Conference 7.286::dcu

581.0. "DCU_INFO: Participation Loan Property Status" by PLOUGH::KINZELMAN (Paul Kinzelman) Wed Jul 08 1992 10:26

                 Status Report on Participation Loans

Included in the DCU Annual Report is an accounting of the 15 
Participation Loan properties. This analysis included writing down the 
loans to a conservative value to ensure the credit union would suffer 
no additional losses.  If a property sells above the value of the 
write down, then DCU would have a net gain.  This does not mean the 
credit union gained from the original purchase of the property, it 
only means it was sold above the "book value".


Since then, the status of the loans is as follows:

Disposed Properties - 5 properties have been sold and the credit union 
has had a net gain of $296,500.

Pending Sale - 4 properties are pending sale in July. The net gain on 
these properties is approximately $531,000.

Remaining Properties - There are 6 properties DCU is holding with a 
total book value of $567,000. When these properties are sold, DCU 
expects no further losses to be realized by the credit union.

Disposed:

Barnstable News 		market and business rental units

Capewind 			31 room motel on 5.63 acres

Curtis Village			29 residential lots

Green Island			9 residential lots

Pleasant Pines 			residential home 


Pending Sale:

Lot 32, Curtis Village  	residential home - new		      

Mazel II 			85.5 acres of land, semi-developed    

Panorama 			40 room motel			      

Walcott 			8.4 acres of undeveloped land	      


Remaining Properties:

Interstate			81.1 acres undeveloped land	      

Plainfield			6.88 acres of undeveloped land	      
 
Santuit				9 residential lots		      

Signal Hill			10 acres of undeveloped land	      

Yankee Village			5 business condominiums on 3.3 
				acres				      

Lot 20, Curtis Village   	residential home - new