Church REIT Completes 1st Securitization

Foundation Capital Resources Inc., a real estate investment trust based in Jackson, Miss., has announced the completion of its first securitization, a $137 million transaction backed by church-related mortgage assets.The deal, FCR Mortgage Trust 2006-A, includes 177 mortgage assets related to churches in 32 states. The assets are chiefly adjustable- and fixed-rate commercial mortgage term loans to churches and other religious institutions, fixed-rate secured mortgage bonds issued by churches, and bond-collateralized loans made to churches, the REIT reported.