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Developers Diversified seeks $400 million CMBS deal

Developers Diversified Realty Corp. is seeking a $400 million commercial-mortgage-backed-securities deal eligible for financing under the Federal Reserve's Term Asset-Backed Securities Loan Facility (TALF) program.

This marks the first CMBS deal under TALF, the agency's program designed to unfreeze the credit markets, and would be the first new issuance of such debt since June 2008, according to Bloomberg. The deal, which is being marketed before a Nov. 17 deadline for cheap CMBS loan funding, is backed by 28 Developers Diversified properties, Bloomberg reports.

Goldman Sachs is underwriting the $400 million in bonds.

Compiled by the staff of Shopping Centers Today. © November 09, 2009 International Council of Shopping Centers.