CB Richard Ellis Group Inc., the world’s largest commercial property brokerage, borrowed $450 million Thursday at a steep interest rate as part of the firm’s effort to stay solvent in the most punishing real estate market in decades.

The Los Angeles-based company raised the money by selling new bonds. It is using the proceeds, along with $150 million that it raised last week by selling new common stock, to help pay off hundreds of millions of dollars in loans coming due this year and next.

–

Read the full

Los Angeles Times

story.