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MELLON PARTICIPATING MORTGAGE TRUST DECLARES FIRST QUARTER DIVIDEND OF 14 CENTS PER SHARE

 /EDITORS: Mellon/McMahan Real Estate Advisors, Inc., a wholly-owned subsidiary of Mellon Bank, N.A., acts as the investment advisor to Mellon Participating Mortgage Trust. The trust's assets are not assets of Mellon Bank Corporation (NYSE: MEL) and the trust's financial results are not included in the financial results of Mellon Bank Corporation./
 SAN FRANCISCO, April 19 /PRNewswire/ -- Mellon Participating Mortgage Trust, Commercial Properties Series 85/10 (the "trust") (NASDAQ: MPMTS), today announced a first quarter dividend of $.14 per share for the quarter ended March 31, 1993.
 The dividend, is payable May 17, 1993 to shareholders of record at the close of business on April 30, 1993.
 The first quarter dividend was reduced by $.03 per share when compared to the same period last year. This reduction results, in part, from an agreement by the trust, along with the unanimous approval of its four co-lenders, to modify the terms of a $68 million participating first mortgage loan, effective Jan. 1, 1993. The trust has a $20 million interest in the $68 million participating first mortgage loan. The mortgage loan is secured by six department stores located in the greater Chicago area that are leased to Carson Pirie Scott, which is in Chapter 11 bankruptcy.
 In exchange for loan modifications, the trust received a debt service cash flow guaranty from The Dial Corp. Additional details of the modifications and a description of the trust's investments are available in the Dec. 31, 1992 Form 10-K, which is available upon request, and will be in the trust's annual report that will be distributed to shareholders in May 1993.
 Consistent with prior years, the trust intends to distribute approximately 85 percent of its total 1993 dividends during the first three quarters. Accordingly, the fourth quarter dividend, to be declared in January 1994, is normally less than the preceding three quarters.
 The trust, which is finite-life, intends to make no further real estate investments and will distribute to shareholders the net proceeds of each liquidating transaction, subject to any reserve requirements.
 Mellon Participating Mortgage Trust, Commercial Properties Series 85/10, is a finite-life real estate investment trust, fully invested in participating, shared appreciation, convertible and fixed-rate mortgages and joint venture financing secured by office, retail, and research development facilities located throughout the United States.
 -0- 4/19/93
 /CONTACT: Brian Zywiciel of Mellon/McMahan Real Estate Advisors, Inc., 415-433-7770/
 (MPMT MEL)


CO: Mellon/McMahan Real Estate Advisors, Inc.; Mellon Bank, N.A.;
 Mellon Participating Mortgage Trust; Mellon Bank Corporation ST: California, Pennsylvania IN: FIN SU: DIV


CD -- PG019 -- 7566 04/19/93 16:02 EDT
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Publication:PR Newswire
Date:Apr 19, 1993
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