AEW Investment Banking, a Boston-based real estate investment advisory firm, has expanded its team. In addition to Robert Byron, managing director of the firm, the team of specialists now includes three vice presidents, Thomas St. Jean, Adam Steinberg and Kevin Stotts, who manage institutional sales, capital-raising activities and advisory services. They are supported by four associates, Alfred Della Porta, Philip Lisciandra, Kevin Kuzemchak and Jeffrey Zuckerman, who are responsible for the underwriting and execution of equity and debt placements.

A Canadian commercial mortgage-backed securities issue, the Solar Trust deal, a C$ 189.55 million securitization of Riocan REIT commercial mortgages, was finally priced last week, quietly slipping into the market while observers' attention was focused on more volatile happenings.

The deal had to be cheapened up considerably to get it done. The combination of arriving on the heels of the Caisse's N-45 deal, with more issuance of an esoteric product that had just had most of the demand for it filled, during a time of extreme turmoil in all markets, all added up to a difficult sell.

The Solar Trust class A-1 tranche, C$40 mln 6.64% 11/15/05, the fast-pay AAA tranche of ten year mortgages, was originally bruited at a spread of +68, but had to be widened to +85 bp. Class A-2, the slow-pay C$92.3 mln 6.90% AAA tranche maturing 11/15/10 was widened from +95 to +120bp. The C$3 mln I/O tranche (AAA) was cheapened from +290 to +350 bp. Class B, C$20.25 mln 7.1% 11/15/10 (Aa2/AA) moved from +115 to +140bp. Class C, C$20.25 mln 7.24% 11/15/10 (A2/A) cheapened from + 170 to +225bp. And Class D, the Baa2/BBB piece, C$16.75 mln 7.24% 11/15/10, ballooned from +290 to +350 bp. Toronto Dominion Securities Inc. was lead, with CIBC World Markets and Royal Bank of Canada Dominion Securities.

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