**Exhibit 99.1**

 

**FIRSTUNION COMMERCIAL MORTGAGE SECURITIES, INC.**

**COMMERCIALMORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-C1**

 

ITEM 12.                                               SecurityOwnership of Certain Beneficial Owners

 

As of December 31, 2003, the following persons were known to theRegistrant to be the registered beneficial owners of more than 5% of theaggregate fractional undivided interest evidenced by each Class of theCertificates referenced below:

 
| **TITLE  OF CLASS** |   | **NAME AND  ADDRESS  OF BENEFICIAL HOLDERS**                                                                   |   | **AMOUNT OF  BENEFICIAL  OWNERSHIP (ORIGINAL  PRINCIPAL)** |       | **% CLASS** |   |
|---------------------|--------|----------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------|------------|-------------|--------|
| Class A2*           |   | Bank of New  York  One Wall Street  New York, NY  10286                                                   |   | $                                                          | 42,395,000 |        | 13     | % |
|                |   |                                                                                                           |   |                                                       |       |        |   |
|                |   | Boston Safe  Deposit and Trust Company  Mellon Trust  525 William Penn Place, Suite 3148  Pittsburgh, PA 15259 |   | $                                                          | 32,100,000 |        | 10     | % |
|                |   |                                                                                                           |   |                                                       |       |        |   |
|                |   | Deutsche  Bank Trust Company Americas  648 Grassmere Park Road  Nashville, TN 37211                            |   | $                                                          | 17,910,000 |        | 5      | % |
|                |   |                                                                                                           |   |                                                       |       |        |   |
|                |   | JPMorgan  Chase Bank  14201 Dallas Parkway  Dallas, TX 75254                                                   |   | $                                                          | 90,425,000 |        | 28     | % |
|                |   |                                                                                                           |   |                                                       |       |        |   |
|                |   | Northern  Trust Company  801 S. Canal Street  Chicago, IL 60607                                                |   | $                                                          | 19,510,000 |        | 6      | % |

 

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|      |   | State Street  Bank and Trust Company  1776 Heritage Drive, Global Corporate Action Unit  N. Quincy, MA 02171 |   | $      | 54,900,000  |   | 17     | % |
|-----------|--------|--------------------------------------------------------------------------------------------------------------|--------|--------|-------------|--------|--------|---|
|      |   |                                                                                                         |   |   |        |   |   |
|      |   | Investors Bank and Trust Co.  200 Clavendar Street, 9th Fl.  Boston, MA 20116                                |   | $      | 32,610,000  |   | 10     | % |
|      |   |                                                                                                         |   |   |        |   |   |
| Class A3* |   | Bank of New  York  One Wall Street  New York, NY 10286                                                       |   | $      | 38,000,000  |   | 9      | % |
|      |   |                                                                                                         |   |   |        |   |   |
|      |   | Citibank,  N.A.  3800 Citibank Center  Tampa, FL 33610                                                       |   | $      | 23,060,000  |   | 5      | % |
|      |   |                                                                                                         |   |   |        |   |   |
|      |   | JPMorgan  Chase Bank  14201 Dallas Parkway  Dallas, TX 75254                                                 |   | $      | 138,567,801 |   | 35     | % |
|      |   |                                                                                                         |   |   |        |   |   |
|      |   | Northern  Trust Company  801 S. Canal Street, 30th Floor  Chicago, IL 60607                                  |   | $      | 21,105,000  |   | 5      | % |
|      |   |                                                                                                         |   |   |        |   |   |
|      |   | State Street  Bank and Trust Company  1776 Heritage Drive, Global Corporate Action Unit  N. Quincy, MA 02171 |   | $      | 107,265,154 |   | 27     | % |
|      |   |                                                                                                         |   |   |        |   |   |
| Class B*  |   | Deutsche  Bank Trust Company Americas  648 Grassmere Park Road    Nashville, TN 37211                   |   | $      | 4,920,000   |   | 6      | % |
|      |   |                                                                                                         |   |   |        |   |   |
|      |   | JPMorgan  Chase Bank  14201 Dallas Parkway  Dallas, TX 75254                                                 |   | $      | 63,907,000  |   | 81     | % |
|      |   |                                                                                                         |   |   |        |   |   |
|      |   | State Street  Bank and Trust Company  1776 Heritage Drive, Global Corporate Action Unit  N. Quincy, MA 02171 |   | $      | 8,000,000   |   | 10     | % |

 

