<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 21, 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 JURISDICTION (COMMISSION) (I.R.S. EMPLOYER
OF INCORPORATION) FILE NUMBER) IDENTIFICATION NO.)
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) 328-3164
Not Applicable
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(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
Exhibit Index Located on Page 2
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ITEM 5. OTHER EVENTS.
On or about February 9, 1999, the Registrant will cause the issuance
and sale of approximately $1,362,371,197 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 to be 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 written
descriptions of the securities to be offered that set forth the name of the
issuer, the size of the potential offering, the structure of the offering (e.g.
the number of classes, seniority, interest rate) and miscellaneous similar
items (the "Structural Term Sheets") with respect to the Publicly Offered
Certificates 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. In connection with the sale of the Publicly
Offered Certificates, the Registrant also has been informed by 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 Structural Term Sheets and Collateral Term Sheets are being
filed as an exhibit to this report.
The Structural Term Sheets and Collateral Term Sheets attached hereto
have been provided by the Underwriters. The information in the Structural Term
Sheets and 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.
2
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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 Structural Term Sheets and Collateral Term Sheets prepared
by the Underwriters in connection with the sale of the
Publicly Offered Certificates of the Registrant.
3
<PAGE>
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
------------------------------------
Name: David Lazarus
Title: Vice President
Dated: January 21, 1999
4
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INDEX OF EXHIBITS
Exhibit Description
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99.1 Structural Term Sheets and Collateral Term Sheets prepared by the
Underwriters in connection with the sale of the Publicly Offered
Certificates of the Registrant.
5
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Exhibit 99.1
<TABLE>
<CAPTION>
GMAC
AGENCY RATING 99 C1
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<S> <C>
AAA Subordination 31.00%
BBB Subordination 14.50%
Deal Size (millions) $1,362.37
Anticipated Closing Date 2/9/99
Top 10 Loans or Related Loans 34.74%
Top 3 Loans or Related Loans 14.41%
DEAL STATISTICS
Wtd Avg DSCR 1.46
Min. DSCR 1.00
% DSCR < 1.25% 14.49%
Wtd Avg CLTV 70.02%
Max. CLTV 96.34%
% CLTV > 75% 30.87%
% CLTV > 80% 2.01%
PROPERTY TYPES
% Hotel/Hospitality/Lodging 4.20%
% Office 27.80%
% Retail 15.76%
% Multifamily 31.28%
% Industrial 5.25%
% Mobile Home Park 4.14%
% Mixed Use 1.21%
% Skilled Nursing 4.68%
% Assisted Living Facility 1.43%
% Congregate Care 2.41%
% Other 1.84%
----------
100.00%
----------
</TABLE>
Disclaimer:
No securities are being offered by these summary materials. If the securities
described herein or other securities are ultimately offered, they will be
offered only pursuant to a definitive offering circular, and prospective
investors who consider purchasing any such securities should make their
investment decision based only upon the information provided therein and
consultation with their own advisors. 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 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 not pertain to any securities that will actually
be sold. 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. Any information in the material, 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 solely by Goldman, Sachs & Co. Goldman,
Sachs & Co. is acting as underwriter.
<PAGE>
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Top 3
States Where
Property Types Applicable % Deal
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% Lodging
TX 1.413
DC 0.870
OH 0.447
--------
2.730
========
% Office
CA 10.355
NY 5.185
MI 2.975
--------
18.515
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% Retail
NY 4.865
CA 2.529
FL 2.510
--------
9.904
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% Multifamily
CA 4.839
MO 2.330
IA 2.241
--------
9.410
========
% Industrial
CA 2.482
MD 0.671
GA 0.554
--------
3.707
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% Mobile Home park
NV 0.974
CO 0.757
MI 0.660
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2.391
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% Mixed Use
NY 0.660
CA 0.550
--------
1.210
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% Skilled Nursing
PA 2.058
TX 1.471
IL 0.438
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3.967
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% Other
CA 0.681
VT 0.659
GA 0.417
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1.757
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