8-K 1 fun99c01_sep.txt SEPTEMBER 8K UNITED STATES 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: September 16, 2004 (Date of earliest event reported) Commission File No.: 333-48943-02 First Union Commercial Mortgage Trust Commercial Mortgage Pass-Through Certificates FUNB Series 1999-C1 (Exact name of registrant as specified in its charter) New York (governing law of Pooling and Servicing Agreement) (State of Incorporation) 52-2154857 52-2154872 52-2154873 52-2154874 (I.R.S. Employer Identification No.) c/o Wells Fargo Bank, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices) (Zip Code) (410) 884-2000 Registrant's Full Telephone Number (Former name, former address and former fiscal year, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17 CFR 240.13e-4(c)) ITEM 8.01 Other Events On September 16, 2004, a distribution was made to holders of First Union Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, FUNB Series 1999-C1. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description (EX-99.1) Monthly report distributed to holders of Commercial Mortgage Pass-Through Certificates, FUNB Series 1999-C1, relating to the September 16, 2004 distribution. 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. First Union Commercial Mortgage Trust Commercial Mortgage Pass-Through Certificates FUNB Series 1999-C1 (Registrant) By: Wells Fargo Bank, N.A. as Trustee By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: September 16, 2004 INDEX TO EXHIBITS Exhibit Number Description (EX-99.1) Monthly report distributed to holders of Commercial Mortgage Pass-Through Certificates, FUNB Series 1999-C1, relating to the September 16, 2004 distribution. Wells Fargo Bank, N.A. Corporate Trust Services 9062 Old Annapolis Road Columbia, MD 21045-1951 First Union Commercial Mortgage Trust Commercial Mortgage Pass-Through Certificates FUNB Series 1999-C1 For Additional Information, please contact CTSLink Customer Service (301) 815-6600 Reports Available on the World Wide Web @ www.ctslink.com/cmbs Payment Date: September 16, 2004 Record Date: August 31, 2004 DISTRIBUTION DATE STATEMENT Table of Contents STATEMENT SECTIONS PAGE(s) Certificate Distribution Detail 2 Certificate Factor Detail 3 Reconciliation Detail 4 Other Required Information 5 Cash Reconciliation 6 Ratings Detail 7 Current Mortgage Loan and Property Stratification Tables 8 - 10 Mortgage Loan Detail 11 - 18 Principal Prepayment Detail 19 Historical Detail 20 Delinquency Loan Detail 21 Specially Serviced Loan Detail 22 - 25 Modified Loan Detail 26 Liquidated Loan Detail 27 Underwriter First Union Capital Markets One First Union Center 301 South College Street Charlotte, NC 28288 Contact: Craig M. Lieberman Phone Number: (704) 383-7407 Master Servicer First Union National Bank Charlotte Plaza, Floor 23 NC-1075 201 South College Street Charlotte, NC 28288 Contact: Timothy S. Ryan Phone Number: (704) 593-7878 Special Servicer Lennar Partners, Inc. 760 N.W. 107th Avenue Miami, FL 33172 Contact: Steve Bruha Phone Number: (305) 229-6614 This report has been compiled from information provided to Wells Fargo Bank, N.A. by various third parties, which may include the Servicer, Master Servicer, Special Servicer and others. Wells Fargo Bank, N.A. has not independently confirmed the accuracy of information received from these third parties and assumes no duty to do so. Wells Fargo Bank, N.A. expressly disclaims any responsibility for the accuracy or completeness of information furnished by third parties. Copyright 2004, Wells Fargo Bank, N.A.

Appraisal Reduction Amount None Cash Reconciliation Detail Total Funds Collected Interest: Scheduled Interest 6,326,199.76 Interest reductions due to Nonrecoverability Determinations 0.00 Interest Adjustments 0.00 Deferred Interest 0.00 Net Prepayment Interest Shortfall 0.00 Net Prepayment Interest Excess 0.00 Extension Interest 0.00 Interest Reserve Withdrawal 0.00 Total Interest Collected 6,326,199.76 Principal: Scheduled Principal 1,587,451.55 Unscheduled Principal 499,965.00 Principal Prepayments 0.00 Collection of Principal after Maturity Date 0.00 Recoveries from Liquidation and Insurance Proceeds 0.00 Excess of Prior Principal Amounts paid 0.00 Curtailments 499,965.00 Negative Amortization 0.00 Principal Adjustments 0.00 Total Principal Collected 2,087,416.55 Other: Prepayment Penalties/Yield Maintenance 0.00 Repayment Fees 0.00 Borrower Option Extension Fees 0.00 Equity Payments Received 0.00 Net Swap Counterparty Payments Received 0.00 Total Other Collected: 0.00 Total Funds Collected 8,413,616.31 Total Funds Distributed Fees: Master Servicing Fee 37,629.19 Trustee Fee 1,748.45 Certificate Administration Fee 0.00 Insurer Fee 0.00 Miscellaneous Fee 0.00 Total Fees 39,377.64 Additional Trust Fund Expenses: Reimbursement for Interest on Advances 0.00 ASER Amount 0.00 Special Servicing Fee 10,502.21 Rating Agency Expenses 0.00 Attorney Fees & Expenses 0.00 Bankruptcy Expense 0.00 Taxes Imposed on Trust Fund 0.00 Non-Recoverable Advances 0.00 Other Expenses 0.00 Total Additional Trust Fund Expenses 10,502.21 Interest Reserve Deposit 0.00 Payments to Certificateholders & Others: Interest Distribution 6,276,273.94 Principal Distribution 2,087,416.55 Prepayment Penalties/Yield Maintenance 0.00 Borrower Option Extension Fees 0.00 Equity Payments Paid 0.00 Net Swap Counterparty Payments Paid 0.00 Total Payments to Certificateholders & Others 8,363,690.49 Total Funds Distributed 8,413,570.34

