CMBS has been seeing some activity lately. For instance, Starwood Property Trust announced yesterday that it came to market with a CMBS deal that generated non-recourse match funded financing for the firm with an effective cost of funds of around 3.5%.

The firm, according to a release, separated five mortgage loans with an aggregate face value of $178 million into senior and junior loans. It contributed the deal's five senior loans, comprising either a senior A note or senior participation, with a face value of around $84 million to the securitization and received about $92 million in proceeds, while retaining $94 million of junior interests.

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