JPMorgan makes $485M CMBS offering

JPMorgan Chase is offering up $484.6 million in bonds backed by a loan to Australian shopping mall owner Centro Properties Group, according to Bloomberg news, and more than one-fifth of that loan is secured by New York and New Jersey retail properties. The remainder of the pool is accounted for by shopping centers in Australia and Texas, and together the properties constitute the sixth sale of commercial mortgage-backed securities this year. Earlier this month, Vornado Realty Trust completed a $660 million CMBS issue. After a record $234 billion in CMBS was issued in 2007, sales dropped to $11.2 billion in 2008 and Wall Street is still struggling to recover. JPMorgan is said to be readying a $1 billion deal — comprised of 38 loans to different property owners — for September, which would make it the largest of the year thus far. [Bloomberg]