Goldman Sachs Group Inc. is underwriting $400 million of bonds backed by an Ohio real estate company's shopping centers in the first sale to tap a U.S. program to unlock lending in the commercial mortgage market.

The bond is backed by 28 properties owned by Developers Diversified Realty Corp., according to people familiar with the transaction who declined to be identified because the terms are private.

The Federal Reserve in June opened its Term Asset Backed Securities Loan Facility, or Talf, to newly issued commercial mortgage-backed securities to stimulate lending and avert a wave of foreclosures if borrowers failed to refinance. There had been no new sales of this kind of debt since June 2008, according to data compiled by Bloomberg.

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