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Chemical Bank working to dispose of REO assets.

In its efforts to dispose of its real estate-owned portfolio, Chemical Bank- ing Corporation has recently concluded several major transactions.

Most notable are the sale of the 1,100-unit Pavilion apartment complex in Chicago, Tower Place, a large, mixed-use property in Atlanta, and a portfolio of four community shopping centers located-in Martin County, Florida. These properties were marketed directly by Chemical Real Estate Finance Group's Real-Estate-Owned Sales and Disposition Group.

During 1992, Chemical refocused its efforts and added sale of real-estateowned assets including the formation of the REO Sales Center. The REO Sales Center makes use of its 2,500 name investor database to both source prospective purchasers and to match qualified investors with appropriate assets that fit, individual investment criteria.

In 1992, Chemical Banking Corporation reported total property sales amounting to approximately $340 million, representing a significant reduction in its real-estate-owned portfolio for the year.
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Title Annotation:real estate-owned
Publication:Real Estate Weekly
Date:Apr 7, 1993
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