Bank of America Corp. plans to sell $460 million of securities backed by commercial real estate without relying on a U.S. program to aid lending, three days after the first sale of the debt in more than a year.

Backed by mortgages on office and industrial properties in Florida, the bonds are split into four portions, the largest of which is $350 million of top-rated debt, according to people familiar with the matter. Fortress Investment Group LLC is the sponsor of the transaction.

The offering follows the sale from Developers Diversified Realty Corp. on Nov. 16, the first issue of commercial mortgage-backed securities since June 2008, according to data compiled by Bloomberg.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.