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                                                                    Exhibit 99.2

                                  Certification

I, Bryan Calder of the owner trustee, certify that:

1. I have reviewed this report on Form N-CSR of College and University Facility
Loan Trust One (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
information included in the report, fairly present in all material respects the
financial condition, results of operation, changes in net assets, and cash flows
(if the financial statements are required to include a statement of cash flows)
of the registrant as of, and for, the periods presented in the report;

4. Based on my knowledge, the distribution or servicing information required
to be provided to the trustee by the servicer under the pooling and
servicing, or similar, agreement, for inclusion in this report is included in
this report;

5. Based on my knowledge and upon the annual compliance statement included in
the report and required to be delivered to the trustee in accordance with the
terms of the pooling and servicing, or similar, agreement, and except as
disclosed in this report, the servicer has fulfilled its obligations under
the servicing agreement; and

6. The report discloses all significant deficiencies relating to the servicer's
compliance with the minimum servicing standards based upon the report provided
by an independent public accountant, after conducting a review in compliance
with the Uniform Single Attestation Program for Mortgage Bankers or similar
procedure, as set forth in the pooling and servicing, or similar, agreement,
that is included in this report.

In giving the certifications above, I have reasonably relied on information
provided to me by the following unaffiliated parties: GMAC Commercial Mortgage
Corporation and J.P. Morgan Trust Company National Association.


Date: August 8, 2005
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                      /s/ Bryan Calder
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                      Bryan Calder
                      Executive Vice President