Sunset Financial Resources Inc., a Jacksonville, Fla.-based mortgage lender and real estate investment trust, completed a $219.4 million securitization backed by residential loans and sold off the J.P. Morgan Mortgage Trust 2004-A3 vehicle.

The REIT priced a $125 million initial public offering on March 17 via underwriters WR Hambrecht and Stifel, Nicolaus & Co. The commercial and residential mortgage lender was formed in October 2003. Sunset CFO Mike Pannell said that while launching its own securitization shelf would be an expensive proposition, the company does not discount the possibility for future transactions. "It depends on the environment," Pannell said.

Sunset Financial purchases "A" quality nonconforming jumbo adjustable-rate and fixed- rate mortgage loans.

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