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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) August 9, 1999
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GMAC Commercial Mortgage Securities, Inc.
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(Exact Name of Registrant as Specified in its Charter)
Delaware
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(State or Other Jurisdiction of Incorporation)
333-64963 23-2811925
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(Commission File Number) (I.R.S. Employer Identification No.)
650 Dresher Road, Horsham, Pennsylvania 19044
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(Address of Principal Executive Offices) (Zip Code)
(215) 328-3164
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(Registrant's Telephone Number, Including Area Code)
Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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ITEM 5. OTHER EVENTS.
In August 1999, the Registrant will cause the issuance and sale of
approximately $1,170,000,000 initial principal amount of various classes of
Mortgage Pass-Through Certificates, Series 1999-C3 (the "Certificates") pursuant
to a Pooling and Servicing Agreement to be dated as of August 1, 1999, among the
Registrant, GMAC Commercial Mortgage Corporation, as Servicer, and Norwest Bank
Minnesota, National Association, as Trustee. In connection with the sale of
certain classes of the Certificates to the public (the "Publicly Offered
Certificates"), the Registrant has been advised by Deutsche Bank Securities Inc.
and Goldman, Sachs & Co. (together, the "Underwriters"), that the Underwriters
have furnished to prospective investors certain descriptive information
regarding the mortgage loans (the "Mortgage Loans") underlying the Certificates
that set forth the number of Mortgage Loans, the principal balance of the
Mortgage Loans, information regarding the mortgage rates thereon and
miscellaneous similar items (the "Collateral Term Sheets") following the
effective date of Registration Statement No. 333-64963 but prior to the
availability of a final Prospectus relating to the Publicly Offered
Certificates. The Collateral Term Sheets are being filed as an exhibit to this
report.
The Collateral Term Sheets attached hereto have been provided by the
Underwriters. The information in the Collateral Term Sheets is preliminary and
may be superseded by the Prospectus Supplement relating to the Publicly Offered
Certificates and by any other information subsequently filed with the Securities
and Exchange Commission.
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ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
List below the financial statements, pro forma financial information
and exhibits, if any, filed as part of this report.
(a) Financial Statements of Business Acquired
Not applicable
(b) Pro Forma Financial Information
Not applicable
(c) Exhibits.
99.1 Collateral Term Sheets prepared by the Underwriters in
connection with the Sale of the Publicly Offered
Certificates of the Registrant.
99.2 Collateral Term Sheets prepared by the Underwriters in
connection with the Sale of the Publicly Offered
Certificates of the Registrant.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
GMAC COMMERCIAL MORTGAGE SECURITIES, INC.
(Registrant)
Dated: August 11, 1999 By: /s/ DAVID LAZARUS
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Name: David Lazarus
Title: Vice President
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INDEX TO EXHIBITS
Exhibit
No. Document Description
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99.1 Collateral Term Sheets prepared by the Underwriters in
connection with the Sale of the Publicly Offered
Certificates of the Registrant.
99.2 Collateral Term Sheets prepared by the Underwriters in
connection with the Sale of the Publicly Offered
Certificates of the Registrant.
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This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as of
the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this spreadsheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by Deutsche Bank Securities and Goldman,
Sachs & Co. and not by the issuer of the securities. Deutsche Bank Securities,
Inc. and Goldman, Sachs & Co. are acting as the lead managers and neither of
these parties are acting as agent for the issuer or its affiliates in
connection with the proposed transaction. Neither the issuer nor any of its
affiliates has prepared or taken part in the preparation of these materials and
neither makes any representation as to the accuracy of these materials.
