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CRI ACQUIRES $116 MILLION OF COMMERCIAL REAL ESTATE LOANS FROM DISSOLVING S&L, PREVENTS FEDERAL BAILOUT

 GREENSBORO, N.C., June 1 /PRNewswire/ -- CRI, Inc., Rockville, Md., has acquired a $116 million pool of performing commercial real estate loans as part of the voluntary self-liquidation of 1st Home Federal Savings & Loan Association of the Carolinas, Greensboro.
 In a transaction expected to preclude a taxpayer bail-out of the undercapitalized North Carolina thrift, 1st Home sold virtually all of its $650 million in assets to four buyers as of last Friday. The liquidation occurred with no financial assistance from the government, saving the taxpayers an estimated $50 million.
 In the sale, CRI acquired the thrift's performing commercial real estate loans, two banks acquired 1st Home's 20 branches, and another firm acquired the thrift's single-family mortgage servicing operation.
 "Policy makers should model more thrift resolutions after this transaction," said CRI Chairman William B. Dockser.
 "Self-liquidation can save the taxpayers money in many cases," Dockser said, "particularly when an S&L is the victim primarily of accounting rule changes, is not far underwater and has assets which are essentially intact.
 "The Office of Thrift Supervision should be commended for the way it guided the parties to a successful resolution of 1st Home," Dockser said.
 The loans CRI acquired from 1st Home are secured by first mortgages on apartments, hotels, office buildings and shopping centers. They are located in North Carolina, South Carolina and Virginia.
 This is CRI's second recent purchase of a commercial real estate loan-pool from a financial institution in the southeastern part of the country. Last December, a CRI-led group of institutional investors acquired loans with $65 million in face value from Charlotte, N.C.-based NationsBank.
 CRI, Inc., is a leading real estate investment firm which oversees a $5 billion portfolio of properties and mortgages.
 CRI is best known as the nation's largest owner of multifamily housing, amassing a portfolio of more than 95,000 housing units in 48 states since the firm was founded in 1974.
 As a major investor in commercial real estate loans, CRI last year acquired $222 million worth of these assets, including the NationsBank loans. CRI currently operates seven publicly traded REITs and public partnerships which hold more than $1 billion worth of mortgages on commercial real estate.
 -0- 6/1/93
 /CONTACT: James T. Pastore of CRI, 301-231-0323/


CO: CRI, Inc.; 1st Home Federal Savings & Loan Association of the
 Carolinas ST: Maryland, North Carolina IN: FIN SU:


DC-KD -- DC009 -- 3940 06/01/93 12:05 EDT
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Publication:PR Newswire
Date:Jun 1, 1993
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