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Part II: Mezzanine Finance Focus—Do Innovations Outweigh the Risks?	By Erika Morphy

Earlier this summer, Gramercy Capital Corp. closed Gramercy Real Estate CDO 2005-1, a $1-billion commercial real estate whose assets included bridge first mortgage loans, subordinate participation interests in first mortgage loans, as well as mezzanine loans. Besides its size, another key differentiator of this particular CDO was the fact that Gramercy originated most of the debt investments that were contributed to the CDO. The structure underscores the evolving nature of mezzanine finance.

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