFORM TO MATURITY
19         5,547,700         0      61.8%     1.19      N/A       PERFORMING                    PERFORM TO MATURITY
20         7,743,356         0      65.1%     1.53      N/A       PERFORMING                    PERFORM TO MATURITY
21         8,064,183         0      71.4%     1.32      N/A       PERFORMING                    PERFORM TO MATURITY
22         3,258,187         0      70.1%     1.30      N/A       PERFORMING                    PERFORM TO MATURITY
23         3,033,752         0      58.3%     1.19      N/A       PERFORMING                    PERFORM TO MATURITY
24         7,241,859         0      72.4%     1.28      N/A       PERFORMING                    PERFORM TO MATURITY
25         1,581,644         0      70.3%     1.32      N/A       PERFORMING                    PERFORM TO MATURITY
26         2,165,642         0      49.2%     1.33      N/A       PERFORMING                    PERFORM TO MATURITY
27         2,607,910         0      67.3%     1.26      N/A       PERFORMING                    PERFORM TO MATURITY
28         2,140,154         0      72.2%     1.21      N/A       PERFORMING                    PERFORM TO MATURITY
29         1,739,810         0      57.3%     1.30      N/A       PERFORMING                    PERFORM TO MATURITY
30         2,077,487         0      57.7%     1.48      N/A       PERFORMING                    PERFORM TO MATURITY
31         8,064,648         0      72.0%     1.00      N/A       MONITORING PERFORMANCE        PERFORM TO MATURITY
32         7,866,019         0      79.1%     1.28      N/A       PERFORMING                    PERFORM TO MATURITY
33         6,536,146        37      62.0%     1.16      N/A       MONITORING PERFORMANCE        PERFORM TO MATURITY
34         3,189,779         0      61.3%     1.38      N/A       PERFORMING                    PERFORM TO MATURITY
35         1,470,274         0      63.9%     1.28      N/A       PERFORMING                    PERFORM TO MATURITY
36         2,155,772         0      38.5%     1.96      N/A       PERFORMING                    PERFORM TO MATURITY
37         2,048,581         0      50.6%     1.84      N/A       PERFORMING                    PERFORM TO MATURITY
38         3,049,342         0      53.0%     1.69      N/A       PERFORMING                    PERFORM TO MATURITY
39         2,614,807         0      56.8%     1.56      N/A       PERFORMING                    PERFORM TO MATURITY
40         3,210,613         0      53.5%     1.71      N/A       PERFORMING                    PERFORM TO MATURITY
41         1,228,407         0      76.8%     1.49      N/A       PERFORMING                    PERFORM TO MATURITY
42         1,561,413         0      67.9%     1.21      N/A       PERFORMING                    PERFORM TO MATURITY
43         1,345,287         0      84.1%     1.00      N/A       PERFORMING                    PERFORM TO MATURITY
44         1,546,362         0      97.0%     0.80      N/A       PERFORMING                    PERFORM TO MATURITY
45         2,356,119         0      81.0%     0.55      N/A       PERFORMING                    PERFORM TO MATURITY
46         1,934,699         0      48.4%     1.25      N/A       PERFORMING                    PERFORM TO MATURITY
47         5,008,154         0      58.0%     1.36      N/A       MONITORING PERFORMANCE        PERFORM TO MATURITY
48         2,955,295         0      59.1%     1.55      N/A       PERFORMING                    PERFORM TO MATURITY
49         2,676,683         0      74.0%     1.10      N/A       MONITORING PERFORMANCE        PERFORM TO MATURITY
50         2,940,817         0      65.0%     1.21      N/A       MONITORING PERFORMANCE        PERFORM TO MATURITY
51         2,538,569       158      67.0%     0.89      N/A       NEGOTIATING MODIFICATIONS     RESTRUCTURE/PERFORM TO MATURIT
52           747,883         0      57.5%     1.33      N/A       PERFORMING                    PERFORM TO MATURITY
53           947,194         0      65.3%     1.53      N/A       PERFORMING                    PERFORM TO MATURITY
54         1,267,779         0      66.7%     1.15      N/A       PERFORMING                    PERFORM TO MATURITY
55         2,168,000         0      67.8%     0.93      N/A       PERFORMING                    PERFORM TO MATURITY
- --       -----------       ---      ----      ----      ---       -------------------------     ------------------------------
TOTAL    159,983,868
         ===========

</TABLE>


                                   Page - 12
<PAGE>

<TABLE>
                 MIDLAND LOAN SERVICES, L.P. - MASTER SERVICER
                  LOAN PORTFOLIO ANALYSIS SYSTEM - LOAN TERMS

