Banc of America Securities LLC closed a $1.178 billion securitization of small commercial mortgages on Friday. About 64% of the loans were on California properties, reflecting that all of the loans were originated by the old Bank of America, which merged with NationsBank last year. The bond offering is one of the largest commercial- mortgage-backed deals ever in terms of the number of loans securitized: 2,755.

Each of the loans was for less than $2 million. Commercial mortgages that end up in securitized pools are often for tens or even hundreds of millions of dollars.

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