And since that first deal, two others have funded without assistance from the TALF, and several more are in various stages of development. We hope that our work in the commercial mortgage sector will help alleviate some of the strains in commercial real estate funding.
As many of you know all too well, this sector is particularly troubled as layoffs and business closures have led to vacant retail, office, and industrial spaces across the United States and refinancing options for maturing loans remain quite limited. I have to admit, I was originally quite skeptical about the TALF.