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.
(c) 2006 Asset Securitization Report and SourceMedia, Inc. All Rights Reserved.