                        PORTFOLIO: NOMURA SERIES 1994 C3
                          REPORTING PERIOD: JULY, 1996
                            DATE PRINTED: 16-JUL-96
<CAPTION>
                                                       REMAIN
             CURRENT         ORIG                       LOAN                    INT
ASSET        PRINCIPAL       NOTE         LOAN AMORT   TERM IN      INT         RATE
NO           BALANCE         DATE            DATE      MONTHS      RATE         TYPE      PAYMENT
<S>        <C>             <C>            <C>            <C>      <C>           <C>      <C>
01           4,119,779     2/7/94         1/31/2014       91       9.865%        F          40,565
02           2,163,430     10/11/94       11/1/2014      219      11.950%        F          24,290
03           1,874,060     10/11/94       11/1/2014      219      11.950%        F          21,041
04           4,055,087     10/11/94       11/1/2014      219      11.950%        F          45,529
05           1,251,327     10/11/94       11/1/2014      219      11.950%        F          14,049
06           2,078,379     10/11/94       11/1/2014      219      11.950%        F          23,335
07           1,674,124     8/16/94        9/1/2014       217      11.570%        F          18,415
08             930,666     6/16/94        7/1/2019        95       9.870%        F           8,546
09             949,550     12/30/93       1/1/2019        53       8.500%        F           7,891
10           1,072,036     3/17/94        4/1/2019        56       9.020%        F           9,246
11           1,223,168     9/17/93        10/1/2023       50       8.550%        F           9,656
12           1,264,954     2/28/94        3/1/2019        55       8.910%        F          10,830
13           1,620,967     10/5/93        11/1/2018       51       8.410%        F          13,426
14           2,049,778     8/31/93        9/1/2018        49       8.400%        F          17,008
15           2,674,343     8/31/93        9/1/2018        49       8.650%        F          22,626
16           3,986,638     7/20/94        8/1/2024        60       9.410%        F          33,664
17           3,991,571     5/26/94        6/1/2019       274      10.210%        F          37,588
18           4,373,686     6/30/93        7/1/2023        23       8.600%        F          34,758
19           5,547,700     7/20/94        8/1/2024        60       9.410%        F          46,846
20           7,743,356     12/10/93       1/1/2019        29       8.290%        F          63,290
21           8,064,183     2/25/94        3/1/2019        55       8.570%        F          67,226
22           3,258,187     8/4/94         9/1/2019        61       9.830%        F          29,772
23           3,033,752     7/28/94        8/1/2019        60       9.270%        F          26,591
24           7,241,859     7/28/94        8/1/2022        60       9.270%        F          63,474
25           1,581,644     8/24/94        9/1/2019        61       9.860%        F          14,471
26           2,165,642     4/28/94        5/1/2014        93      10.125%        F          21,900
27           2,607,910     3/11/94        4/1/2019        32       9.125%        F          21,561
28           2,140,154     7/6/94         8/1/2024        59       9.625%        F          18,402
29           1,739,810     6/28/94        7/1/2024        59       9.915%        F          15,333
30           2,077,487     7/29/94        8/1/2024        60       9.960%        F          18,367
31           8,064,648     9/30/94        10/1/2019       62       9.800%        F          73,387
32           7,866,019     10/14/94       11/1/2019       63       9.890%        F          72,067
33           6,536,146     10/7/94        11/1/2024       63      10.310%        F          59,338
34           3,189,779     10/14/94       11/1/2019       63      10.350%        F          30,217
35           1,470,274     8/4/94         9/1/2019        60       9.440%        F          13,043
36           2,155,772     8/19/94        9/1/2019       277       9.350%        F          18,992
37           2,048,581     8/16/94        8/1/2019       276       9.440%        F          18,173
38           3,049,342     8/16/94        9/1/2019       276       9.540%        F          27,258
39           2,614,807     6/9/94         7/1/2024        95       9.140%        F          21,590
40           3,210,613     8/16/94        9/1/2019       276       9.490%        F          28,591
41           1,228,407     9/29/94        10/1/2019       63       9.980%        F          11,341
42           1,561,413     10/17/94       11/1/2024       99      10.510%        F          14,419
43           1,345,287     1/28/94        2/1/2014        54       9.328%        F          12,829
44           1,546,362     1/28/94        2/1/2014        54       9.328%        F          14,747
45           2,356,119     1/28/94        2/1/2014        54       9.328%        F          22,429
46           1,934,699     1/28/94        2/1/2014        54       9.328%        F          18,418
47           5,008,154     8/4/94         9/1/2024        97      10.600%        F          51,863
48           2,955,295     10/5/94        11/1/2019       63      10.560%        F          28,454
49           2,676,683     7/7/94         8/1/2019        58      10.310%        F          25,369
50           2,940,817     7/7/94         8/1/2019        58      10.310%        F          27,873
51           2,538,569     7/12/94        8/1/2019        58      10.690%        F          24,615
52             747,883     5/4/94         6/1/2019        69      11.370%        F           7,653
53             947,194     7/19/94        8/1/2019        60      10.800%        F           9,295
54           1,267,779     6/1/94         6/1/2019        58      10.900%        F          12,550
55           2,168,000     6/1/94         6/1/2019        58      10.900%        F          21,462
- --         -----------     --------       ---------      ---      ------         --    -----------
TOTAL      159,983,868
           ===========
</TABLE>


                                   Page - 13
<PAGE>

<TABLE>
                 MIDLAND LOAN SERVICES, L.P. - MASTER SERVICER
             LOAN PORTFOLIO ANALYSIS SYSTEM - PROPERTY DESCRIPTION

