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Schochat Capital obtains $4M.

Schochat Capital Corporation, the New York-based commercial mortgage brokerage firm, has obtained a $4 million non-recourse libor-based loan with a cap from the Belgium-based Krediet-bank for a triple-net leased, 20,000 square-foot Barnes & Noble store in Bryn Mawr, Pennsylvania.

The announcement was made by Michael Schochat and Myron J. Berman of Schochat Capital Corporation, who received the challenging financing assignment from the borrower, 3120-3130 Lancaster Avenue Partnership, an affiliate of Keating Construction of Bala Cynwyd, Pennsylvania, after the loan had been declined by numerous lenders.

According to Schochat, the majority of lenders were reluctant to provide financing for Barnes & Noble, which was highly leveraged after a buyout and rapid expansion, especially after a public offering aimed at improving its balance sheet was aborted.
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Title Annotation:commercial mortgage brokerage firm gets $4 million loan from Kredietbank N.V. for Barnes and Noble store in Bryn Mawr, Pennsylvania
Publication:Real Estate Weekly
Date:Sep 29, 1993
Words:123
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