While real estate investment trusts have found a wealth of liquidity in the investment grade market, other real estate companies have had no trouble funding themselves in the junk bond market.

This week BT Alex. Brown Inc. is leading a $200 million high-yield offering for LNR Corp., a Miami-based real estate investment and management company. Both Standard & Poor's and Duff & Phelps Credit Rating Co. rated the issue BB-minus.

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