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Bank of America Offers $533M in CMBS

NEW YORK CITY-Supported by loans made by Bank of America and CIGNA Corp. on 15 commercial properties scattered throughout the US, BoA yesterday offered $533 million in CMBS. All but one of the properties has terrorism insurance coverage, a BoA spokesman tells GlobeSt.com.

By Michael Gilliard | Updated on October 02, 2002

NEW YORK CITY-Bank of America yesterday offered $533 million in commercial mortgage-backed securities, supported by real estate loans both it and Philadelphia-based CIGNA Corp. made on 15 commercial properties. All of the properties save one are covered against terrorist acts, a BoA spokesman tells GlobeSt.com.

The three largest loans in the pool represent 56 percent of the total loan balance, says the spokesman. $112 million was loaned toward the Oakland City Center, a series of Shorenstein-owned properties located in Oakland, CA. These six class A office buildings comprise approximately 1 million sf.

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