On the heels of Developers Diversified Realty Corp.'s (DDR) commercial mortgage-backed security (CMBS) deal, Bank of America is preparing to issue a $460 million commercial bond deal relating to properties owned by Fortress Investment Group. The deal is labeled Bank of America Large Loan Trust 2009-FDG.
The seven-year, fixed-rate issue is tied to mortgages on 44 Florida office and industrial properties, as well as easement interests alongside a railway corridor, the Wall Street Journal reports.
The bonds will be divided into four portions, with the largest portion being $350 million of top-rated debt, Bloomberg says, citing people familiar with the deal.
