The first commercial mortgage bond deal in more than a year sold at the price at which it was launched, and had strong investor demand, according to sources.
The commercial real estate market is looking at the $400 million offering from Developers Diversified Realty Corp. as a harbinger of recovery in the commercial mortgage-backed securities market.
It also is the first commercial mortgage deal to be sold under the Federal Reserve's Term Asset-Backed Securities Loan Facility program.
Many non-Talf buyers also purchased pieces of the deal.
