- --------------------------------------------------------------------------------
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, as amended
Date of Report (Date of earliest event reported): November 1, 1996
GMAC COMMERCIAL MORTGAGE SECURITIES, INC.
(as depositor under the Pooling and Servicing Agreement, dated as
of November 1, 1996, providing for the issuance of Commercial
Pass-Through Certificates, Series 1996-C1
GMAC Commercial Mortgage Securities, Inc.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 33-94448 23-2811925
-------- -------- ----------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification Number)
650 Dresher Road
Horsham, Pennsylvania 19044
- --------------------- -----
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code: (215) 682-3480
- --------------------------------------------------------------------------------
<PAGE>
-2-
Item 5. OTHER EVENTS.
On or about November 7, 1996, the Registrant expects to cause
the issuance and sale of Commercial Pass-Through Certificates, Series
1996-C1 (the "Certificates") pursuant to a Trust Agreement, to be dated
as of November 1, 1996, among the Registrant, GMAC Commercial Mortgage
Corporation as master servicer and special servicer, and State Street
Bank and Trust Company as trustee.
In connection with the expected sale of the Certificates,
Goldman, Sachs & Co. ("Goldman") and Morgan Stanley & Co. Incorporated
(together, the "Underwriters") have advised the Registrant that Goldman
has furnished to prospective investors certain yield tables and other
computational materials (the "Computational Materials") with respect to
the Certificates following the effective date of Registration Statement
No. 33- 94448, which Computational Materials are being filed as
exhibits to this report.
The Computational Materials have been provided by Goldman. The
information in the Computational Materials is preliminary and may be
superseded by the Prospectus Supplement relating to the Certificates
and by any other information subsequently filed with the Securities and
Exchange Commission.
The Computational Materials were prepared by Goldman at the
request of certain prospective investors, based on assumptions provided
by, and satisfying the special requirements of, such prospective
investors. The Computational Materials may be based on assumptions that
differ from the assumptions set forth in the Prospectus Supplement. The
Computational Materials may not include, and do not purport to include,
information based on assumptions representing a complete set of
possible scenarios. Accordingly, the Computational Materials may not be
relevant to or appropriate for investors other than those specifically
requesting them.
In addition, the actual characteristics and performance of the
mortgage loans underlying the Certificates (the "Mortgage Loans") may
differ from the assumptions used in the Computational Materials, which
are hypothetical in nature and which were provided to certain investors
only to give a general sense of how the yield, average life, duration,
expected maturity, interest rate sensitivity and cash flow
characteristics of a particular class of Certificates might vary under
varying prepayment and other scenarios. Any difference between such
assumptions and the actual characteristics and performance of the
Mortgage Loans will affect the actual yield, average life, duration,
expected maturity, interest rate sensitivity and cash flow
characteristics of the Certificates.
<PAGE>
-3-
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) FINANCIAL STATEMENTS.
Not applicable.
(b) PRO FORMA FINANCIAL INFORMATION.
Not applicable.
(c) EXHIBITS
Item 601 (a) of
Exhibit Regulation S-K
Number Exhibit No. Description
------ ----------- -----------
1 99 Computational Materials
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
GMAC COMMERCIAL MORTGAGE
SECURITIES, INC.
By: /s/ Elisa George
---------------------
Name: Elisa George
Title: Vice President
and Authorized Signatory
Dated: November 4, 1996
<PAGE>
EXHIBIT INDEX
Item 601 (a) of Sequentially
Exhibit Regulation S-K Numbered
Number Exhibit No. Description Page
------ ----------- ----------- ----
1 99 Computational Materials P
