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NEW YORK CITY-A floating rate securitization weighing in at $511.7 million is currently being marketed by JPMorgan Chase Bank and CIBC, GlobeSt.com has learned. The pool of some 15 mortgages, encompassing hotel, office, retail, multifamily and manufactured housing assets, is the first floating rate securitization to be marketed by the firms.

ABN Amro Inc. is co-manager on the package. Even though this is the first floater for the loan sellers, CIBC and JPM have teamed on no fewer than seven securitizations over the past three years. Neither JPM nor CIBC returned calls by deadline.

Included in the package–designated 2003-FL2–are a FelCor hotel portfolio with a loan amount of $113.7 million; 277 Park Ave. ($100 million); a Hometown America portfolio of manufactured housing ($85 million); the Phoenix Spectrum Mall ($30.2 million); and Countryside Townhomes in St. Louis, MO ($14.4 million).

Including the newly hatched securitization, the real estate finance arm of CIBC World Markets is targeting some $3.5 billion in loan originations for 2003. Some $1.7 billion of that total will be securitized in fixed-rate CMBS issues with the remainder syndicated in the bank market. The bank has acted as lead or co-manager on some $4.5 billion of CMBS issuance not counting the new deal.

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