Net Remaining Loan Operating DSCR Note Maturity Amortization Number Income Date DSCR Date Date Term 255999739 289,182.00 03/31/2004 0.95 08/01/1998 07/01/2008 285 255999619 191,726.63 06/30/2001 0.59 09/01/1998 08/01/2008 226 255999583 758,725.22 12/31/2003 1.36 07/01/1998 06/01/2008 284 255999894 434,525.38 12/31/2003 0.94 11/01/1998 10/01/2005 288 255999877 7,086.49 06/30/2003 0.03 10/01/1998 09/01/2008 227 430000002 814,200.65 12/31/2003 2.00 09/01/1998 07/01/2008 166 255999617 249,195.00 12/31/2003 1.14 07/01/1998 06/01/2008 224 895096258 31,925.39 09/30/2003 0.26 06/01/1998 05/01/2023 223 (1) Resolution Strategy Code 1 - Modification 2 - Foreclosure 3 - Bankruptcy 4 - Extension 5 - Note Sale 6 - DPO 7 - REO 8 - Resolved 9 - Pending Return to Master Servicer 10 - Deed in Lieu Of Foreclosure 11 - Full Payoff 12 - Reps and Warranties 13 - Other or TBD (2) Property Type Code MF - Multi-Family RT - Retail HC - Health Care IN - Industrial WH - Warehouse MH - Mobile Home Park OF - Office MU - Mixed Use LO - Lodging SS - Self Storage OT - Other

Specially Serviced Loan Detail - Part 2 Offering Document Resolution Site Other REO Loan Cross Strategy Inspection Phase 1 Appraisal Appraisal Property Number Reference Code (1) Date Date Date Value Revenue 255999739 13 13 06/01/1998 19,400,000.00 255999619 41 1 03/06/1998 10,400,000.00 255999583 49 7 02/09/1998 9,200,000.00 255999894 56 13 06/16/1998 7,600,000.00 255999877 71 13 04/23/1998 9,300,000.00 430000002 79 13 01/01/1998 5,700,000.00 255999617 157 13 04/06/1998 3,400,000.00 895096258 205 13 02/17/1998 2,000,000.00

Loan Number Comments from Special Servicer 255999739 Borrower is unable to keep the loan current due to cash flow problems. 255999619 Loan is generally 30-60 days delinquent. Issues remain due to lower average daily rate than at loan origination, although occupancy has generally picked up to close to pre 2001 levels. Holiday Inn Franchise agreement expires in 2006, and negotiations to r enew are in process. Borrower is seeking to refinance this loan and will use proceeds form other hotel refinancing to cover shortfall in new debt on this property (no assurance that the new loan will close). Working with Borrower to bring this loan curren t or payoff this loan. 255999583 Apart from outparcels, property's highest and best use may be conversion to industrial/warehouse or a land play for redevelopement to multi-family housing. Ordering survey to verify property boundry and obtaining BOVs and sale comps as improved andland v alue. 255999894 Property is not generating sufficient funds to continue to make full P&I payments. Discussing the possibility of an interest only or a pay & accrue structure. 255999877 Borrower transferred property without Lender consent. Provided $800,000 of seller financing and filed a second lien on the property. 430000002 On June 1, 2004 the partnership removed the old General Manager, alleging mis-management and accounting inconsistencies, and appointed a new General Manager. The new General Manager has reported all repairs associated with the hurricane damage have been completed. A property condition report has been requested. The new GM is requesting payment relief to increase property improvement funds. 255999617 Further evaluation necessary. 895096258 The Borrower's attorney is still evaluating their alternatives. In the meantime, they are keeping the loan current. (1) Resolution Strategy Code 1 - Modification 2 - Foreclosure 3 - Bankruptcy 4 - Extension 5 - Note Sale 6 - DPO 7 - REO 8 - Resolved 9 - Pending Return to Master Servicer 10 - Deed in Lieu Of Foreclosure 11 - Full Payoff 12 - Reps and Warranties 13 - Other or TBD

Modified Loan Detail No Modified Loans

FIRST UNION COMM MORT TRUST COMM MOR PAS THR CER SER 1999-C1 8-K