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BARNETT INTRODUCES COMMERCIAL REAL ESTATE TERM MORTGAGES TO MEET MARKET NEEDS

 JACKSONVILLE, Fla., Dec. 8 /PRNewswire/ -- Barnett Banks, Inc. (NYSE: BBI) has moved to fill a market need by offering two mortgage programs that provide long-term commercial real estate financing. Barnett's programs provide small investors and real estate developers 3, 5 and 10 year financing.
 Barnett's term mortgage for the small investor targets individuals whose primary business is not necessarily commercial real estate. The program provides mortgage loans up to $3 million on existing commercial properties and focuses on apartment buildings and warehouses.
 Barnett is also offering a term mortgage for the real estate professional. This program provides mortgage loans to real estate developers of $2 million to $15 million, concentrating on apartment buildings, anchored retail centers and warehouses.
 "These sectors of the commercial real estate industry have been under served due to the exiting of traditional finance providers," said William R. Nicholson, Barnett's director of commercial real estate. "Barnett is one of the first banks to develop mortgage programs to fill this need.
 "These new term loans will enhance Barnett's array of real estate lending products, enabling us to serve our real estate customers better," Nicholson added.
 With $37 billion in assets and 633 offices in Florida and Georgia, Barnett Banks, Inc. is the leading financial institution in Florida and the 21st-largest in the United States. The company's stock (BBI) is listed on the New York Stock Exchange.
 -0- 12/8/93
 /CONTACT: Bob Stickler (media), 904-791-5437, or home, 904-396-9284, or Susan Friloux (analysts), 904-791-7627, or home, 904-246-2965, both of Barnett Banks/
 (BBI BKSO)


CO: Barnett Banks, Inc. ST: Florida IN: FIN SU: PDT

JB-PC -- FL012 -- 1774 12/08/93 12:37 EST
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Publication:PR Newswire
Date:Dec 8, 1993
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