Auto REIT Sub Issues $228MM Deal

A subsidiary of Capital Automotive REIT, McLean, Va., has issued $228 million of triple-net-lease mortgage notes, series 2003-1.CARS, a real estate investment trust that acquires real property and improvements used by operators of multifranchised automotive dealerships, said the fixed-rate notes are collateralized by 50 automotive retail properties subject to long-term, triple-net leases. The $109 million of class A-1 notes mature on Sept. 25, 2015 and are fully amortizing, while the $119 million of class A-2 notes mature on March 25, 2019 and are based on a 20-year amortization schedule, the REIT said. Credit Suisse First Boston acted as the lead manager of the transaction, which was privately placed, and Salomon Smith Barney was co-manager. The REIT can be found online at http://www.capitalautomotive.com.