Greenthal Realty Partners has issued its first-ever securitization deal, via GRP/AS Real Estate Asset Trust 2000-1. In a structure that has not 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 gave an A2 rating to the $117.5 million class A tranche. The transaction was structured according to Rule 144a.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.