Greenthal Realty Partners has issued its first-ever securitization deal, via GRP/AS Real Estate Asset Trust 2000-1. In a structure that hasn't been seen in the market since 1995, the issue, consisting of nonperforming and subperforming loans, uses a liquidating trust.

"Because the loans are not generating cash, you're depending primarily on the liquidation of the properties or ultimately getting rights to the property and selling it," said Diane Westerback, an analyst to Moody's Investors Service. Moody's rated the $117.5 million Rule 144A transaction in variable-rate class A notes A2.

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