Bear Stearns plans to bring to market in September an $884.4 million static commercial mortgage-backed resecuritized CDO. The deal, G-FORCE CDO 2006-1, is backed primarily by the refinancing of G-FORCE CDO 2003-1 and certificates from the re-real estate mortgage investment conduit G-FORCE 2005-RR2. G Funds Asset Management, which is jointly owned by Capmark Financial Group and Goff Moore Strategic Partners, is the collateral manager for the deal. LaSalle Bank is the trustee.
When G-FORCE CDO 2003-1 is callable in December, its assets will be acquired into the 2006-1 series deal. Aside from certificates from the re-real estate mortgage investment conduit G-FORCE 2005-RR2, collateral for the deal will come from triple-A rated, recent vintage, CMBS AJ bonds. Roughly 51% of the underlying CMBS in the deal are subordinate, non-investment grade bonds. The deal is the 16th CDO/resecuritization issued by Capmark, which was established by General Motors Acceptance Corp., and the sixth issued by G3, according to Fitch Ratings.