                        PORTFOLIO: NOMURA SERIES 1994 C3
                          REPORTING PERIOD: JULY, 1996
                            DATE PRINTED: 16-JUL-96
<CAPTION>
ASSET   PROP                                                       YEAR                         PROPERTY     VALUATION   VALUATION
NO      NO     PROPERTY TYPE       CITY           STATE    ZIP     BUILT  UNITS      NET SF      VALUE         DATE        SOURCE
<S>     <C>    <C>                 <C>              <C>   <C>      <C>     <C>      <C>        <C>           <C>         <C>
01       1     HEALTH CARE         FALLON           NV    89431    1973    144       38,988     5,720,000    11/01/94    PROSPECTUS
02       1     LODGING             GREENVILLE       SC    29607    1965    184          N/A     5,435,000    11/01/94    PROSPECTUS
03       1     LODGING             LILBURN          GA    30324    1989    120          N/A     3,550,000    11/01/94    PROSPECTUS
04       1     LODGING             ATLANTA          GA    30324    1963    257          N/A     7,400,000    11/01/94    PROSPECTUS
05       1     LODGING             KENNESAW         GA    30144    1975    103          N/A     2,800,000    11/01/94    PROSPECTUS
06       1     LODGING             HAPEVILLE        GA    30354    1972    180          N/A     4,600,000    11/01/94    PROSPECTUS
07       1     LODGING             FLORENCE         KY    41042    1987     95          N/A     2,530,000    11/01/94    PROSPECTUS
08       1     MULTI-FAMILY        WILTON MANORS    FL    33305    1964     64       44,786     1,350,000    11/01/94    PROSPECTUS
09       1     MULTI-FAMILY        PASADENA         TX    77503    1977     44       54,291     1,400,000    11/01/94    PROSPECTUS
10       1     MULTI-FAMILY        DAVIDSON         NC    28036    1974     73       47,190     1,650,000    11/01/94    PROSPECTUS
11       1     MULTI-FAMILY        NASSAU BAY       TX    77058    1966     67       36,425     1,800,000    11/01/94    PROSPECTUS
12       1     MULTI-FAMILY        RALEIGH          NC    27606    1973     67       58,204     1,940,000    11/01/94    PROSPECTUS
13       1     MULTI-FAMILY        ROSEVILLE        MN    55713    1968     95      110,795     2,675,000    11/01/94    PROSPECTUS
14       1     MULTI-FAMILY        AUBURN           WA    98002    1976    120      123,522     3,630,000    11/01/94    PROSPECTUS
15       1     MULTI-FAMILY        AUSTIN           TX    78741    1973    224      188,832     3,700,000    11/01/94    PROSPECTUS
16       1     MULTI-FAMILY        NEWARK           DE    19713    1976    153      133,110     5,700,000    11/01/94    PROSPECTUS
17       1     MULTI-FAMILY        CHARLOTTE        NC    28205    1966    264      242,372     6,125,000    11/01/94    PROSPECTUS
18       1     MULTI-FAMILY        WINDSOR          CT    06095    1962    176      167,984     6,200,000    11/01/94    PROSPECTUS
19       1     MULTI-FAMILY        NEWARK           DE    19713    1976    180      141,340     8,980,000    11/01/94    PROSPECTUS
20       1     MULTI-FAMILY        MT PROSPECT      IL    60056    1975    301      224,752    11,900,000    11/01/94    PROSPECTUS
21       1     MULTI-FAMILY        MIAMI BEACH      FL    33179    1969    376      266,679    11,300,000    11/01/94    PROSPECTUS
22       1     MULTI-FAMILY        RALEIGH          NC    27609    1974    196      215,012     4,650,000    11/01/94    PROSPECTUS
23       1     MULTI-FAMILY        SANTA MARIA      CA    93454    1964    140       97,475     5,200,000    11/01/94    PROSPECTUS
24       1     MULTI-FAMILY        ATLANTA          GA    30328    1972    412      364,180    10,000,000    11/01/94    PROSPECTUS
25       1     MULTI-FAMILY        JACKSONVILLE     FL    32210    1981    101       75,318     2,250,000    11/01/94    PROSPECTUS
26       1     MULTI-FAMILY        HOUSTON          TX    77080    1972    347      315,424     4,400,000    11/01/94    PROSPECTUS
27       1     MULTI-FAMILY        DALLAS           TX    75237    1986    204      108,387     3,875,000    11/01/94    PROSPECTUS
28       1     MULTI-FAMILY        FT WORTH         TX    76133    1979    175      134,732     2,965,000    11/01/94    PROSPECTUS
29       1     MULTI-FAMILY        DALLAS           TX    75231    1972    208      178,712     3,037,000    11/01/94    PROSPECTUS
30       1     MULTI-FAMILY        DALLAS           TX    75217    1965    202      190,136     3,600,000    11/01/94    PROSPECTUS
31       1     MULTI-FAMILY        LAS VEGAS        NV    89109    1973    346      274,090    11,250,000    11/01/94    PROSPECTUS
32       1     MULTI-FAMILY        INDIANAPOLIS     IN    46260    1968    518      443,680     9,950,000    11/01/94    PROSPECTUS
33       1     MULTI-FAMILY        INDIANAPOLIS     IN    46214    1976    296      314,679    10,600,000    11/01/94    PROSPECTUS
34       1     MULTI-FAMILY        EL PASO          TX    79999    1970    248      231,060     5,200,000    11/01/94    PROSPECTUS
35       1     MANUFACTURED HOU    RIDGECREST       CA    93555    1972    134          N/A     2,300,000    11/01/94    PROSPECTUS
36       1     MANUFACTURED HOU    NOVI             MI    48375    1968    198          N/A     5,600,000    11/01/94    PROSPECTUS
37       1     MANUFACTURED HOU    SPRINGFIELD      OR    97477    1989    164          N/A     4,050,000    11/01/94    PROSPECTUS
38       1     MANUFACTURED HOU    CLACKAMAS        OR    97015    1964    277          N/A     5,750,000    11/01/94    PROSPECTUS
39       1     MANUFACTURED HOU    SANDSTON         VA    23150    1973    238          N/A     4,600,000    11/01/94    PROSPECTUS
40       1     MANUFACTURED HOU    EUGENE           OR    97402    1980    281          N/A     6,000,000    11/01/94    PROSPECTUS
41       1     MANUFACTURED HOU    NEWTON           IA    50205    1972    200          N/A     1,600,000    11/01/94    PROSPECTUS
42       1     MANUFACTURED HOU    ELLENWOOD        GA    30049    1986    170          N/A     2,300,000    11/01/94    PROSPECTUS
43       1     HEALTH CARE         DYERSBURG        TN    38024    1966     50       17,400     1,600,000    11/01/94    PROSPECTUS
44       1     HEALTH CARE         LEXINGTON        TN    38351    1965     55       12,000     1,600,000    11/01/94    PROSPECTUS
45       1     HEALTH CARE         MEMPHIS          TN    38116    1970     92       23,426     2,900,000    11/01/94    PROSPECTUS
46       1     HEALTH CARE         HUMBOLDT         TN    38343    1943    142       80,000     4,000,000    11/01/94    PROSPECTUS
47       1     HEALTH CARE         NEPTUNE          NJ    07754    1987    120       45,168     8,600,000    11/01/94    PROSPECTUS
48       1     RETAIL              GRAND PRAIRIE    TX    75050    1986    N/A      145,881     5,000,000    11/01/94    PROSPECTUS
49       1     RETAIL              MT DORA          FL    32757    1988    N/A       78,762     3,600,000    11/01/94    PROSPECTUS
50       1     RETAIL              CASSELBERRY      FL    32730    1987    N/A       58,847     4,500,000    11/01/94    PROSPECTUS
51       1     RETAIL              DEL RAY BEACH    FL    33445    1984    N/A       76,741     3,810,000    11/01/94    PROSPECTUS
52       1     WAREHOUSE           CAVE CREEK       AZ    85331    1987    249       25,425     1,300,000    11/01/94    PROSPECTUS
53       1     WAREHOUSE           DENTON           TX    75379    1984    513       58,525     1,450,000    11/01/94    PROSPECTUS
54       1     WAREHOUSE           SPOKANE          WA    99204    1976    480       66,553     1,900,000    11/01/94    PROSPECTUS
55       1     WAREHOUSE           SPOKANE          WA    99206    1976    993      133,350     3,200,000    11/01/94    PROSPECTUS

