JPMorgan completed SMAP 2012-LV1, an approximately $181.6 million liquidating trust backed by 12 commercial real estate loans on behalf of Square Mile Capital and Invesco Advisors. The deal was oversubscribed...Prudential Real Estate Investors was pushing into apartment development...Cash-rich private equity funds were poised to become the mainstay provider of capital across all sectors as commercial and investment banks continued to be limited in making large loans and the conduit sought to regain their footing [The change led to a rise of the so-called shadow lender (REFI, 3/14)].