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| Class C* |   | Bank of New  York  One Wall Street  New York, NY 10286                                                                                                            |   | $      | 16,525,000 |   | 23     | % |
|----------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|---|
|     |   |                                                                                                                                                              |   |   |       |   |   |
|     |   | JPMorgan  Chase Bank  14201 Dallas Parkway  Dallas, TX 75254                                                                                                      |   | $      | 39,036,000 |   | 54     | % |
|     |   |                                                                                                                                                              |   |   |       |   |   |
|     |   | Citibank,  N.A.  3800 Citibank Center  Tampa, FL 33610                                                                                                            |   | $      | 7,200,000  |   | 10     | % |
|     |   |                                                                                                                                                              |   |   |       |   |   |
|     |   | Salomon  Smith Barney  Inc./Salomon Brothers  333 W. 34th Street, Third Floor  New York, NY 10001                                                                 |   | $      | 50,000,000 |   | 69     | % |
|     |   |                                                                                                                                                              |   |   |       |   |   |
| Class D* |   | JPMorgan  Chase Bank  14201 Dallas Parkway  Dallas, Texas 75254                                                                                                   |   | $      | 11,925,000 |   | 16     | % |
|     |   |                                                                                                                                                              |   |   |       |   |   |
|     |   | UBS Securities  299 Park Avenue  New York, NY 10171                                                                                                               |   | $      | 43,675,000 |   | 60     | % |
|     |   |                                                                                                                                                              |   |   |       |   |   |
|     |   | State Street  Bank and Trust Company  1776 Heritage Drive, Global Corporate Action Unit  N. Quincy, MA 02171                                                      |   | $      | 5,470,000  |   | 7      | % |
|     |   |                                                                                                                                                              |   |   |       |   |   |
| Class E* |   | LaSalle  National Bank, as Trustee  Criimi Mae Series 1998-C1  Att: Asset Backed Sec. Trust Services  135 S. LaSalle Street, Suite 1625  Chicago, Illinois, 60674 |   | $      | 13,457,000 |   | 68     | % |
|     |   |                                                                                                                                                              |   |   |       |   |   |
|     |   | State Street  Bank and Trust Company  1776 Heritage Drive,  Global Corporate Action Unit  N. Quincy, MA 02171                                                     |   | $      | 6,000,000  |   | 30     | % |

 

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| Class F   |   | Cede &  Co.  55 Water Street  New York, New York 10041                                                                                                        |   | $      | 71,800,000  |   | 100    | % |
|-----------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------|--------|--------|---|
|      |   |                                                                                                                                                              |   |   |        |   |   |
| Class G   |   | LaSalle  National Bank, as Trustee  Criimi Mae Series 1998-C1  Att: Asset Backed Sec. Trust Services  135 S. LaSalle Street, Suite 1625  Chicago, Illinois, 60674 |   | $      | 13,054,813  |   | 100    | % |
|      |   |                                                                                                                                                              |   |   |        |   |   |
| Class H   |   | LaSalle  National Bank, as Trustee  Criimi Mae Series 1998-C1  Att: Asset Backed Sec. Trust Services  135 S. LaSalle Street, Suite 1625  Chicago, Illinois, 60674 |   | $      | 26,106,964  |   | 100    | % |
|      |   |                                                                                                                                                              |   |   |        |   |   |
| Class IO* |   | Bank of New  York  One Wall Street  New York, NY 10286                                                                                                            |   | $      | 120,000,000 |   | 9      | % |
|      |   |                                                                                                                                                              |   |   |        |   |   |
|      |   | Citibank,  N.A.  3800 Citibank Center B3-15  Tampa, Florida  33610                                                                                           |   | $      | 266,000,000 |   | 20     | % |

 

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|    |   | JP Morgan  Chase Bank  14201 Dallas Parkway  Dallas, TX  75254                                                                                               |   | $      | 165,000,000 |   | 12     | %      |
|---------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------|--------|--------|--------|
|    |   |                                                                                                                                                              |   |   |        |   |   |
|    |   | Salmon Smith  Barney Inc./Salmon Brothers  333 w. 34th Street  3rd Floor  New York, NY  10001                                                                |   | $      | 330,755,224 |   | 25     | %      |
|    |   |                                                                                                                                                              |   |   |        |   |   |
|    |   | State Street  Bank and Trust Company  1776 Heritage Drive, Global Corporate Action Unit  N. Quincy, MA 02171                                                      |   | $      | 76,401,000  |   | 5      | %      |
|    |   |                                                                                                                                                              |   |   |        |   |   |
|    |   | Bear Stearn  & Co. Inc.  One Metrotech Center North, 4th Fl.  Brooklyn, NY 11201-3862                                                                         |   | $      | 104,000,000 |   | 8      | %      |
|    |   |                                                                                                                                                              |   |   |        |   |   |   |
|    |   | Wachovia Securities,  Inc.  8739 Research Drive  Charlotte, NC 28262                                                                                              |   | $      | 203,030,000 |   | 15     | %      |
|    |   |                                                                                                                                                              |   |   |        |   |   |
| Class J |   | LaSalle  National Bank, as Trustee  Criimi Mae Series 1998-C1  Att: Asset Backed Sec. Trust Services  135 S. LaSalle Street, Suite 1625  Chicago, Illinois, 60674 |   | $      | 13,054,483  |   | 100    | %      |
|    |   |                                                                                                                                                              |   |   |        |   |   |
| Class K |   | LaSalle  National Bank, as Trustee  Criimi Mae Series 1998-C1  Att: Asset Backed Sec. Trust Services  135 S. LaSalle Street, Suite 1625  Chicago, Illinois, 60674 |   | $      | 26,208,964  |   | 100    | %      |

 

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*As of December 31, 2003, thesecurity ownership of the referenced class of certificates was registered onthe books and records of the Trustee to “Cede & Co.”, the Depository TrustCompany’s nominee.  The beneficialownership of such class disclosed herein is based on a security positionslisting of The Depository Trust Company as of December 31, 2003.

 

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