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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): February 4, 1999
GMAC Commercial Mortgage Securities, Inc.
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE 333-64963 23-2811925
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(STATE OR OTHER (COMMISSION) (I.R.S. EMPLOYER
JURISDICTION FILE NUMBER) IDENTIFICATION NO.)
OF INCORPORATION)
650 Dresher Road, Horsham, Pennsylvania 19044
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
Registrant's telephone number, including area code (215) 328-3480
Not Applicable
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(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
Exhibit Index Located on Page 5
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ITEM 5. OTHER EVENTS.
On or about February 9, 1999, the Registrant will cause the
issuance and sale of approximately $1,334,328,273 initial principal amount of
Mortgage Pass-Through Certificates, Series 1999-C1, Class X, Class A-1, Class
A-2, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J,
Class K, Class R-I, Class R-II and Class R-III (the "Certificates") pursuant to
a Pooling and Servicing Agreement, dated as of February 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 the
Class X, Class A-1, Class A-2, Class B, Class C, Class D and Class E
Certificates (the "Publicly Offered Certificates"), the Registrant has been
advised by Goldman, Sachs & Co., Deutsche Bank Securities, Inc. and Donaldson,
Lufkin & Jenrette Securities Corporation (together, the "Underwriters"), that
the Underwriters have furnished to prospective investors certain yield tables
and other computational materials (the "Computational Materials") with respect
to the Publicly Offered Certificates following the effective date of
Registration Statement No. 333-64963, which Computational materials are being
filed as exhibits to this report.
The Computational Materials were prepared by the Underwriters
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 to 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.
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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 Businesses Acquired.
Not applicable
(b) Pro Forma Financial Information.
Not applicable
(c) Exhibits.
99.1 Computational Materials prepared by the Underwriters in
connection with the sale of Publicly Offered Certificates of
the Registrant, filed pursuant to Rules 202 and 311(i) of
Regulation S-T (filed in paper).
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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 thereunto duly authorized.
GMAC COMMERCIAL MORTGAGE SECURITIES,
INC., Registrant
By: /s/ David Lazarus
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Name: David Lazarus
Title: Vice President
Dated: February 4, 1999
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INDEX OF EXHIBITS
Exhibit Description
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99.1 Computational Materials prepared by the Underwriters in
connection with the sale of Publicly Offered Certificates of
the Registrant, filed pursuant to Rules 202 and 311(i) of
Regulation S-T (filed in paper).
