CHICAGO, Nov. 19 /PRNewswire/ -- EVEREN Securities, Inc. today announced
the completion of a $206 million private placement for CORE Cap, Inc., a newly
formed mortgage finance company.  The transaction, for which EVEREN was sole
placement agent, covered 4,132,600 units of a real estate investment trust
(REIT), each containing one share of common stock and one share of convertible
preferred stock.  As part of the transaction, affiliates of GMAC Mortgage
Group, Inc. also acquired 993,911 shares of common stock of CORE Cap, Inc.
    The company will use a portion of the net proceeds to purchase residential
and commercial mortgage assets from affiliates of GMAC Mortgage Group, Inc.
CORE Cap, which will elect to be taxed as a REIT under the Internal Revenue
Code of 1986, will acquire, hold and manage a diversified, leveraged portfolio
of residential and commercial mortgages.
    The goal of the company is to be an efficient long-term holder of a
diversified portfolio of mortgage assets and to seek to benefit from its
strategic relationships with affiliates of GMAC Mortgage Group, Inc.  The
entities that comprise GMAC Mortgage Group are among the largest loan
originators and servicers within the U.S. GMAC Mortgage Asset Management,
Inc., an indirect wholly owned subsidiary of GMAC Mortgage Group, will manage
the day-to-day operations of CORE Cap, Inc.
    EVEREN's Real Estate and Financial Institutions groups sole managed the
private placement.  The two groups function as a single team when working with
mortgage REIT clients, focusing on public and private capital raising as well
as advisory assignments.  The team provides a full complement of banking,
advisory, research, sales and trading services to the mortgage REIT sector.
    "EVEREN Securities served as underwriter or advisor for real estate
financing transactions totaling more than $700 million year-to-date, with a
healthy number of prospective filings currently in the pipeline," said Jon K.
Haahr, Managing Director of EVEREN's real estate group.  "Beyond our well-
established reputation in the public equity markets, EVEREN also is adept at
structuring creative private placements that provide access to alternative
sources of capital for clients such as GMAC Mortgage Group."
    EVEREN's capital markets division serves the capital needs of corporations
and governments as well as the interests of investors through a range of
activities, including investment banking, trading, institutional sales and
research of equity, taxable fixed-income and municipal securities.  In the 10
months ended Oct. 31, 1997, the firm handled public and corporate financing
transactions totaling approximately $15.7 billion, including over 25 equity
issues with a total value of more than $2 billion.
    In capital markets, full-service teams integrate investment banking,
trading, sales and research activities focusing on middle market and emerging
growth companies in seven key industries:  consumer/retail, financial
services, health care, industrial/capital goods, real estate, technology and
telecommunications.
    EVEREN Securities, Inc. is a national full-service brokerage firm that
serves individual, corporate, municipal and institutional clients through an
integrated network of more than 1,300 investment consultants in approximately
135 offices nationwide.  Drawing on its national branch system, the firm
combines the capital markets resources of a large national company with the
personalized service and dedication of a smaller firm.  EVEREN Securities is a
member of the Securities Investor Protection Corporation and the New York
Stock Exchange.  EVEREN Securities, Inc. is a subsidiary of EVEREN Capital
Corporation (NYSE: EVR).

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