Giving the rundown commercial property sector a helping hand on Friday, the US Federal Reserve granted the sector access to an emergency program TALF - Term Asset-Backed Securities Loan Facility - which was set up last November to unfasten the credit markets that became almost stationary due to the financial meltdown.

As per the Fed announcement, the $200 billion TALF program will be opened from June to commercial mortgage-backed securities (CBMS) that were issued in 2009.

Along with boosting commercial real-estate lending, the program will become more attractive to investors, with the provision of longer, five-year loans.

The Fed said that the much-required boost towards the availability of these loans would help avoid defaults on commercial properties -like office parks and malls, as well as smoothen the process of distressed properties' sale.

Saying that CMBS comprised nearly one-half of all new commercial mortgage originations in 2007, the Federal Reserve statement stated: "The inclusion of CMBS as eligible collateral for TALF loans will help prevent defaults on economically viable commercial properties, increase the capacity of current holders of maturing mortgages to make additional loans, and facilitate the sale of distressed properties."

The Fed's decision to offer longer loans has been particularly well-received by the commercial real-estate lending industry, which said that it was a "more consistent" decision for providing increased flexibility to borrowers.