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CENVILL DEVELOPMENT ANNOUNCES FORECLOSURE BY SECURITY PACIFIC NATIONAL BANK

 CENVILL DEVELOPMENT ANNOUNCES FORECLOSURE
 BY SECURITY PACIFIC NATIONAL BANK
 PEMBROKE PINES, Fla., Jan. 3 /PRNewswire/ -- Cenvill Development Corp. announced that a foreclosure has been commenced by Security Pacific National Bank in respect of its mortgage loans to the company and its affiliates for construction of the Carillon project in Will County, Illinois. The Carillon mortgage indebtedness to Security Pacific is approximately $39 million. In conjunction with their suit, Security Pacific has sought the appointment of a receiver for the project which the company presently intends to oppose. The company is currently funding operations at Carillon.
 Cenvill Development Corp. is a developer of single and multi-family dwellings. At the present time, however, the company has devoted itself to the continued development of Century Village at Pembroke Pines, which is being financed by CV Reit, as well as the recreational facilities comprising that project, which are being financed by Daiwa Bank. Such loans are not in default and the company is performing as agreed with those lenders.
 -0- 1/3/92 R
 /CONTACT: Scott L. Baena of Stroock & Stroock & Lavan, 305-358-9900, for Cenvill Development Corp./ CO: Cenvill Development Corp. ST: Florida IN: CST SU:


AW-SS -- FL004R -- 6577 01/03/92 16:31 EST
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Publication:PR Newswire
Date:Jan 3, 1992
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