After a boost from the government's savings and loan bailout, the secondary market for commercial real estate loans appears to have gained a permanent place on the lending landscape.

Despite higher interest rates early in the year and the gradual withdrawal of the Resolution Trust Corp. from the real estate securitization market, transaction volume declined only 8.5% from 1994's record level, to $18.3 billion, according to a new survey by E&Y Kenneth Leventhal.

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