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DJMN: Developers Diversified Realty Offers $400M Commercial Mtge Deal
By Anusha Shrivastava
Of DOW JONES NEWSWIRES
NEW YORK(Dow Jones)--Property owner Developers Diversified Realty Corp. (DDR) is in the market with a much anticipated commercial mortgage-backed securities deal.
The bond, dubbed 2009-DDR1, is eligible for financing under the Federal Reserve's program to boost the commercial mortgage-backed market and is the first newly created CMBS deal in more than a year.
Earlier this month, the Cleveland, Ohio-based developer said it had closed on a new first mortgage financing from an affiliate of Goldman Sachs Group Inc. (GS). The five-year loan is secured by 28 shopping centers.
Goldman Sachs is lead manager on the deal, which has three tranches. The largest is a triple-A rated tranche worth $323.5 million, with a duration of 4.69 years.
The deal is being marketed in time for the next round of financing under the Fed's Term Asset-Backed Securities Loan Facility, or TALF. The deadline for cheap loans to buy new and existing CMBS is Nov. 17.
-By Anusha Shrivastava, Dow Jones Newswires; 212-416-2227; anusha.shrivastava@dowjones.com
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(END) Dow Jones Newswires
November 09, 2009 09:51 ET (14:51 GMT)
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