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Developer Sheldon Solow has tapped Dresdner Bank to originate a $400 million floating-rate loan on 9 West 57th Street - widely considered one of the finest office buildings in Manhattan.
Solow's broker, Eastdil Realty, shopped the assignment to a wide variety of lenders. But Solow ended up ruling out securitization programs, in order to avoid the level of disclosure necessary for a commercial MBS offering.
Given the loan's size, the field of lenders was then pretty much limited to commercial banks. While a few insurance companies teamed up in...