Robert Solmson, Ed Ansbro and Richard Reiss, three veterans of the hotel sector, have formed Fairwood Capital and have raised $150 million of equity that will be invested in high-yielding hotel opportunities.

Early next month, the SEC is expected to issue a report to Congress on the fair-value accounting standard, FAS 157, which sets the framework for how public companies and banks should value their assets at market prices. And most comments to the agency have been critical of the standard's application during periods of illiquidity.

The agency has so far accumulated some $500 million of mortgages under a recently launched capital-markets program. Loans it writes under the program are destined for eventual securitization. But given market conditions, Freddie Mac will keep the loans on its balance sheet for the time being.

Aegon USA Realty has taken over TriStone, a 300,000-square-foot office complex in Dallas. The Cedar Rapids, Iowa, lender assumed control of the three-building complex after the property's owner was unable to meet its debt-service obligation as a result of a decline in occupancy. Aegon is in talks with brokers about listing the property for sale.

The Treasury Department's decision last month not to buy distressed assets from financial institutions has not resulted in any rush by banks to sell their assets on the secondary market. But the hope, and the expectation, is that with the government out as a viable outlet for many of their distressed assets, lenders will be more amenable to sales.

The 50 largest publicly traded REITs, in terms of market capitalization, are facing the maturity of $28.5 billion of debt - mortgages and unsecured notes - this year and next. This year alone, those REITs need to refinance $3.8 billion of debt, with much of that - $1.2 billion - owed by General Growth Properties Inc.

Jade Enterprises is said to be paying $132 million for Wilshire Bundy Plaza, a 300,000-square-foot office building in downtown Los Angeles. Namco Capital Group is selling the 14-story building through Madison Partners.

CMBS delinquencies shot up by $750 million in October, to $5.39 billion, according to Realpoint. And the delinquency rate has climbed to 0.631 percent from 0.543 percent in September. The thinking is that with the universe of CMBS actually shrinking, delinquencies could well top 1 percent by early next year.

Intercontinental Real Estate Corp. has paid $55 million for six industrial buildings totaling 606,027 square feet in Tucson, Ariz. The portfolio is comprised of the 406,318-sf Medina Business Park I & II, the 406,318-sf Tucson Commerce Center I-IV and a 4-acre development parcel.

A total of 10 loans, with a balance of $93.9 million, that were securitized via Merrill Lynch Mortgage Trust, 2008-C1, were transferred to special servicing two weeks ago after the owner of their collateral, DBSI Inc., had filed for bankruptcy. The loans amount to roughly 10 percent of the deal's $949 million balance.