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Oversubscribed DDR CMBS Deal Prompts Bank of America To Prepare $460M Fortress Deal

November 19, 2009

The commercial mortgage backed securities issued earlier this week on the back of DDR retail assets has caught the attention of others who were closely monitoring that issue. Some reports indicated that the DDR deal was up to 10x oversubscribed. So, not only is a follow on issue for DDR said to be in the works by Citigroup, but Bank of America is preparing a $460M CMBS deal for properties owned by Fortress Investment Group (FIG: 6.84 +0.29%).

The yield on the DDR issue was about 3.8-4%, and surprisingly a small amount of purchasers opted to lever the deal through TALF, which means they were happy with the paltry yields.

[via Reuters]

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Categories: Commercial Finance and Lending | Commercial Real Estate Investing | Trends
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Joshua November 20, 2009

interesting. i thought the talf funds were the driver. very interesting. ddr hasnt already had a follow on? i thought every reit jumped on that bandwagon months ago.

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