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AIM 85 FORECLOSES ON APARTMENT BUILDING MORTGAGE; EXPECTS TO SELL PROPERTY IN THIRD QUARTER

 AIM 85 FORECLOSES ON APARTMENT BUILDING MORTGAGE;
 EXPECTS TO SELL PROPERTY IN THIRD QUARTER
 ROCKVILLE, Md., June 23 /PRNewswire/ -- American Insured Mortgage Investors - Series 85, L.P. (AIM 85) (AMEX: AII), a publicly traded partnership that invests in mortgages on multi-family properties, has foreclosed on the mortgage on the apartment building at 1212 North LaSalle in Chicago.
 AIM 85 expects to sell the 230-unit apartment building located inside Chicago's loop during the third quarter of 1992.
 The mortgage is co-insured by the U.S. Department of Housing and Urban Development (HUD) and Integrated Funding, Inc. After the property is sold, AIM 85 will receive the sale proceeds, and submit a claim for insurance proceeds to HUD. Under the co-insurance program, HUD insures up to 80 percent of the face value of the mortgage.
 -0- 6/23/92
 /CONTACT: James T. Pastore, 301-231-0323, or Susan Bressler, 301-468-3120, both for AIM 85/
 (AII) CO: American Insured Mortgage Investors - Series 85, L.P. ST: Maryland IN: FIN SU:


DC -- DC026 -- 2945 06/23/92 15:20 EDT
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Publication:PR Newswire
Date:Jun 23, 1992
Words:174
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Looking to flip.
For the taking: who's buying up all the foreclosed homes.

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