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Net positive for CRE

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Goldman Sachs Group (GS) has sold about $750 million of junior loans on a large hotel portfolio owned by the private-equity firm Cerberus Capital Management, according to people briefed on the transaction.

The junior loan, which was part of a $1.85 billion debt restructuring, was sold in four pieces and marks the latest—and one of the largest—complex refinancing deals since the financial crisis. This kind of financing with multiple junior debtholders was popular during the property market boom but disappeared when the bubble burst and risk appetite waned.

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