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CRI LIQUIDATING REIT TRANSFERS MORTGAGE ON DORAL APARTMENTS TO HUD

CRI LIQUIDATING REIT TRANSFERS MORTGAGE ON DORAL APARTMENTS TO HUD
 ROCKVILLE, Md., March 4 /PRNewswire/ -- CRI Liquidating REIT, Inc. (NYSE: CFR), transferred the ownership of the federally insured mortgage on the Doral Apartments in Chicago to the U.S. Department of Housing and Urban Development (HUD).
 As a result, the REIT expects to receive 90 percent of the insurance proceeds due from HUD within the next 10 days, with the remainder expected later this year or early next year.
 Management plans to distribute the insurance proceeds to shareholders as follows:
 -- 90 percent of the tax basis gain is expected to be distributed with the first quarter distribution. This 90 percent portion of the Doral gain is expected to total approximately 31 cents per share.
 -- 90 percent of the return of principal is expected to be distributed by the end of the year. This 90 percent portion of the Doral principal is expected to total approximately 88 cents per share.
 -- The remainder of both the tax basis gain and the return of principal is expected to be received from HUD and distributed to shareholders during the second half of 1992, though there is a chance the HUD payment and shareholder distribution could be made in 1993.
 The REIT assigned the defaulted mortgage to HUD in November 1991 and transferred ownership of the mortgage to HUD on Feb. 28, 1992.
 This announcement is not a declaration of a dividend. Dividends may only be declared by the board of directors.
 -0- 3/4/92
 /CONTACT: James T. Pastore, 301-231-0323, or Susan J. Bressler, 301-468-3120, both of CRI/
 (CFR) CO: CRI Liquidating REIT, Inc.; U.S. Department of Housing and Urban
 Development ST: Maryland, Illinois IN: FIN SU:


MK-MH -- DC001 -- 4789 03/04/92 08:28 EST
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Publication:PR Newswire
Date:Mar 4, 1992
Words:293
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