After several years in which commercial real estate securitization was used primarily to refinance bad thrift debt, 1994 may be remembered as the year the technique finally emerged as a day-to-day financing tool.

"Commercial-mortgage-backed securities are beginning to be extraordinarily well received," said Richard M. Gunthel, managing director of real estate investment banking at Bankers Trust New York Corp., whose group was a close second to Lehman Brothers in a ranking of lead managers by the newsletter Commercial Mortgage Alert.

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