GMAC CMBS Class Downgraded

Class J of GMAC Commercial Mortgage Securities Inc.'s mortgage pass-through certificates, series 1997-C1, has been downgraded from CCC to D by Fitch Ratings.The rating agency attributed the downgrade to $5.4 million of realized losses that were applied to classes J and K since the transaction was last reviewed in February. Class K has been reduced to zero, while class J has been reduced by $1 million. Losses, totaling $35 million so far, were due to the disposition of two loans, Knights Inn-Seymour and Builder's Square-Miami, Fitch reported. The Knights Inn loan was collateralized by a 117-unit hotel property in Seymour, Ind., that was sold in February for $1 million, producing a $1.9 million loss to the trust. The Builder's Square loan was secured by a 107,388-square-foot retail property in Miami that was sold in April for $3.0 million, resulting in a $3.5 million loss. Fitch can be found online at http://www.fitchratings.com.