A $400 million securitized-debt deal for Developers Diversified Realty could breathe life into the frozen commercial mortgage-backed securities market, experts said. It will be the first CMBS deal offered through the Federal Reserve's Term Asset-Backed Securities Loan Facility. "While it's only a toe in the water, banks are actually taking the execution risk of a securitized exit," said Christopher Hoeffel, a managing director at Investcorp International. Goldman Sachs is the lead underwriter.
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