Bank Of America Puts Together An Honest To Goodness CMBS Deal

florida condo boat

Bank of America last week priced the second new-issue commercial mortgage-backed security (CMBS) of 2009, according to industry commentary by Deutsche Bank Securities.

The $460m transaction, secured by 44 office and industrial properties in Florida, could not take advantage of the new-issue CMBS Term Asset-Backed Securities Loan Facility (TALF) because of the 7-year loan term, Deutsche Bank said.

The collateral pool contained non-standard components including cash flow from the leasing of fibre-optic cables, land and billboards along a 351-mile corridor running from Jacksonville to Miami.

Read the rest at Housing Wire.

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