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LENNAR PARTNERSHIP COMPLETES PURCHASE OF AMERIFIRST ASSET POOL

 LENNAR PARTNERSHIP COMPLETES PURCHASE OF AMERIFIRST ASSET POOL
 MIAMI, July 2 /PRNewswire/ -- Lennar Florida Partners, I, L.P., a partnership of Lennar Corporation (NYSE: LEN) and The Morgan Stanley Real Estate Fund, L.P., announced it has completed the purchase of a significant portion of a portfolio of mortgage loans, real properties and business loans from the Resolution Trust Corporation, as receiver for AmeriFirst Federal Savings Bank. The purchase of the remaining assets should be completed shortly.
 As previously announced, the portfolio being purchased by Lennar Florida Partners consists of approximately 1,036 performing and non- performing loans and 65 owned properties which had been held by AmeriFirst Federal Savings Bank. The Jan. 31, 1992 loan balance and book value of the portfolio was approximately $894 million. With yesterday's closing, the purchase of approximately 87 percent of the portfolio has been completed.
 The purchase price paid for the assets acquired to date by Lennar Florida Partners is approximately $387 million, net of credits for payments received after Jan. 31. The RTC has provided financing for the transaction.
 Leonard Miller, the chairman of Lennar, said: "This is a significant transaction for Lennar. With a limited investment commitment, we have acquired a substantial pool of assets, located primarily in Florida. Lennar will be overseeing the management and disposition of the acquired assets, and the partners are optimistic about the profit opportunities over the long term."
 -0- 7/2/92 R
 /CONTACT: Allan J. Pekor, financial vice president of Lennar Corporation, 305-559-4000/
 (LEN) CO: Lennar Corporation; Lennar Florida Partners I, L.P.; AmeriFirst
 Federal Savings Bank ST: Florida IN: CST FIN SU:


AW-JB -- FL006 -- 6193 07/02/92 13:14 EDT
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Publication:PR Newswire
Date:Jul 2, 1992
Words:278
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