</TABLE>


                                   Page - 14
<PAGE>
<TABLE>
                 MIDLAND LOAN SERVICES, L.P. - MASTER SERVICER
             LOAN PORTFOLIO ANALYSIS SYSTEM - PROPERTY PERFORMANCE
                        PORTFOLIO: NOMURA SERIES 1994 C3
                          REPORTING PERIOD: JULY, 1996
                            DATE PRINTED: 16-JUL-96
<CAPTION>
              BASELINE OR                                      MOST      YTD       YTD
ASSET   PROP  MOST RECENT    NOI                            RECENT YTD  PERIOD    PERIOD                         PERCENT
NO      NO    ANNUAL  NOI   AS OF      NOI SOURCE               NOI     BEGIN     ENDING     YTD NOI SOURCE      OCCUPIED   AS OF
<S>     <C>   <C>          <C>         <C>                  <C>         <C>      <C>         <C>                  <C>      <C>
01       1      762,514    11/1/94     PROSPECTUS                                            N/A                   92.4%   2/28/95
02       1      545,136    12/31/95    BORROWER               115,064   1/1/96   3/31/96     BORROWER              89.0%   3/31/96
03       1      529,329    12/31/95    BORROWER               137,072   1/1/96   3/31/96     BORROWER              99.0%   3/31/96
04       1      941,931    12/31/95    BORROWER               242,526   1/1/96   3/31/96     BORROWER             100.0%   1/31/96
05       1      307,663    12/31/95    BORROWER                93,702   1/1/96   3/31/96     BORROWER             100.0%   3/31/96
06       1      704,722    12/31/95    BORROWER               188,179   1/1/96   3/31/96     BORROWER             100.0%   3/31/96
07       1      307,290    11/1/94     PROSPECTUS             254,657   1/1/95   9/30/95     BORROWER              50.0%   2/28/95
08       1      166,096    6/30/95     BORROWER                85,070   7/1/95   12/31/95    BORROWER              98.4%   9/30/95
09       1      129,958    12/31/95    BORROWER               129,958   1/1/95   12/31/95    BORROWER             100.0%   11/30/93
10       1      214,108    12/31/95    MANAGEMENT COMPANY      53,744   1/1/96   3/31/96     MANAGEMENT COMPANY    98.6%   3/31/96
11       1      164,166    11/1/94     PROSPECTUS             140,904   1/1/95   9/30/95     BORROWER             100.0%   9/30/95
12       1      256,313    12/31/95    BORROWER                71,722   1/1/96   3/31/96     BORROWER             100.0%   12/31/95
13       1      280,036    12/31/95    MANAGEMENT COMPANY      57,645   1/1/96   3/31/96     BORROWER             100.0%   3/29/96
14       1      359,530    12/31/95    MANAGEMENT COMPANY     359,530   1/1/95   12/31/95    MANAGEMENT COMPANY    94.0%   1/16/96
15       1      569,697    12/31/95    MANAGEMENT COMPANY     569,697   1/1/95   12/31/95    MANAGEMENT COMPANY    94.0%   1/16/96
16       1      495,619    12/31/95    BORROWER               130,567   1/1/96   3/31/96     BORROWER              91.5%   2/1/96
17       1      521,421    12/31/95    BORROWER                89,546   1/1/96   3/31/96     BORROWER              83.7%   3/31/96
18       1      767,599    12/31/95    BORROWER               767,959   1/1/95   12/31/95    BORROWER              94.0%   12/31/95
19       1      669,303    12/31/95    BORROWER               195,860   1/1/96   3/31/96     BORROWER              96.0%   3/31/96
20       1    1,159,569    12/31/95    MANAGEMENT COMPANY     307,357   1/1/96   3/31/96     MANAGEMENT COMPANY    99.0%   12/27/95
21       1    1,067,674    12/31/95    ACCOUNTANT             247,119   1/1/96   3/31/96     ACCOUNTANT            98.7%   12/31/95
22       1      466,224    11/1/94     PROSPECTUS             442,887   1/1/95   9/30/95     BORROWER             100.0%   9/30/95
23       1      378,163    12/31/95    BORROWER               393,554   1/1/95   12/31/95    BORROWER              90.0%   12/28/95
24       1      971,630    11/1/94     PROSPECTUS                 N/A   N/A      N/A         N/A                   90.7%   12/29/95
