8-K 1 fun99c01.txt JUNE 8-K 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: June 17, 2004 (Date of earliest event reported) Commission File No.: 333-48943-02 First Union Commercial Mortgage Trust Commercial Mortgage Pass-Through Certificates Series FUNB 1999-C1 (Exact name of registrant as specified in its charter) New York (governing law of Pooling and Servicing Agreement) (State of Incorporation) 52-2154872 52-2154874 52-2154873 52-2154857 (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) ITEM 5. Other Events On June 17, 2004, a distribution was made to holders of First Union Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, FUNB Series 1999-C1. ITEM 7. Financial Statements and Exhibits (c) Exhibits Item 601(a) of Regulation S-K Exhibit Number Description (EX-99.1) Monthly report distributed to holders of Commercial Mortgage Pass-Through Certificates, Series FUNB 1999-C1, relating to the June 17, 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 Series FUNB 1999-C1 By: Wells Fargo Bank, N.A. as Trustee By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: June 17, 2004 INDEX TO EXHIBITS Exhibit Number Description (EX-99.1) Monthly report distributed to holders of Commercial Mortgage Pass-Through Certificates, Series FUNB 1999-C1, relating to the June 17, 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 Series FUNB 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: June 17, 2004 Record Date: May 28, 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 6,396,902.81 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 6,396,902.81 Principal: Scheduled Principal 1,976,969.83 Unscheduled Principal 1,341,255.43 Principal Prepayments 1,341,255.43 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 0.00 Negative Amortization 0.00 Principal Adjustments 0.00 Total Principal Collected 3,318,225.26 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 9,715,128.07 Total Funds Distributed Fees: Master Servicing Fee 38,051.66 Trustee Fee 1,767.16 Certificate Administration Fee 0.00 Insurer Fee 0.00 Miscellaneous Fee 0.00 Total Fees 39,818.82 Additional Trust Fund Expenses: Reimbursement for Interest on Advances 0.00 ASER Amount 0.00 Special Servicing Fee 4,973.90 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 (333,259.11) Total Additional Trust Fund Expenses (328,285.21) Interest Reserve Deposit 0.00 Payments to Certificateholders & Others: Interest Distribution 6,685,369.14 Principal Distribution 3,318,225.26 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 10,003,594.40 Total Funds Distributed 9,715,128.01

Net Remaining Loan Operating DSCR Note Maturity Amortization Number Income Date DSCR Date Date Term 255999619 191,726.63 06/30/2001 0.59 09/01/1998 08/01/2008 229 255999583 758,725.22 12/31/2003 1.36 07/01/1998 06/01/2008 287 255999894 434,525.38 12/31/2003 0.94 11/01/1998 10/01/2005 291 430000002 814,200.65 12/31/2003 2.00 09/01/1998 07/01/2008 169 255999682 220,254.11 12/31/2000 0.56 07/01/1998 06/01/2013 167 255999746 312,515.13 12/31/2001 1.27 08/01/1998 07/01/2008 228 895096258 31,925.39 09/30/2003 0.26 06/01/1998 05/01/2023 226 (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 255999619 41 1 03/06/1998 10,400,000.00 255999583 49 2 02/09/1998 9,200,000.00 255999894 56 13 06/16/1998 7,600,000.00 430000002 79 13 01/01/1998 5,700,000.00 255999682 85 7 07/01/2002 3,000,000.00 255999746 132 2 05/26/1998 3,950,000.00 895096258 205 2 02/17/1998 2,000,000.00

Loan Number Comments from Special Servicer 255999619 Borrowers brought loan current to June 1, 2004 by infusing over $400,000 of cash into partnership. The property still suffers from low ADR and the winter slow season generally causes cashflow shortage. Borrower has not paid past due default interestand la te charges and there remains a dispute with GE Capital as to who has the security interest on the furniture and fixtures at the property. Borrower also had a related entity take out a loan on the FF&E in 2000 and that subordinate loan in in default. Slow season October to March. Borrower is considering closing restautrant and leasing it to third party. Holiday Inn franchise expires in 2008. Leasing restaurant to third party (will reduce losses). 255999583 Borrower has submitted information requested through correspondence, but failed to return any phone calls. Legal counsel has been retained in order to begin foreclosing and protect the Lender's rights. Garden Ridge, the single tenant, filed for bankrupt cy and it is unclear if the Borrower has filed any claims to date. 255999894 5/11- Wacammaw space remains vacant and the borrower has been unable to lure any credit tenants to this location. The property is well located on Eastern Blvd., but most retailers are moving further out. Property is 43% occupied as of 5/11. Borrower state s that they have not been able to land a decent tenant after marketing to many big box retailers. They currently have cash reserves that will last until approximately Sept. '04. The sponsors are Aronov and a life company, and neither want to fund any shor tfalls beyond the reserve funds. Borrower is submitting a proposal, which will probably lead to a transfer to the Special Servicer. 430000002 The lender is currently in discussions with the borrower regarding a potential modification. Insurance company has confirmed that a claim was never filed for any damage to the property. Borrower is unable to explain the reason why. Legal counsel has be en retained. The collateral property incurred structural damage during Hurricane Isabel. The city had issued an Order to Vacate and was in the process closing the hotel. The borrower has been working with the city and has completed the minimum amount o f work required in order to keep the hotel open. 255999682 Contract fully executed with a closing date of 5/15/04. 255999746 Borrower decided to keep the property. Lender determined that the loan was transferred without consent right after origination. Borrower is trying to renegotiate the mortgage and has not kept the loan current. Foreclosure was filed. 895096258 Loan due for the June payment. Borrower is trying to determine if they can refinance and, if so, how much they can pay Lender to satisfy debt with a partial payment to the prepayment premium. (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