**Exhibit99.1**

 

**FIRST UNION COMMERCIAL MORTGAGE SECURITIES, INC.**

**COMMERCIAL MORTGAGE PASS-THROUGHCERTIFICATES, SERIES 1997-C1**

 

ITEM12.           SecurityOwnership of Certain Beneficial Owners

 

As of December 31, 2002,the following persons were known to the Registrant to be the registeredbeneficial owners of more than 5% of the aggregate fractional undividedinterest evidenced by each Class of the Certificates 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                                                    |   | $                                                         | 38,015,000 |        | 11.95  | % |
|               |   |                                                                                                           |   |                                                      |       |        |   |
|               |   | Boston Safe Deposit and Trust  Company  Mellon Trust  525 William Penn Place, Suite 3148  Pittsburgh, PA 15259 |   | $                                                         | 41,945,000 |        | 13.19  | % |
|               |   |                                                                                                           |   |                                                      |       |        |   |
|               |   | Deutsche Bank Trust Company  Americas  648 Grassmere Park Road  Nashville, TN 37211                            |   | $                                                         | 44,750,000 |        | 14.07  | % |
|               |   |                                                                                                           |   |                                                      |       |        |   |
|               |   | JPMorgan Chase Bank  14201 Dallas Parkway  Dallas, TX 75254                                                    |   | $                                                         | 92,705,000 |        | 5.15   | % |
|               |   |                                                                                                           |   |                                                      |       |        |   |
|               |   | Northern Trust Company  801 S. Canal Street  Chicago, IL 60607                                                 |   | $                                                         | 19,495,000 |        | 6.13   | % |
|               |   |                                                                                                           |   |                                                      |       |        |   |
|               |   | State Street Bank and Trust  Company  1776 Heritage Drive, Global  Corporate Action Unit  N. Quincy, MA 02171  |   | $                                                         | 29,540,000 |        | 9.29   | % |

 

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| Class A3* |   | Bank of New York  One Wall Street  New York, NY 10286                                                          |   | $      | 63,237,000 |   | 15.98  | % |
|-----------|--------|----------------------------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|---|
|      |   |                                                                                                           |   |   |       |   |   |
|      |   | Boston Safe Deposit and Trust  Company  Mellon Trust  525 William Penn Place, Suite 3148  Pittsburgh, PA 15259 |   | $      | 20,950,000 |   | 5.29   | % |
|      |   |                                                                                                           |   |   |       |   |   |
|      |   | Citibank, N.A.  3800 Citibank Center  Tampa, FL 33610                                                          |   | $      | 23,390,000 |   | 5.91   | % |
|      |   |                                                                                                           |   |   |       |   |   |
|      |   | Deutsche Bank Trust Company  Americas  648 Grassmere Park Road  Nashville, TN 37211                            |   | $      | 32,200,000 |   | 8.14   | % |
|      |   |                                                                                                           |   |   |       |   |   |
|      |   | JPMorgan Chase Bank  14201 Dallas Parkway  Dallas, TX 75254                                                    |   | $      | 99,715,000 |   | 25.19  | % |
|      |   |                                                                                                           |   |   |       |   |   |
|      |   | Northern Trust Company  801 S. Canal Street, 30th Floor  Chicago, IL 60607                                     |   | $      | 26,200,000 |   | 6.62   | % |
|      |   |                                                                                                           |   |   |       |   |   |
|      |   | State Street Bank and Trust  Company  1776 Heritage Drive, Global  Corporate Action Unit  N. Quincy, MA 02171  |   | $      | 76,475,000 |   | 19.32  | % |
|      |   |                                                                                                           |   |   |       |   |   |
| Class B*  |   | Deutsche Bank Trust Company  Americas  648 Grassmere Park Road  Nashville, TN 37211                            |   | $      | 4,920,000  |   | 6.28   | % |
|      |   |                                                                                                           |   |   |       |   |   |
|      |   | JPMorgan Chase Bank  14201 Dallas Parkway  Dallas, TX 75254                                                    |   | $      | 63,907,000 |   | 81.59  | % |

 

