As the appetite for commercial mortgage-backed securities gains momentum following a sharp decline during the fall of last year, market players are seeing a definite resurgence of large single-asset and/or multiple-asset, single-borrower transactions recently, reflecting a debt window for real estate investment trusts that is quickly slamming shut.

According to a special report put out by Standard & Poor's Ratings Group last week, more and more issuers are reverting to offering single-borrower transactions and very homogeneous conduits in an attempt to satisfy traditional CMBS buyers who prefer more risk-free ventures.

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