The Real Deal Miami

LNR looks to buy Cantor loans

March 18, 2011 11:09AM

Miami Beach-based LNR Property, which is partly owned by Vornado Realty
Trust, is looking to buy the junior portion of $600 in mortgages made by
Cantor Fitzgerald, a source said. The market for newly-issued
commercial mortgage-backed securities reignited almost a year ago, and
this would be LNR’s first purchase of the debt since that time. “It’s an
attractive space for those that are seeking higher yields and have a
good understanding of real estate,” said Patrick Sargent ,a partner at
Dallas law firm Andrews & Kurth. As Cantor Fitzgerald tries to turn
itself into a full-fledged investment bank, it may issue as many as $1
billion in CMBS bonds. [Bloomberg]