25       1      229,564    11/1/94     PROSPECTUS             228,026   1/1/95   9/30/95     MANAGEMENT COMPANY    99.0%   10/30/95
26       1      349,703    11/1/94     PROSPECTUS             343,137   1/1/95   9/30/95     BORROWER             100.0%   2/28/94
27       1      325,017    11/1/94     PROSPECTUS                 N/A   N/A      N/A         N/A                   95.6%   7/31/95
28       1      266,276    12/31/95    ACCOUNTANT              91,069   1/1/96   3/31/96     ACCOUNTANT            97.1%   6/30/96
29       1      239,596    12/31/95    BORROWER                70,408   1/1/96   3/31/96     BORROWER              89.9%   4/3/96
30       1      327,175    11/1/94     PROSPECTUS             191,462   1/1/95   10/31/95    BORROWER              93.6%   11/22/95
31       1      880,994    12/31/95    BORROWER               880,994   1/1/95   12/31/95    BORROWER              87.6%   12/23/95
32       1    1,106,803    11/1/94     PROSPECTUS             973,154   1/1/95   9/30/95     BORROWER              92.9%   11/1/95
33       1      828,558    12/31/95    MANAGEMENT COMPANY     197,514   1/1/96   3/31/96     MANAGEMENT COMPANY    83.8%   3/31/96
34       1      500,146    12/31/95    BORROWER               514,743   1/1/95   12/31/95    BORROWER              91.0%   1/31/96
35       1      199,763    12/31/95    BORROWER               215,701   1/1/95   12/31/95    BORROWER             100.0%   12/31/95
36       1      447,530    12/31/95    BORROWER               447,530   1/1/95   12/31/95    BORROWER              99.4%   12/31/95
37       1      402,072    12/31/95    BORROWER               402,072   1/1/95   12/31/95    BORROWER             100.0%   7/1/95
38       1      551,812    12/31/95    MANAGEMENT COMPANY     551,812   1/1/95   12/31/95    MANAGEMENT COMPANY    98.2%   12/20/95
39       1      404,627    12/31/95    BORROWER               404,627   1/1/95   12/31/95    BORROWER              97.1%   9/30/95
40       1      586,940    12/31/95    BORROWER               586,940   1/1/95   12/31/95    BORROWER             100.0%   2/22/96
41       1      203,437    12/31/95    BORROWER                67,996   1/1/96   4/30/96     BORROWER              99.5%   4/30/96
42       1      208,985    12/31/95    BORROWER               213,573   1/1/95   12/31/95    BORROWER              88.2%   9/26/95
43       1      154,824    12/31/95    MANAGEMENT COMPANY     154,824   1/1/95   12/31/95    MANAGEMENT COMPANY    91.0%   12/31/94
44       1      142,846    12/31/95    MANAGEMENT COMPANY     142,846   1/1/95   12/31/95    MANAGEMENT COMPANY    91.0%   9/30/95
45       1      149,447    12/31/95    MANAGEMENT COMPANY     149,447   1/1/95   12/31/95    MANAGEMENT COMPANY    93.0%   9/30/95
46       1      277,757    12/31/95    MANAGEMENT COMPANY     277,757   1/1/95   12/31/95    MANAGEMENT COMPANY    91.0%   3/31/95
47       1      849,785    11/1/94     PROSPECTUS             331,062   1/1/95   9/30/95     ACCOUNTANT            92.8%   9/30/95
48       1      529,816    12/31/95    BORROWER                98,130   1/1/96   3/31/96     BORROWER              92.7%   3/31/96
49       1      333,919    12/31/95    MANAGEMENT COMPANY      94,905   1/1/96   3/31/96     MANAGEMENT COMPANY    89.0%   6/1/96
50       1      403,462    12/31/95    MANAGEMENT COMPANY     118,418   1/1/96   3/31/96     MANAGEMENT COMPANY    94.6%   6/1/96
51       1      261,771    12/31/95    MANAGEMENT COMPANY      53,733   1/1/96   3/31/96     MANAGEMENT COMPANY    79.8%   6/1/96
52       1      121,907    11/1/94     PROSPECTUS                 N/A   N/A      N/A         N/A                   96.0%   12/31/93
53       1      170,140    6/30/95     BORROWER                45,942   7/1/95   9/30/95     BORROWER              78.6%   12/14/95
54       1      172,487    12/31/95    BORROWER               174,713   1/1/95   12/31/95    BORROWER              66.7%   11/17/95
55       1      240,128    12/31/95    BORROWER               240,128   1/1/95   12/31/95    BORROWER              71.0%   3/31/96

