Gramercy Cap Closes $634M CRE Re-REMIC

Gramercy Capital Corp., a New York-based commercial real estate finance company, has closed a resecuritization of $633.7 million of recently acquired commercial mortgage-backed securities.The transaction, a type of real estate mortgage investment conduit called a re-REMIC, is expected to generate excess returns based on seasoned collateral with superior credit and structural profiles to those of more recent vintages available in today's secondary market, the company said. The securities included in the deal were selected, evaluated, and acquired by Gramercy's recently formed Real Estate Securities Group. Gramercy, an affiliate of the SL Green office real estate investment trust, can be found on the Web at http://www.gramercycapitalcorp.com.