PHOENIX—Auction.com, LLChas been retained as the exclusiveloan sale advisor for the senior participation interest, includingservicing rights, for two 2007 vintage notes collateralized by twoclass A multifamily properties in Gilbert.

Constructed in 2007 and with a June 2014 occupancy of 94%, thetwo garden-style luxury apartment complexes total 624 units andoffer market-leading finishes and amenities.

The subject notes, which mature in April 2017, are fixed-rate,interest-only loans at a 5.62 percent coupon. They arecross-collateralized/cross-defaulted and thus part of a singleoffering. With a total unpaid principal balance of $45,000,000, thesenior participation is currently held by a government sponsoredenterprise. The junior interest, which is not part of thisoffering, is held by an affiliate of the borrower, anowner/developer of class A multifamily properties with 3,550 unitscurrently under management and an annual revenue of $25million.