8-K 1 fun99c01_10502.txt 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: February 17, 2005 (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 February 17, 2005, 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 February 17, 2005 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: February 17, 2005 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 February 17, 2005 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: February 17, 2005 Record Date: January 31, 2005 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 - 24 Modified Loan Detail 25 Liquidated Loan Detail 26 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 Wachovia Bank, National Association 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 2005, Wells Fargo Bank, N.A.

Cash Reconciliation Detail Total Funds Collected Interest: Scheduled Interest 6,188,853.38 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 6,188,853.38 Principal: Scheduled Principal 1,618,450.21 Unscheduled Principal 19,888,295.55 Principal Prepayments 19,888,295.55 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 21,506,745.76 Other: Prepayment Penalties/Yield Maintenance 796,457.06 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: 796,457.06 Total Funds Collected 28,492,056.20 Total Funds Distributed Fees: Master Servicing Fee 36,841.92 Trustee Fee 1,711.98 Certificate Administration Fee 0.00 Insurer Fee 0.00 Miscellaneous Fee 0.00 Total Fees 38,553.90 Additional Trust Fund Expenses: Reimbursement for Interest on Advances 0.00 ASER Amount 20,067.30 Special Servicing Fee 6,877.07 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 6,736.45 Total Additional Trust Fund Expenses 33,680.82 Interest Reserve Deposit 167,151.30 Payments to Certificateholders & Others: Interest Distribution 5,949,467.38 Principal Distribution 21,506,745.76 Prepayment Penalties/Yield Maintenance 796,457.06 Borrower Option Extension Fees 0.00 Equity Payments Paid 0.00 Net Swap Counterparty Payments Paid 0.00 Total Payments to Certificateholders & Others 28,252,670.20 Total Funds Distributed 28,492,056.22

Net Remaining Loan Operating DSCR Note Maturity Amortization Number Income Date DSCR Date Date Term 255999739 595,801.08 06/30/2004 0.98 08/01/1998 07/01/2008 280 255999583 758,725.22 12/31/2003 1.36 07/01/1998 06/01/2008 279 255999894 434,525.38 12/31/2003 0.94 11/01/1998 10/01/2005 283 430000002 814,200.65 12/31/2003 2.00 09/01/1998 07/01/2008 161 (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 7 06/01/1998 19,400,000.00 255999583 49 7 05/24/2004 3,800,000.00 255999894 56 13 06/08/2001 4,700,000.00 430000002 79 13 08/02/2004 7,600,000.00

Loan Number Comments from Special Servicer 255999739 REO on January 5, 2005. Lane Management Company appointed as the Property Manager. Lane evaluating the existing deferred maintenance. Occupancy at 92%. Due to the fact that the property is stable, we recommended to put it in the market for disposition. 255999583 Awaiting Chuckee-Cheese reply to our counter offer. C&H Steakhouse never replied to our counter offer. C&H Steakhouse also has the right of first refusal. 255999894 Property is not generating sufficient funds to continue to make full P&I payments. Negotiations ongoing with the borrower. 430000002 Loan was transferred January 23, 2004. Borrower's request for debt relief or additional financing has been rejected. Loan remains current with a DSC of 1.8. (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