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INSIGNIA CLOSES ON ONE OF THE LARGEST NON-PORTFOLIO STRUCTURED REMICS; MORTGAGE SECURITIES TOTAL $262 MILLION

 GREENVILLE, S.C., Dec. 15 /PRNewswire/ -- Insignia Financial Group announced today that it has closed one of the largest non-portfolio structured Real Estate Mortgage Investment Conduits (REMIC) to date. The securities, collaterized by a pool of fixed-rate, 10-year mortgages, are valued at approximately $262 million.
 The transaction involves 55 multifamily properties, totaling 13,617 units in the Southeast and Midwest areas of the country, including 14 located in Ohio, seven in Indiana, five in South Carolina, five in North Carolina, five in Florida, four in Tennessee, four in Texas, four in Virginia, one in Colorado, one in Iowa, one in Kentucky and one in Maryland. The number of units at each site ranges from 64 to 904.
 The securities, in which Lehman Brothers acted as principal/underwriter, are multi-tiered with investment grade and non- investment grade classes. The senior or Class A bonds are rated Aaa by Moody's and AAA by Standard & Poor's and Duff & Phelps.
 Insignia Mortgage & Investment Company (IMIC), an Atlanta-based subsidiary of Insignia Financial Group, served as the financial advisor in the transaction. Since 1987, IMIC has arranged over $200 million in mortgage financing per year. IMIC has offices in Atlanta, Ga.; Washington, D.C.; Charlotte, N.C.; Richmond, Va.; Nashville, Tenn.; Tampa, Fla.; and Orlando, Fla.
 "Insignia is pleased that this access to public markets has allowed it to refinance properties at rates and on terms that are generally unachievable in conventional financing," said Andrew L. Farkas, chairman and chief executive officer of Insignia Financial Group.
 "This offering is further evidence of increasing mortgage access to the securities markets," said John M. Beam, Jr., president of Insignia Mortgage & Investment Company. "The pool is the first non cross- collateralized REMIC and possesses excellent geographic diversity. We plan in 1993 to expand our activity to other investors seeking this type of financing."
 Insignia Financial Group is one of the premier real estate and merchant banking firms in the United States. Through its subsidiaries, Insignia owns, controls and/or manages approximately $3.5 billion in real estate assets. Insignia's portfolio over 100,000 units of multifamily units and approximately 20 million square feet of commercial and retail space. The Insignia group of companies specializes in developing and executing workout strategies, real estate securities restructurings, partnership and asset recapitalizations, asset and property management, mortgage banking, real estate brokerage and partnership administration.
 -0- 12/15/92
 /CONTACT: Anna Cordasco or Nancy Israel of Sard Verbinnen & Co., 212-687-8080, for Insignia Financial Group/


CO: Insignia Financial Group ST: South Carolina IN: FIN SU:

KD-WB -- NY039 -- 4673 12/15/91 12:42 EST
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Publication:PR Newswire
Date:Dec 3, 1992
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