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DLJ MORTGAGE ACCEPTANCE SERIES 1992-MF10 PA SS-THROUGHS 'AA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Nov. 25 ~PRNewswire~ -- DLJ Mortgage Acceptance Corp.'s $174.4 million multifamily mortgage pass-through certificates Series 1992-MF10, class A-1 and A-2, are rated 'AA' by Fitch. The $48.6 million class B certificates are rated 'BBB'. The ratings reflect the cross- collateralization and cross-default of 53 mortgages securing the bonds, credit enhancement provided to both classes by the $12.5 million (5.6 percent) letter of credit provided by Heller Financial Inc., subordination of class B (22 percent), and use of excess funds to reduce principal.
 The ratings also demonstrate Fitch's confidence in the transaction's legal and financial structures, including a central "lockbox" account into which all the properties' gross revenues are deposited. In addition, the transaction includes a $3.5 million capital replacement account, initially funded at $1.0 million with the balance to be funded over the next two years from excess cash flow, as well as an annual replacement reserve of $2.8 million ($200 per apartment unit), also funded from property cash flow.
 The trust fund consists primarily of a blanket mortgage loan, evidenced by a single mortgage note, secured by first lien mortgages or deeds of trust on 53 multifamily apartment complexes located in 18 states. Each mortgaged property is owned by a single purpose limited partnership whose general partner is Garden Capital Inc. Each mortgage is cross-collateralized and cross-defaulted.
 Bankers Trust Co. will act as servicer for the pool, and is obligated to advance principal and interest on the bonds in the event cash flow is insufficient to make debt service payments.
 An election will be made to treat certain assets of the trust fund as a real estate mortgage investment conduit (REMIC) for federal income tax purposes. The class A certificates will constitute "mortgage related securities" for purposes of the Secondary Mortgage Market Enhancement Act of 1984 (SMMEA).
 -0- 11~25~92
 ~CONTACT: Ron Wechsler, 212-908-0532, or Harvey Lederman, 212-908-0635, both of Fitch~


CO: DLJ Mortgage Acceptance ST: IN: FIN SU: RTG

WB -- NY036 -- 1528 11~25~92 13:14 EST
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Publication:PR Newswire
Date:Nov 25, 1992
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