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|     |   | State Street Bank and Trust  Company  1776 Heritage Drive, Global  Corporate Action Unit  N. Quincy, MA 02171 |   | $      | 8,000,000  |   | 10.21  | % |
|----------|--------|---------------------------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|---|
|     |   |                                                                                                          |   |   |       |   |   |
| Class C* |   | Bank of New York  One Wall Street  New York, NY 10286                                                         |   | $      | 21,425,000 |   | 29.84  | % |
|     |   |                                                                                                          |   |   |       |   |   |
|     |   | JPMorgan Chase Bank  14201 Dallas Parkway  Dallas, TX 75254                                                   |   | $      | 39,036,000 |   | 54.37  | % |
|     |   |                                                                                                          |   |   |       |   |   |
|     |   | State Street Bank and Trust  Company  1776 Heritage Drive,  Global Corporate Action Unit  N. Quincy, MA 02171 |   | $      | 5,600,000  |   | 7.80   | % |
|     |   |                                                                                                          |   |   |       |   |   |
| Class D* |   | Bank of New York  One Wall Street  New York, NY 10286                                                         |   | $      | 13,520,000 |   | 18.83  | % |
|     |   |                                                                                                          |   |   |       |   |   |
|     |   | JPMorgan Chase Bank  14201 Dallas Parkway  Dallas, Texas 75254                                                |   | $      | 30,745,000 |   | 42.82  | % |
|     |   |                                                                                                          |   |   |       |   |   |
|     |   | Salomon Smith Barney  Inc./Salomon Brothers  333 W. 34th Street, Third Floor  New York, NY 10001              |   | $      | 8,875,000  |   | 12.36  | % |
|     |   |                                                                                                          |   |   |       |   |   |
|     |   | State Street Bank and Trust  Company  1776 Heritage Drive,  Global Corporate Action Unit  N. Quincy, MA 02171 |   | $      | 4,180,000  |   | 5.82   | % |
|     |   |                                                                                                          |   |   |       |   |   |
| Class E* |   | LaSalle Bank National Association  135 S. LaSalle Street  Chicago, IL 60603                                   |   | $      | 7,732,000  |   | 39.49  | % |

 

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|      |   | State Street Bank and Trust  Company  1776 Heritage Drive,  Global Corporate Action Unit  N. Quincy, MA 02171                                                     |   | $      | 6,000,000   |   | 30.64  | % |
|-----------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------|--------|--------|---|
|      |   |                                                                                                                                                              |   |   |        |   |   |
|      |   | Wachovia Securities, Inc.  8739 Research Drive  Charlotte, NC 28262                                                                                               |   | $      | 5,725,000   |   | 29.24  | % |
|      |   |                                                                                                                                                              |   |   |        |   |   |
| 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 |   | $      | 26,108,964  |   | 100    | % |
|      |   |                                                                                                                                                              |   |   |        |   |   |
| Class IO* |   | Bank of New York  One Wall Street  New York, NY 10286                                                                                                             |   | $      | 120,000,000 |   | 9.19   | % |
|      |   |                                                                                                                                                              |   |   |        |   |   |
|      |   | Citibank, N.A.  3800 Citibank Center B3-15  Tampa, Florida  33610                                                                                            |   | $      | 266,000,000 |   | 20.38  | % |
|      |   |                                                                                                                                                              |   |   |        |   |   |
|      |   | JP Morgan Chase Bank  14201 Dallas Parkway  Dallas, TX  75254                                                                                                |   | $      | 165,000,000 |   | 12.64  | % |

 

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|    |   | LBI-Lehman Government Securities  Inc. (LBI)  101 Hudson Street  30th Floor  Jersey City, NJ  07302                                                          |   | $      | 98,500,000  |   | 7.55   | % |
|---------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------|--------|--------|---|
|    |   |                                                                                                                                                              |   |   |        |   |   |
|    |   | Salmon Smith Barney Inc./Salmon  Brothers 333 w. 34th Street  3rd Floor New York,  NY 10001                                                                       |   | $      | 330,755,224 |   | 25.34  | % |
|    |   |                                                                                                                                                              |   |   |        |   |   |
|    |   | State Street Bank and Trust  Company  1776 Heritage Drive, Global  Corporate Action Unit  N. Quincy, MA 02171                                                     |   | $      | 76,401,000  |   | 5.85   | % |
|    |   |                                                                                                                                                              |   |   |        |   |   |
|    |   | Wachovia Securities, Inc.  8739 Research Drive  Charlotte, NC 28262                                                                                               |   | $      | 203,030,000 |   | 15.55  | % |
|    |   |                                                                                                                                                              |   |   |        |   |   |
| 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, 2002, the security ownership of the referencedclass of certificates was registered on the books and records of the Trustee to“Cede & Co.”, the Depository Trust Company’s nominee.  The beneficial ownership of such classdisclosed herein is based on a security positions listing of The DepositoryTrust Company as of December 31, 2002.

 

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