THE GRAPEVINE

Commercial Mortgage Alert, April, 1997

Investors are angling to bid on a $1 billion commercial mortgage portfolio being offered by Teachers Insurance. The early word is that a number of players will team up on proposals. Among the joint bidders: Lehman Brothers and GE Capital; Goldman Sachs, First Chicago and Lennar Corp.; Citicorp and GMAC Commercial Mortgage; Credit Suisse First Boston and J.E. Robert Cos.; and Deutsche Morgan Grenfell and Amresco. Morgan Stanley, which walked away with a $940 million portfolio from Teachers last year, will once again bid on its own.

Proposals for the Teachers portfolio were originally due last Friday. But the insurer has pushed back the deadline to early May because investors wanted more time to evaluate the assets. The portfolio is made up of more than $600 million...

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