</TABLE>


                                   Page - 15
<PAGE>
                 MIDLAND LOAN SERVICES, L.P. - MASTER SERVICER
                LOAN PORTFOLIO ANALYSIS SYSTEM - ASSET COMMENTS

                        PORTFOLIO: NOMURA SERIES 1994 C3
                          REPORTING PERIOD: JULY, 1996
                            DATE PRINTED: 16-JUL-96

LOAN 01 - 1:

LOAN 02 - 1:

LOAN  03 - 1:     Latest Annual Statement Comment: 12/31/95 - REVENUE IS 18%
 ABOVE BASE LINE PROJECTIONS.     Partial Year Statement Comment:  3/31/96 -
 REVENUES ARE 22% GREATER THAN BASELINE PROJECTIONS,  BUT CONSISTENT WITH
PREVIOUS YEAR.

LOAN 04 - 1:

LOAN  05 - 1:     Partial Year Statement Comment:  3/31/96 - REVENUES ARE
21% GREATER THAN THE BASELINE, BUT CONSISTENT WITH PREVIOUS YEAR

LOAN  06 - 1:     Latest Annual Statement Comment: 12/31/95 - REVENUE IS 22%
 ABOVE BASE LINE PROJECTIONS.     Partial Year Statement Comment:  3/31/96 -
 REVENUE IS 25% GREATER THAN THE BASELINE PROJECTIONS, BUT IS CONSISTENT
WITH PREVIOUS YEAR.

LOAN 07 - 1:

LOAN 08 - 1:

LOAN 09 - 1:

LOAN 10 - 1:

LOAN 11 - 1:

LOAN  12 - 1:     Partial Year Statement Comment:  3/31/96 - BORROWER
REPORTED NO PROPERTY TAX OR INSURANCE EXPENSE.

LOAN  13 - 1:     Latest Annual Statement Comment: 12/31/95 - BORROWER'S
OPERATING STATEMENT DID NOT INCLUDE ANY PROPERTY TAX EXPENSE.  THE AMOUNT
ENTERED WAS BASED ON SERVICING INFORMATION.

LOAN 14 - 1:

LOAN  15 - 1:     Latest Annual Statement Comment: 12/31/95 - CAPITAL
EXPENSE INCLUDES SUBSTANTIAL EXPENDITURES FOR SIDING, GUTTERS, CARPET,
PLUMBING, AND REPLACEMENT OF APPROXIMATELY 1/3 OF ALL APPLIANCES.

LOAN  16 - 1:     Latest Annual Statement Comment: 12/31/95 - RENOVATION WAS
 COMPLETED DURING FIRST QUARTER.  WORK INCLUDED NEW ROOF, SIDING, AND DOORS.
     Partial Year Statement Comment:  3/31/96 - BORROWER REPORTED NO
PROPERTY TAX EXPENSE.  EXPENSES ARE 11% GREATER THAN BASELINE PROJECTIONS.

