PRICEWATERHOUSECOOPERS (LOGO)


PricewaterhouseCoopers LLP
2001 Ross Avenue, Suite 1800
Dallas TX 75201-2997
Telephone (214) 999 1400

Report of Independent Accountants

To ORIX Real Estate Capital Markets, LLC:

We have examined management's  assertion about ORIX Real Estate Capital Markets,
LLC's ("ORECM")  compliance with the minimum servicing  standards  identified in
the Mortgage Bankers Association of America's Uniform Single Attestation Program
for Mortgage Bankers ("USAP") (except,  for commercial loan and multifamily loan
servicing,  minimum servicing standards V.4 and VI.l, which the Mortgage Bankers
Association has interpreted as inapplicable to such servicing) as of and for the
year ended December 31, 1999 included in the accompanying  management assertion.
Management is responsible for ORECM's  compliance  with those minimum  servicing
standards. Our responsibility is to express an opinion on management's assertion
about the entity's compliance based on our examination.

Our  examination  was  made in  accordance  with  standards  established  by the
American  Institute of Certified Public Accountants and,  accordingly,  included
examining,  on a test basis,  evidence about ORECM's compliance with the minimum
servicing  standards  and  performing  such other  procedures  as we  considered
necessary  in the  circumstances.  We believe  that our  examination  provides a
reasonable  basis for our  opinion.  Our  examination  does not  provide a legal
determination on ORECM's compliance with the minimum servicing standards.

In  our  opinion,   management's   assertion   that  ORECM   complied  with  the
aforementioned minimum servicing standards as of and for the year ended December
31, 1999 is fairly stated, in all material respects.

PricewaterhouseCoopers LLP
February 18, 2000