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CENVILL DEVELOPMENT CORP. ANNOUNCES SALE OF CERTAIN ASSETS TO CV REIT

CENVILL DEVELOPMENT CORP. ANNOUNCES SALE OF CERTAIN ASSETS TO CV REIT
 PENBROKE PINES, Fla., June 19 /PRNewswire/ -- Cenvill Development Corp. announced today that it and certain of its subsidiaries and affiliates have entered into an agreement for the sale to CV Reit, Inc. (NYSE: CVI) of certain of its assets consisting principally of Century Village at Pembroke Pines and the recreational facilities at that project.
 CV Reit, Inc. has been the construction lender to the company's Century Village, Gleneagles, Wynmoor Village and Centura Parc projects and is presently owed approximately $48 million. Construction of the recreational facilities at Century Village at Pembroke Pines was financed by Daiwa Bank which is presently owed approximately $8.2 million.
 Under the agreement, CV Reit will form new companies to effect the purchase which companies will assume the CV Reit and Daiwa indebtedness, as well as certain trade payables thereby relieving Cenvill and those of its affiliates not being acquired in the CV Reit transaction of approximately $57 million of indebtedness. Additionally, CV Reit and its newly formed affiliates will be obligated to pay the sum of $2,835,000, with interest, for the benefit of Cenvill and its affiliates over the next three years.
 To effect this transaction, the following Cenvill affiliates today filed Chapter 11 proceedings in the Bankruptcy Court of the Southern District of Florida: F.W.D.C., Inc., the owner and developer of Century Village at Pembroke Pines; Cenvill Properties, Inc., the holder of the outstanding shares of common stock of the owner of the recreational facilities at the project; Prestcon, Inc.; F.W. Holding, Inc.; CVW Limited Partnership; Wynmoor Limited Partnership; Wynville Realty, Inc.; Centers In The Parc, Inc.; and Winky Real Estate, Inc.
 The debtor companies have moved the Bankruptcy Court for approval of the sale and anticipate a hearing on the matter in July. CV Reit has agreed, subject to Bankruptcy Court approval, to continue to finance construction and operations of Century Village at Pembroke Pines pending approval of the sale. Accordingly, the company does not foresee any disruption in the construction and delivery of condominium units at the project.
 Cenvill's president, Robert Seldomridge, stated, "The CV Reit transaction is clearly in the best interests of all concerned. It permits continued construction, operations and the delivery of units. We are extremely proud of our contribution as the innovator of the active adult lifestyle at the Century Villages. We are confident that our commitment to residents and future residents is shared by CV Reit."
 The company's other major projects are presently carried on its books at debt values. The company has been unable to conclude refinancings with lenders to those projects.
 The company continues to be unable to comply with periodic reporting requirements of the Securities Exchange Act of 1934.
 -0- 6/19/92 R
 /CONTACT: Scott L. Baena of Stroock & Stroock & Lavin, 305-358-9900, or home, 305-665-5001, for Cenvill Development Corp./
 (CVI) CO: Cenvill Development Corp.; CV Reit, Inc. ST: Florida IN: SU:


KD -- NY077 -- 2579 06/22/92 17:07 EDT
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Publication:PR Newswire
Date:Jun 22, 1992
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