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CV REIT AFFILIATE ACQUIRES CENTURY VILLAGE AT PEMBROKE PINES FOR APPROXIMATELY $60 MILLION

 CV REIT AFFILIATE ACQUIRES CENTURY VILLAGE AT PEMBROKE PINES
 FOR APPROXIMATELY $60 MILLION
 WEST PALM BEACH, Fla., Aug. 3 /PRNewswire/ -- CV Reit, Inc. (NYSE: CVI), a real estate investment trust, today announced that Hilcoast Development Corp., an affiliate of CV Reit, Inc., has completed the previously announced purchase of the Century Village adult condominium project at Pembroke Pines, Fla., and certain other assets, from certain subsidiaries and affiliates of Cenvill Development Corp., for approximately $60 million.
 The purchase was made pursuant to an order of the United States Bankruptcy Court for the Southern District of Florida in connection with Chapter 11 proceeding involving the sellers. Hilcoast Development acquired the assets subject to approximately $48.2 million of indebtedness to CV Reit, Inc., approximately $8.0 million of indebtedness to Daiwa Bank and certain project liabilities, and issued a $2.8 million promissory note payable over three years.
 In connection with the acquisition, and the formation of Hilcoast Development, H. Irwin Levy resigned as a member and chairman of the board of CV Reit, Joseph D. Weingard resigned as a director, Michael S. Rubin resigned as vice president - real estate management and Jack Jaiven resigned as vice president, treasurer and assistant secretary of CV Reit. Those individuals have been elected to the following positions with Hilcoast Development: Levy, chairman of the board and chief executive officer; Weingard, director; Rubin, president, chief operating officer and director; and Jaiven, executive vice president, chief financial officer, secretary and director. Bernard Green, a certified public accountant, has also been elected to the Hilcoast Development board. CV Reit intends to fill at least one vacancy on its board of directors created by the resignations.
 Hilcoast Development has entered into an agreement to provide certain consulting, investment advisory and administrative services to CV Reit in connection with matters other than the loans to CV Reit to which Hilcoast Development's assets are subject.
 CV Reit currently owns 1.8 million shares of common stock and $5 million of 10 percent cumulative preferred stock of Hilcoast Development. CV Reit intends to distribute its shares of Hilcoast Development common stock to its stockholders as a taxable dividend in the fourth quarter of 1992.
 -0- 8/3/92 R
 /CONTACT: Alvin Wilensky of CV Reit, 407-640-3155/ CO: CV Reit, Inc.; Hilcoast Development Corp.;
 Cenvill Development Corp. ST: Florida IN: SU: TNM


DC-SH -- NY021 -- 6419 08/03/92 19:28 EDT
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Publication:PR Newswire
Date:Aug 3, 1992
Words:399
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