U.S. mall owner Developers Diversified Realty Corp. (DDR) kicked off new CMBS issuance by selling $400 million of securities on Monday under the Federal Reserve’s Term Asset Backed Loan Facility (TALF), which is the first offering under the new-issue CMBS TALF.

Market analysts believe it’s the first step toward restarting the non-government sponsored CMBS market, which has been closed since June 2008, and brings with it some much-needed capital to the commercial real estate universe.

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