ClareGold Trust Closes Initial CMBS Offering

ClareGold Trust, a public securities issuer established and administered by Canadian Imperial Bank of Commerce, closed its initial public offering of $379.5 million commercial mortgage-backed securities (CMBS) on June 22, 2006. The securitized pool includes 103 commercial mortgage loans secured by real properties across Canada, all of which were originated by Canadian Imperial Bank of Commerce and CIBC Mortgages Inc. The mortgage loans will be serviced by Canadian Imperial Bank of Commerce in its capacity as master servicer and special servicer. The transaction is CIBC's first public CMBS transaction and adds further support to the growing Canadian CMBS market.
The issuer, seller and servicers were represented by in-house counsel Frank Vivacqua (CIBC) and Patricia Knight (CMI), and by Stikeman Elliott LLP with a team led by Michael Carman and Douglas Klaassen in Toronto, including Dana Porter, Andrew Elliott, Aaron Platt, Angelo Giannetta and Zoe Kalmanson (real estate); Jason Kroft (securitization); Stee Asbjornsen (securities) and Kevin Kelly and Leela Hemmings (tax).
CIBC World Markets Inc., as underwriter, was represented by McCarthy Tétrault LLP with a team led by Dirk Rueter and Simon Fitzpatrick (securitization) and including Gabrielle Richards (tax) and Michael McConnell (securities).