In addition to resuming securitizations of residential mortgages, Redwood Trust is building a team to create a portfolio of high-quality commercial real estate investments. The company originated a $12 million loan shortly after Sept. 30. "We believe the investment opportunity in commercial real estate could account for a significant portion of the capital we invest in 2011," said Marty Hughes, Redwood's president and chief executive. Redwood's rationale for boosting its commercial real estate lending contains some ominous statistics for those worried about future commercial property defaults.