LOAN  17 - 1:     Latest Annual Statement Comment: 12/31/95 - PROPERTY
SUFFERED FLOOD DAMAGE CAUSING DECLINE IN REVENUE DUE TO UNOCCUPIED UNITS.
EXCLUDED $80,000 SHORT TERM LOAN REPORTED AS OTHER INCOME.  RENOVATIONS ARE
NEAR COMPLETION.     Partial Year Statement Comment:  3/31/96 - PROPERTY
SUFFERED FLOOD DAMAGE IN 1995 CAUSING DECLINE IN REVENUE DUE TO UNOCCUPIED
UNITS.  RENOVATIONS WERE COMPLETED AND OCCUPANCY IS REBOUNDING.  EXCLUDED
$40,000 IN SHORT TERM LOANS REPORTED AS OTHER INCOME.

LOAN 18 - 1:

LOAN  19 - 1:     Latest Annual Statement Comment: 12/31/95 - RENOVATION WAS
 COMPLETED DURING THE FIRST QUARTER.  WORK INCLUDED NEW ROOF, SIDING, AND
DOORS.     Partial Year Statement Comment:  3/31/96 - BORROWER REPORTED NO
PROPERTY TAX EXPENSE.

LOAN  20 - 1:     Partial Year Statement Comment:  3/31/96 - REVENUES ARE UP
 BY 16% OVER THE BASELINE PREDICTIONS.

LOAN 21 - 1:

LOAN 22 - 1:

LOAN 23 - 1:

LOAN 24 - 1:


                                   Page - 16
<PAGE>

LOAN 25 - 1:

LOAN 26 - 1:

LOAN 27 - 1:

LOAN  28 - 1:     Latest Annual Statement Comment: 12/31/95 - R&M EXPENSE IS
 82% HIGHER THAN BASELINE LEVEL.     Partial Year Statement Comment:
3/31/96 - BORROWER REPORTED NO PROPERTY MANAGEMENT EXPENSE.

LOAN 29 - 1:

LOAN  30 - 1:     Partial Year Statement Comment:  10/31/95 - YEAR TO DATE
REVENUE IS 5% BELOW BASELINE LEVEL, WHILE YEAR TO DATE EXPENSES ARE 10%
ABOVE BASELINE LEVEL.  REPAIRS AND MAINTENANCE AND GENERAL AND
ADMINISTRATIVE EXPENSE HAVE EXCEEDED BASELINE ESTIMATES YEAR TO DATE.

LOAN  31 - 1:     Status Comment: 2ND AND 3RD MTGS  EXCEEDING A TOTAL OF
$800,000 RECORDED WITHOUT THE PRIOR CONSENT OF LENDER.  DSCR ON THE FIRST
MTG IS 1.00, 0.93 AFTER SUBORDINATE DEBT.  SPC SVR IS REVIEWING ASSET
BORROWER INDICATED PYMTS WILL RUN 30 DAYS LATE FOR NEXT SEVERAL MOS.
Latest Annual Statement Comment: 12/31/95 - BORROWER INDICATES THAT NUMEROUS
 REPAIRS HAVE BEEN COMPLETED INCLUDING GROUNDS WORK, CARPET REPLACEMENT,
PAINTING, AND CLUBHOUSE REMODELING.

LOAN 32 - 1:

LOAN  33 - 1:     Status Comment: CONSISTENTLY DELINQUENT.  DEFAULT INTEREST
 RATE HAS BEEN INVOKED ON THIS LOAN.  FIRE OCCURRED AT PROPERTY; LOSS DRAFTS
 UNDER REVIEW AS PRESENTED.     Latest Annual Statement Comment: 12/31/95 -
OPERATING EXPENSES ARE 13% ABOVE BASELINE PROJECTION AND 32% ABOVE PREVIOUS
YEAR.  VARIANCES ARE DISTRIBUTED ACROSS ALL OPERATING EXPENSE CATEGORIES.

LOAN 34 - 1:

LOAN  35 - 1:     Latest Annual Statement Comment: 12/31/95 - REVENUES ARE
11% ABOVE THE BASELINE EXPECTATION.  EXPENSES ARE 30% HIGHER THAN BASELINE
EXPECTATION..

LOAN  36 - 1:     Latest Annual Statement Comment: 12/31/95 - REVENUES ARE
6% ABOVE THE BASELINE.  EXPENSES ARE 42% ABOVE BASELINE EXPECTATIONS BUT ARE
 CONSISTENT WITH PREVIOUS YEAR.

LOAN 37 - 1:

LOAN 38 - 1:

LOAN 39 - 1:

LOAN 40 - 1:

LOAN 41 - 1:

LOAN 42 - 1:

LOAN  43 - 1:     Latest Annual Statement Comment: 12/31/95 - ANNUAL
OPERATING EXPENSES ARE 22% ABOVE BASELINE PROJECTION AND 15% ABOVE PREVIOUS
YEAR.  NURSING ADMINISTRATION, NURSING STAFF, PURCHASED THERAPY SERVICES,
AND PENALTIES AND FINES ARE OVER BUDGET.