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<TABLE>
<CAPTION>
LOAN NUMBER PROPERTY / PORTFOLIO NAME CURRENT BALANCE % OF TOTAL POOL BALANCE
- ----------- ------------------------- --------------- -----------------------
<S> <C> <C> <C>
22102 Equity Inns - AmeriSuites (Indianapolis) $1,918,385
22103 Equity Inns Portfolio $46,550,800
#1 RELATED BORROWER TOTAL $48,469,184 4.15%
826165831 Trinity Commons Shopping Center $15,250,000
906950814 Buckingham Place Shopping Center $5,600,000
906995296 County Line Plaza $21,000,000
#2 RELATED BORROWER TOTAL $41,850,000 3.58%
914142539 125 Maiden Lane $28,500,000
902803901 15 Dutch Street $4,440,000
#3 RELATED BORROWER TOTAL $32,940,000 2.82%
09-0001253 Pitman Corners Shopping Center $10,250,000
09-0001254 Hillcrest Village Shopping Center $10,910,814
09-0001255 Burleson Towne Centre $6,600,000
#4 RELATED BORROWER TOTAL $27,760,814 2.37%
19020 The Shops at Pennsville Shopping Center - A $4,796,895
Note
22748 Laurel Apartment Portfolio $17,961,949
#5 RELATED BORROWER TOTAL $22,758,843 1.95%
GA4992 The Towers on Wilshire $11,861,014
GA5891 The Harbor Building $10,112,399
#6 RELATED BORROWER TOTAL $21,973,413 1.88%
22232 40 Corporate Center $8,850,000
22941 Heritage Office Building $7,425,000
#7 RELATED BORROWER TOTAL $16,275,000 1.39%
22669 Scott Company of California $3,000,000
23007 InteSys Technologies, Inc. $13,130,000
#8 RELATED BORROWER TOTAL $16,130,000 1.38%
TA1852 Commonwealth Plaza $6,315,099
TA4588 4751 White Lane $1,364,420
#9 RELATED BORROWER TOTAL $7,679,519 0.66%
TA7423 Westlake Medical Plaza $3,145,945
TA7458 North Dawson Business Center $1,247,607
#10 RELATED BORROWER TOTAL $4,393,553 0.38%
TA4080 120 South Harrison Street $1,235,151
TA6788 106 South Harrison Street Apartments $3,265,023
#11 RELATED BORROWER TOTAL $4,500,173 0.38%
TA6162 Rushton Portfolio $1,939,542
TA6357 228 Lackawana Avenue $1,243,296
#12 RELATED BORROWER TOTAL $3,182,838 0.27%
GRAND TOTAL $247,913,338 21.21%
</TABLE>
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This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as of
the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this spreadsheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by Deutsche Bank Securities and Goldman,
Sachs & Co. and not by the issuer of the securities. Deutsche Bank Securities,
Inc. and Goldman, Sachs & Co. are acting as the lead managers and neither of
these parties are acting as agent for the issuer or its affiliates in
connection with the proposed transaction. Neither the issuer nor any of its
affiliates has prepared or taken part in the preparation of these materials and
neither makes any representation as to the accuracy of these materials.
<PAGE>
DISTRIBUTION OF PROPERTY TYPES
PERCENTAGE WEIGHTED
OF AVERAGE WEIGHTED
AGGREGATE DEBT AVERAGE
NUMBER OF CUT-OFF SERVICE CUT-OFF
MORTGAGE CUT-OFF DATE DATE COVERAGE DATE
PROPERTY TYPE LOANS BALANCE BALANCE RATIO LTV
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Retail
Anchored 19 $289,709,984 24.78 1.35x 69.01%
Unanchored 16 64,473,781 5.52 1.41 66.43
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Retail Subtotal 35 $354,183,765 30.30 1.36x 68.54%
Office 36 $322,205,615 27.56% 1.33x 67.87%
Multifamily 60 272,896,934 23.35 1.28 76.22
Lodging 25 105,918,234 9.06 1.65 58.98
Industrial 21 99,170,997 8.48 1.42 64.96
Mobile Home Park 2 4,358,934 0.37 1.40 70.03
Special Purpose 1 3,900,000 0.33 1.26 67.24
Self-Storage 1 3,243,231 0.28 2.17 60.85
Mixed Use 2 3,055,909 0.26 1.42 69.13
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Total/Avg./Wtd.
Avg./Min/Max: 183 $1,168,933,618 100.00% 1.37x 68.96%
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