Goldman Sachs in $400 Million Loan to Subsidiaries of Developers Diversified Realty

Cleary Gottlieb represented Goldman Sachs on its $400 million loan to subsidiaries of U.S. mall owner Developers Diversified Realty, secured by 27 malls. This financing is the first to be securitized under the Federal Reserve Bank’s Term Asset-Backed Securities Loan Facility (“TALF”) and potentially signals the reopening of the commercial mortgage-backed securitization market, which has been frozen since the onset of the financial crisis.