In a move it hopes could help break the massive logjam of problem real estate loans in Japan, J.P. Morgan & Co. has begun issuing nonrecourse loans for the purchase of troubled property portfolios.

In the first such transaction in Japan, Morgan last month agreed to provide a Morgan Stanley Dean Witter & Co. real estate fund with a nonrecourse loan for the purchase of 1,200 condominiums from Daikyo Inc.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

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