Printer Friendly

AIM 85 TO RECEIVE $11.7 MILLION DEBENTURE FROM HUD FOR HAMMOND NORTH MORTGAGE

 AIM 85 TO RECEIVE $11.7 MILLION DEBENTURE FROM HUD
 FOR HAMMOND NORTH MORTGAGE
 ROCKVILLE, Md., June 8 /PRNewswire/ -- American Insured Mortgage Investors Series 85, L.P. (AIM 85) (AMEX: AII) expects to receive a debenture with par value of approximately $11.7 million from HUD in mid-June 1992 in exchange for the mortgage on the Hammond North retirement nursing home in Sandy Springs, Ga.
 AIM 85 had filed a claim with HUD for the defaulted, co-insured mortgage in June 1991. At that time, AIM 85 elected to receive insurance proceeds in the form of a debenture rather than cash.
 The loan had an interest rate of 9.25 percent. The debenture interest rate is 10.25 percent.
 AIM 85 is a publicly traded partnership with investments in 75 federally insured and co-insured mortgages on multifamily housing. Assets totaled approximately $227.7 million at March 31, 1992. AIM 85 expects to liquidate its mortgage portfolio by Dec. 31, 2009, and distribute liquidation proceeds to unitholders.
 -0- 6/8/92
 /CONTACT: James T. Pastore, 301-231-0323, or Susan J. Bressler, 301-468-3120, both for AIM 85/
 (AII) CO: AIM 85; Department of Housing and Urban Development ST: Maryland IN: FIN SU:


MH-DC -- DC009 -- 7861 06/08/92 11:15 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 8, 1992
Words:207
Previous Article:SCIENTIFIC-ATLANTA RECEIVES $4.2 MILLION EXTENSION TO U.S. ARMY AVIATION ANALYZER CONTRACT
Next Article:USCAR FORMED AS UMBRELLA ORGANIZATION FOR BIG THREE CONSORTIA
Topics:


Related Articles
AIM 85 SELLS DEBENTURES
AIM 85 FORECLOSES ON APARTMENT BUILDING MORTGAGE; EXPECTS TO SELL PROPERTY IN THIRD QUARTER
AIM 85 Reports 4th Quarter Net Earnings of 19 Cents Per Unit.
AIM 85 Reports Second Quarter Net Earnings of 21 Cents Per Unit.
AIM 85 Reports Third Quarter Net Earnings of 15 Cents Per Unit.
AIM 85 Reports Fourth Quarter Net Earnings of 18 Cents Per Unit; 2001 Earnings of 71 Cents Per Unit.
AIM 84 to Defer Regular Cash Flow Distributions; Dividend Reinvestment Plan to Terminate.
AIM 85 Reports Second Quarter Net Earnings of 11 Cents per Unit.
AIM 85 Reports Third Quarter Net Earnings of 11 Cents Per Unit.
AIM 85 Reports First Quarter Net Earnings of 12 Cents Per Unit.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters