LNR Said to Consider Investing in Cantor Property-Loan Pool
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LNR Property Corp., the real estate finance company partly owned by Vornado Realty Trust, is seeking to buy the most junior portion of a $600 million pool of commercial property mortgages made by Cantor Fitzgerald LP, according to a person with knowledge of the deliberations.
The deal would be Miami Beach, Florida-based LNR’s first purchase of the debt since the market for newly issued commercial-mortgage securities sprung back to life 11 months ago, said the person, who declined to be identified because negotiations are private. The company bought about one-third of the market’s riskiest debt before the financial crisis halted sales in 2008, according to JPMorgan Chase & Co. data.