


                       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: JuneJuly 168, 2005
                                                  ---------------------------------
                        (date of earliest event reported)



                    GMAC COMMERCIAL MORTGAGE SECURITIES, INC.
                    -----------------------------------------
               (Exact name of Registrant as Specified in Charter)

                        Delaware                                   333-123974-01                          23-2811925
                        --------                                   -------------                          ----------
                  (State or Other                             (Commission                      (I.R.S. Employer
  Jurisdiction of Incorporation)             File Number)                Identification Number)


                                 200 Witmer Road
                                 ---------------
                           Horsham, Pennsylvania 19044
                           ---------------------------
                    (Address of Principal Executive Offices)
                                   (Zip Code)

       Registrant's telephone number, including area code: (215) 328-3164
                                                           --------------
                                 Not Applicable
                                 --------------
          (Former Name or Former Address, if Changed Since Last Report)






Items 1 and items 3 through 8 are not included because they are not applicable.

Item 2.01         Acquisition or Disposition of Assets
------------------------------------------------------

                  On June 16, 2005, a single series of certificates, entitled
GMAC Commercial Mortgage Securities, Inc., Mortgage Pass-Through Certificates,
Series 2005-C1 (the "Certificates"), was issued pursuant to a Pooling and
Servicing Agreement (the "Pooling and Servicing Agreement"), attached hereto as
Exhibit 4.1, dated as of June 1, 2004, among GMAC Commercial Mortgage
Securities, Inc., as depositor (the "Depositor"), GMAC Commercial Mortgage
Corporation ("GMACCM"), as master servicer, whole loan paying agent and special
servicer and Wells Fargo Bank, N.A., as trustee. The Certificates consist of
twenty-five classes identified as the "Class X-1 Certificates," the "Class X-2
Certificates," the "Class A-1A Certificates," the "Class A-1 Certificates," the
"Class A-2 Certificates," the "Class A-3 Certificates," the "Class A-4
Certificates," the "Class A-5 Certificates," the "Class A-M Certificates," the
"Class A-J Certificates," the "Class B Certificates," the "Class C
Certificates," the "Class D Certificates," the "Class E Certificates," the
"Class F Certificates," the "Class G Certificates," the "Class H Certificates,"
the "Class J Certificates," the "Class K Certificates," the "Class L
Certificates," the "Class M Certificates," the "Class N Certificates," the
"Class O Certificates," the "Class P Certificates," the "Class Q Certificates,"
the "Class W Certificates," the "Class R-I Certificates," the "Class R-II
Certificates" and the "Class R-III Certificates," respectively, and were issued
in exchange for, and evidence the entire beneficial ownership interest in, the
assets of a trust fund (the "Trust Fund") consisting primarily of a pool of
commercial and multifamily mortgage loans (the "Mortgage Loans"). The Mortgage
Loans, as of the due date of each such Mortgage Loan in June 2005 (each, the
"Cut-off Date"), have an aggregate principal balance of $1,597,857,328 (the
"Initial Pool Balance"), after taking into account all payments of principal due
on Mortgage Loans on or before such date, whether or not received. The Depositor
acquired certain of the Trust Fund assets from GMAC Commercial Mortgage
Corporation ("GMACCM") pursuant to a mortgage loan purchase agreement, dated
June 3, 2005, between GMACCM as seller and the Depositor as purchaser. The
Depositor acquired certain of the Trust Fund assets from Morgan Stanley Mortgage
Capital Inc. ("MSMC") pursuant to a mortgage loan purchase agreement, dated June
3, 2005, between MSMC as seller and the Depositor as purchaser. The Depositor
acquired certain of the Trust Fund assets from German American Capital
Corporation ("GACC") pursuant to a mortgage loan purchase agreement, dated June
3, 2005, between GACC as seller and the Depositor as purchaser. The Depositor
sold the Class A-1, Class A-1A, Class A-2, Class A-3, Class A-4, Class A-5,
Class X-2, Class A-M, Class A-J, Class B, Class C and Class D Certificates to
Morgan Stanley & Co. Incorporated ("Morgan"), Deutsche Bank Securities Inc.
("DB"), GMAC Commercial Holding Capital Corp. ("GMACCH" and, with Morgan, and DB
in such capacity, the "Underwriters") pursuant to an underwriting agreement
dated June 3, 2005 among the Underwriters, GMACCM and the Depositor, attached
hereto as Exhibit 1.1. The Depositor sold the Class X-1, Class E, Class F, Class
G, Class H, Class J, Class K, Class L, Class M, Class N, Class O, Class P and
Class Q Certificates to Morgan and DB pursuant to a certificate purchase
agreement each dated June 3, 2005. The Depositor sold the Class R-I, Class R-II
and Class R-III Certificates to Credit Suisse First Boston LLC. The Depositor
sold the Class W Certificate to Commercial Asset Trading, Inc.

