First Union Corp. and Merrill Lynch & Co. have sold about $1.14 billion in securities backed by commercial mortgages.

The two companies bundled and sold a portfolio of loans backed by apartment buildings (44.2%), retail stores (25.3%), hotels (10.3%), office space (7.2%), and other commercial properties, according to First Union.

The properties are located in 36 states, with Texas comprising 14.7% of the total. California has 12.7%, Florida has 11.5%, and other states have less than 6% each.

The master servicer was First Union National Bank of North Carolina. The special servicer was Criimi Mae Inc. of Rockville, Md.

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