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CHEMICAL BANK SUBSIDIARY COMPLETES SALE OF MONTGOMERY MALL

 NEW YORK, June 25 /PRNewswire/ -- MFM Properties Inc., a subsidiary of Chemical Bank, announced the sale of its ownership interests in the 725,837 square foot Montgomery Mall in Montgomery, Ala. The mall was sold to Chicago-based Heitman Financial, acting on behalf of Heitman investors. The sales price was in excess of $40 million.
 "We drew strong interest in this regional mall from a number of qualified purchasers and were able to recover in excess of 80 percent of the original loan amount," said Stephen Plavin, managing director and head of the Chemical Real Estate Finance Group's REO Sales Unit.
 The Montgomery Mall sale is one of four major transactions concluded over the last several months, totaling over $100 million in proceeds on substantially an all-cash basis. Earlier this year Chemical sold the Tower Place mixed-use complex in Atlanta, realizing cash sales proceeds in excess of $35 million, and also recently concluded the sale of a 340,000 square foot office building in Baltimore to the State of Maryland, as well as a luxury apartment property in Manhattan.
 In 1992, Chemical Banking Corporation (NYSE: CHL) led U.S. banking companies in the sale of real-estate-owned assets. "We continue to see a strong market for our REO properties in 1993. The key is to price and position these assets properly in the marketplace," said Joseph A. DeLuca, executive vice president and head of the Chemical Real Estate Finance Group.
 Montgomery Mall is located five miles southeast of the central business district and is that city's premiere mall destination. Renovated in 1988, the property includes three anchor department stores occupied by Parisian's, Gayfer's and J.C. Penney. The mall sits on a 55-acre site with approximately 230 feet of frontage.
 -0- 6/25/93
 /CONTACT: Ken Herz of Chemical Bank, 212-270-4621/
 (CHL)


CO: MFM Properties Inc.; Chemical Banking Corporation ST: New York, Alabama IN: FIN SU:

MP-PS -- NY020 -- 5773 06/25/93 13:16 EDT
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Publication:PR Newswire
Date:Jun 25, 1993
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