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INSIGNIA CLOSES ON APPROXIMATELY $160 MILLION IN MULTI-FAMILY AND MOBILE HOME MORTGAGE LOANS

 GREENVILLE, S.C., Oct. 5 /PRNewswire/ -- Insignia Financial Group, Inc., announced today that it has concluded the financing of 30 multi-family properties and two mobile home parks with Lexington Mortgage Corporation. Lehman Brothers provided the underwriting and will use this pool of approximately $160 million in mortgages as collateral on future securitizations.
 It is anticipated that Lehman Brothers will use a Real Estate Mortgage Investment Conduit (REMIC) structure for the securitization. In a similar transaction in 1992, Insignia and Lehman participated in the securitized refinance through the REMIC structure of a pool of $262 million in mortgages on 55 properties.
 The multi-family properties and mobile home parks represented approximately 9,000 dwelling units in 17 states.
 Andrew L. Farkas, Insignia's chairman and chief executive officer, said, "I am very pleased that we have been able to continue this program of refinancing the long-term debt of assets in order to bring both stability and lower debt service burdens to the partnership assets."
 Insignia Mortgage & Investment Company (IMIC), an Atlanta-based subsidiary of Insignia Financial Group, served as adviser in the transaction. Since 1987, IMIC has arranged more than $200 million in mortgage financings per year. IMIC has offices in Atlanta, Ga.; Washington, D.C.; Charlotte, N.C.; Richmond, Va.; Nashville, Tenn.; Tampa, Fla.; and Orlando, Fla.
 Insignia is a fully integrated real estate service organization performing property management, asset management, investor services, partnership administration, mortgage banking, and real estate investment banking services for various ownership entities, including approximately 600 limited partnerships having approximately 132,000 limited partners. Insignia is the largest manager of multi-family residential properties in the United States and is a significant manager of commercial property. Insignia commenced operations in December 1990 and since then has grown to provide property and/or asset management services for over 1,000 properties, which include approximately 135,000 residential units and approximately 20,000,000 square feet of commercial space, located in over 400 cities in 44 states with aggregate annual rentals of approximately $1 billion.
 -0- 10/5/93
 /CONTACT: Paulette Sintay, marketing director, of Insignia Financial Group, 803-239-1101/


CO: Insignia Financial Group, Inc.; Lexington Mortgage Corporation ST: South Carolina IN: FIN SU:

CM -- CH012 -- 9090 10/05/93 17:43 EDT
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Publication:PR Newswire
Date:Oct 5, 1993
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