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RTC ABSOLUTE AUCTION OF $90 MILLION

 VALLEY FORGE, Pa., May 5 /PRNewswire/ -- It is anticipated that next week's auctions of approximately $90 million worth of land, commercial properties and multi-family residential projects will prod investors back into the Northeast real estate marketplace and could lend a hand to the slowly resurging building industry throughout the region according to the Resolution Trust Corporation (RTC).
 According to Mark Glannon, auction coordinator for the RTC's Valley Forge office, the auctions will involve approximately 145 properties in eight states, and more than 90 percent of the properties will be sold "absolute" to the highest bidder. The auctions will be conducted by Kennedy-Wilson, Inc, on behalf of the RTC and Midland Loan Services, L.P.
 "The fact that many of the properties are considered `prime real estate,' and because of the nature of auctions, many shrewd investors are recognizing the potential for excellent investment opportunities," Glannon said.
 Glannon explained that many of these once dormant properties will become productive, which could mean relief to local taxpayers. "The auction could also help those employed in the building industry by creating jobs. The end result," he said, "is that a ripple effect will be noticed in communities throughout the Northeast."
 According to Marty O'Connor, portfolio director of Midland Loan Services, L.P., the response from investors has been steady. "We have received calls from throughout the Northeast and are very satisfied with the response."
 Peter Kasch, chief operating officer for the Eastern Division of Kennedy-Wilson, Inc., the auction-marketing firm, added that the auction process will determine true market value. "Supply and demand will set the pace on auction day. We advise all participants to acquaint themselves with the available properties and with the auction process."
 The first event will take place Monday, May 10 at noon at the Radisson Hotel and Conference Center Cromwell, 100 Berlin Road, Cromwell, Conn. It will involve properties from Connecticut, Massachusetts, New Hampshire, Rhode Island and Maine.
 The second, involving properties from New Jersey, New York and Pennsylvania, will be held Thursday, May 13 at noon at the Somerset Plaza Hotel (formerly the Hilton), 200 Atrium Drive, Somerset, N.J.
 In addition to the outcry auctions, select properties from Maine, western New York and western Pennsylvania will be offered on-site at the individual property locations on Tuesday, May 11 and Wednesday, May 12.
 Midland Loan Services is a Kansas City-based private asset management contractor who specializes in liquidating real estate and in managing and servicing real estate loan portfolios on a national basis for governmental agencies.
 Kennedy-Wilson, Inc., one of the nation's foremost auction firms, has been selected to conduct the auction. Kennedy-Wilson, Inc. has sold in excess of $2 billion of residential, resort and commercial real estate since its founding in 1977.
 Further information and a complete list of available parcels may be obtained by calling 1-800-522-6664 between 9 a.m. and 6 p.m., or by visiting the auction information office at 200 State St., 10th floor, in Boston, or 520 Madison Ave. in Manhattan. RTC financing will be available for qualified high bidders.
 -0- 5/5/93
 /CONTACT: Michael Cherenson or Lee Cherenson of Cherenson Group, 201-992-7800, for Kennedy-Wilson, Inc./


CO: Kennedy-Wilson, Inc.; Resolution Trust Corporation ST: IN: SU:

SM-OS -- NY052 -- 4880 05/05/93 12:49 EDT
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Date:May 5, 1993
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