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Wednesday, April 7, 2010 as of 11:14 AM ET

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JPMorgan Distressed CMBS Funds Blackstone, Square Mile Loan Buy

J.

P. Morgan Chase & Co. (JPM) plans to sell $159.5 million of commercial mortgage-backed securities supported by distressed hotel loans next week in the second deal aimed at the rapid resolution of bubble-era real estate assets, according to a term sheet sent to investors.The CMBS to help fund loan acquisitions by units of Square Mile Capital and the Blackstone Group follows a $132 million deal in March, which helped fund the purchase of troubled debt for Rialto Capital Management.The CMBS are similar to securities used to dispose of troubled assets after the savings-and-loan crisis. Beginning in 1992, the Resolution Trust Corp. began selling pools of bad debt carved up into bonds that helped the real estate rebound by clearing bank balance sheets.Several real estate funds have expressed interest using the CMBS model developed by J.P. Morgan to make a play for troubled assets held by the Federal Deposit Insurance Corp. and other institutions. The Square Mile-Blackstone CMBS will fund a...

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