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Cafaro, PREIT Help Keep Boscov's Afloat

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Philly.com has an interesting breakdown of the financing involved in keeping regional department store chain Boscov's afloat. A couple of weeks ago, a bankruptcy court approved a plan under which a family group led by Albert Boscov and Edwin Lakin purchased the chain in a deal worth about $300 million.

It turns out that a couple of big mall owners are involved in keeping the operator of 39 stores going. Anthony Cafaro Sr. and family put in $20 million in equity. And PREIT provided a $10 million unsecured loan. PREIT has at least 8 operating Boscov's at its 56 properties, according to a Q3 08 supplemental filing dated Nov. 4. Cafaro, as a private company, does not provide a detailed breakout of its portfolio.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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