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'SuperREITs' Deal in Senior Debt	By Jackie Day

Last week locally based private equity firm GSC Partners piled onto a growing trend driven by the red-hot debt market in commercial real estate. On July 25, the firm introduced a new mortgage REIT called GSC Capital Corp. which plans, like other recently issued mortgage REITs from other private equity firms, to use collateralized debt obligations and collateralized loan obligations to provide senior-debt financing for its acquisitions. This past spring and into this summer, firms such as Hyperion Capital Management Inc., KKR Financial and Deerfield Triarc Capital Corp. rolled out similarly structured entities that were quickly dubbed “superREITs” by some observers.

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