LOAN  44 - 1:     Status Comment: EXPENSES ARE 16% HIGHER THAN BASELINE
PROJECTIONS.     Latest Annual Statement Comment: 12/31/95 - ANNUAL EXPENSE
IS 16% ABOVE BASELINE PROJECTION.  NURSING, PURCHASED SERVICES, AND
PENALTIES AND FINES ARE OVER BUDGET.

LOAN  45 - 1:     Status Comment: 12/31/95 OPERATING STATEMENT INCLUDES
OPERATING EXPENSE 56% GREATER THAN BASELINE EXPECTATION AND 49% ABOVE
PREVIOUS YEAR.  VARIANCES ARE PREDOMINATELY IN STAFFING EXPENSES.     Latest
 Annual Statement Comment: 12/31/95 - ANNUAL OPERATING EXPENSES ARE 56%
ABOVE BASELINE PROJECTION AND 49% ABOVE PREVIOUS YEAR.  PURCHASED THERAPY
SERVICES COST MORE THAN DOUBLE BUDGETED AMOUNT.  NURSING ADMINISTRATION AND
STAFF EXCEEDED BUDGET AS WELL.

LOAN 46 - 1:

LOAN  47 - 1:     Status Comment: AS OF 09/30/95, THERE IS A CAPITAL
DEFICIENCY OF $604,634, AND A DSCR OF 0.71.  YTD CASH FLOW AFTER DEBT
SERVICE IS ($135,709).      Partial Year Statement Comment:  9/30/95 -
STATEMENT IS FOR THE NURSING HOME WHICH OPERATES UNDER A LEASE TO THE
BORROWER.  YEAR END 1994 STATEMENTS INCLUDED AUDITOR'S GOING CONCERN
QUALIFICATION.  CURRENT STATEMENTS CONTEMPLATE CONTINUATION AS A GOING
CONCERN, BUT NOTE YEAR TO DATE LOSSES.


                                   Page - 17
<PAGE>



LOAN  48 - 1:     Partial Year Statement Comment:  3/31/96 - REVENUE IS DOWN
 BY 12% VERSUS THE BASELINE.  BORROWER REPORTS THAT HE HAS NOT YET BILLED
THE TENANTS FOR YR. END EXPENSE REIMBURSEMENTS.

LOAN  49 - 1:     Status Comment: BORROWING ENTITY IS RELATED TO LOAN THAT
IS 90+ DAYS DELINQUENT AND IS AT SPECIAL SERVICER.     Latest Annual
Statement Comment: 12/31/95 - ANNUAL REVENUE IS 11% BELOW BASELINE ESTIMATES
 WHILE OPERATING EXPENSES ARE 3% ABOVE BASELINE ESTIMATES.  SCHEDULED BASE
RENTAL REVENUE FROM RENT ROLL IS 3% BELOW BASELINE PROJECTION.

LOAN  50 - 1:     Status Comment: BORROWING ENTITY IS RELATED TO LOAN THAT
IS 90+ DAYS DELINQUENT AND IS AT SPECIAL SERVICER.     Latest Annual
Statement Comment: 12/31/95 - ANNUAL EXPENSE IS 10% ABOVE BASELINE
PROJECTION.  VARIANCE IS COMPOSED PRIMARILY OF REPAIR AND MAINTENANCE
EXPENSE WHICH IS 154% ABOVE BASELINE PROJECTION.  PAINTING AND ROOFING
EXPENSES EXCEEDED BORROWER'S BUDGET.     Partial Year Statement Comment:
3/31/96 - EXPENSES ARE 6% BELOW BASELINE PROJECTIONS.

LOAN  51 - 1:     Status Comment: TRANSFERRED TO SPECIAL SERVICER DUE TO
IMMINENT DEFAULT.  SPECIAL SERVICER INDICATES BORROWER PAID MAY RENTS OF
$19,400 ON 6/17 TO COURT REGISTARY ACCOUNT.  UPDATED APPRAISAL  AND
ENVIRONMENTAL REPORTS ARE IN PROGRESS.     Latest Annual Statement Comment:
12/31/95 - REVENUE IS 11% BELOW BASELINE PROJECTION WHILE EXPENSES ARE 24%
ABOVE BASELINE PROJECTIONS.  R&M, G&A,  AND UTILITIES EXCEEDED BASELINE
PROJECTIONS.  R&M AND G&A ARE OVER BUDGET DUE TO COSTS ASSOCIATED W/
EVICTION OF SEVERAL TENANTS AND RETENANTING.     Partial Year Statement
Comment:  3/31/96 - REVENUES ARE 4% BELOW BASELINE. EXPENSES ARE UP 67%
VERSUS THE BASELINE. THE LARGEST VARIANCES ARE IN R&M, UP 309%, AND
UTILITIES, UP 124%.

LOAN 52 - 1:

LOAN 53 - 1:

LOAN 54 - 1:

LOAN  55 - 1:     Latest Annual Statement Comment: 12/31/95 - REVENUES ARE
25% BELOW BASELINE PREDICTIONS.

                                   Page - 18



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