Developers Diversified Tests TALF.
The US government’s Term Asset-Backed Securities Loan Facility (TALF) is a program designed to revive lending, and it’s been extended to shopping centers and other commercial properties.
Developers Diversified Realty Corp. (and some reports say, Vornado Realty Trust) are moving to take advantage of the program. Globe St. has more:
“DDR’s two portfolios of assets contain roughly 60 shopping centers across the world and are valued at more than $800 million each. The properties, filled with discount retailers, offer a stable cash flow–a key component to the TALF program. “The assets serve as good collateral for risk-averse lenders,” CIO David Oakes, told the Wall Street Journal Tuesday. If DDR is able to borrow $600 million its loan-to-value ratio will be 40% …”
