Another sign has emerged that the CMBS market is starting tocome back. REIT Ramco-Gershenson Properties Trust just closedon a new $31.3 million CMBS loan with J.P. Morgan. It's not themuch-longed for multi-borrower conduit type deal, but still.Ramco-Gershenson secured a loan at 60% LTV for two retailproperties at a ten-year term at a fixed rate of 6.5%.The deal isalso a nod to REITs, the publicly-traded ones, that is, which havebecome de facto kingmakers in the commercial real estate debt andequity markets. The biggest boost to CMBS, it must be noted, camefrom another REIT - Developers Diversified Realty - last year withits $400 million CMBS.DDR then disappointed the market by decliningto go back for a second pass. Instead, it has recently priced a$300 million stock offering. That move wasn't so much acommentary on the still-nascent CMBS market, but rather anillustration that REITs basically have all sorts of capital raisingavenues open to them these days.

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