Real Estate Asset Liquidity Trust Closes $482M Transaction

On April 12, 2007, Real Estate Asset Liquidity Trust, as issuer, and RBC Dominion Securities Inc., as sole underwriter, closed a $481,898,000 public CMBS securitization transaction. The commercial mortgage pass-through certificates issued by Real Estate Asset Liquidity Trust were backed by a diverse pool of 73 commercial mortgage loans, two pari passu co-ownership interests in two separate commercial mortgage loans and one senior co-ownership interest in a commercial mortgage loan originated by Royal Bank of Canada, Royal Trust Corporation of Canada, Colliers International Mortgage Corporation, First National Financial LP and Capmark Canada Limited.

This transaction was the seventh public securitization for Real Estate Asset Liquidity Trust.
Paul Guthrie acted as internal counsel for Royal Bank of Canada. McCarthy Tétrault LLP acted as counsel for Real Estate Asset Liquidity Trust, Royal Bank of Canada and Royal Trust Corporation of Canada, with a team comprised of Marc MacMullin, John Currie, Dean Masse, Tzen Goh, Tim Stewart, Vernita Tsang, Victoria Everett, Julian Chamberlain, Paul Galbraith, Gabrielle Richards and Jim Warnock. Susan Spence acted as internal counsel for First National Financial LP. Fogler, Rubinoff LLP acted as counsel for Colliers International Mortgage Corporation and First National Financial LP, with a team comprised of Howard Rubinoff, Judith Hong Wilkin, Pinar Ozyetis and Brian Gosse. Torys LLP acted as counsel for Capmark Canada Limited, with a team comprised of Rose Bailey and Joanna Dybel. Stikeman Elliott LLP acted as counsel for the underwriter, with a team comprised of Michael Rumball, Kevin Kelly, Corinne Pruzanski and Leela Hemmings.