                  Each of Class X-1 and Class X-2 Certificates will not have an
initial certificate balance ("Certificate Balance"), but will represent the
right to receive distributions of interest accrued as provided in the Pooling
and Servicing Agreement on a hypothetical or notional amount (a "Notional
Amount") equal to $1,597,857,327 and $1,490,771,000, respectively. The Class A-1

                                      
                                   -2-





Certificates will have an initial Certificate Balance of $61,200,000. The Class
A-1A Certificates will have an initial Certificate Balance of $344,507,000. The
Class A-2 Certificates will have an initial Certificate Balance of $300,000,000.
The Class A-3 Certificates will have an initial Certificate Balance of
$187,300,000. The Class A-4 Certificates will have an initial Certificate
Balance of $68,100,000. The Class A-5 Certificates will have an initial
Certificate Balance of $157,393,000. The Class A-M Certificates will have an
initial Certificate Balance of $159,785,000. The Class A-J Certificates will
have an initial Certificate Balance of $127,829,000. The Class B Certificates
will have an initial Certificate Balance of $33,954,000. The Class C
Certificates will have an initial Certificate Balance of $11,984,000. The Class
D Certificates will have an initial Certificate Balance of $23,968,000. The
Class E Certificates will have an initial Certificate Balance of $15,979,000.
The Class F Certificates will have an initial Certificate Balance of
$15,978,000. The Class G Certificates will have an initial aggregate Certificate
Balance of $15,979,000. The Class H Certificates will have an initial
Certificate Balance of $19,973,000. The Class J Certificates will have an
initial Certificate Balance of $5,992,000. The Class K Certificates will have an
initial Certificate Balance of $5,992,000. The Class L Certificates will have an
initial Certificate Balance of $7,989,000. The Class M Certificates will have an
initial Certificate Balance of $3,995,000. The Class N Certificates will have an
initial Certificate Balance of $3,995,000. The Class O Certificates will have an
initial Certificate Balance of $3,994,000. The Class P Certificates will have an
initial Certificate Balance of $21,971,327. The Class Q, Class W, Class R-I,
Class R-II and Class R-III Certificates each have an initial Certificate Balance
of $0.

                  Capitalized terms used herein and not otherwise defined shall
have the meanings assigned to them in the Pooling and Servicing Agreement.





                                      













                                        -3-




Item 9.01.  Financial Statements, Pro Forma Financial Information and Exhibits
------------------------------------------------------------------------------

(a)   Not applicable.

(b)   Not applicable.

(c)   Exhibits:

     1.1  Underwriting Agreement, dated as of June 3, 2005, among GMAC
          Commercial Mortgage Securities, Inc. as seller, GMAC Commercial
          Mortgage Corporation, Morgan Stanley & Co. Incorporated , Deutsche
          Bank Securities Inc. and GMAC Commercial Holding Capital Corp., as
          underwriters.

              4.1        Pooling and Servicing Agreement, dated as of June 1, 2004, 
                  among GMAC
           Commercial Mortgage Securities, Inc. as depositor, 
                  GMAC Commercial
           Mortgage Corporation as master servicer, whole 
                  loan paying agent and
           special servicer and Wells Fargo Bank, 
                  N.A., as trustee.

     99.1 Mortgage Loan Purchase Agreement, dated as of June 3, 2005, between
          GMAC Commercial Mortgage Corporation as seller and GMAC Commercial
          Mortgage Securities, Inc. as purchaser.

     99.2 Mortgage Loan Purchase Agreement, dated as of June 3, 2005, between
          German American Capital Corporation as seller and GMAC Commercial
          Mortgage Securities, Inc. as purchaser.

     99.3 Mortgage Loan Purchase Agreement, dated as of June 3, 2005, between
          Morgan Stanley Mortgage Capital Inc. as seller and GMAC Commercial
          Mortgage Securities, Inc. as purchaser.













                                      -4-






                                   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



                                                                                               By:   /s/Victor Diaso
                                                                                                       ---------------------------------
                                                                                                        Name:   Victor Diaso
                                                                                                        Title: Vice President




Date:    July June 287, 2005








EXHIBIT INDEX

Exhibit No.           Description of Exhibit
-----------           ----------------------

       1.1     Underwriting Agreement, dated as of June 3, 2005, among GMAC
               Commercial Mortgage Securities, Inc. as seller, GMAC Commercial
               Mortgage Corporation, Morgan Stanley & Co. Incorporated ,
               Deutsche Bank Securities Inc. and GMAC Commercial Holding Capital
               Corp., as underwriters.

                4.1           Pooling and Servicing Agreement, dated as of June 1, 2005, among
                                 among GMAC Commercial Mortgage Securities, Inc. as 
                  depositor, GMAC
                Commercial Mortgage Corporation as master 
                  servicer, whole loan
                paying agent and special servicer and 
                  Wells Fargo Bank, N.A., as
                trustee.

       99.1    Mortgage Loan Purchase Agreement, dated as of June 3, 2005,
               between GMAC Commercial Mortgage Corporation as seller and GMAC
               Commercial Mortgage Securities, Inc. as purchaser.

       99.2    Mortgage Loan Purchase Agreement, dated as of June 3, 2005,
               between German American Capital Corporation as seller and GMAC
               Commercial Mortgage Securities, Inc. as purchaser.

       99.3    Mortgage Loan Purchase Agreement, dated as of June 3, 2005,
               between Morgan Stanley Mortgage Capital Inc. as seller and GMAC
               Commercial Mortgage Securities, Inc. as purchaser.
Filing Compare · GMAC Commercial Mortgage Securities, Inc. Series 2005-C1 Trust
