Chandan, president and chief economist of Real Estate Econometrics, notes that rates for the current facilities were 2.72% for fixed three-year loans and 3.54% for fixed five-year loans. On Wednesday, the New York Fed also announced requests for $1.4 billion in loans on legacy CMBS.

To date, the New York Fed has settled more than $5 billion in legacy CMBS loan requests, according to data from the bank. In May, Chandan told GlobeSt.com that an analysis by REEcon showed that by adding CMBS to TALF, the Federal Reserve anticipated an increase in securitization and a corresponding increase in loan origination activity, which in turn would enhance lenders' capacity to refinance maturing mortgages, originate new mortgages and support the specific financing needs of investors seeking to acquire properties in distressed sales.

However, after the first subscription date in mid-June came and went with no takers for either legacy or new CMBS, Fed president William Dudley said in a speech that "the process for CMBS securitization takes quite a while to ramp up, so we would actually not expect anything in that mid-June subscription period. Don't take that as a mark of CMBS effort, please."