The commercial mortgage-backed securities market had a phenomenal year in 2005, reaching a record new production of $177.47 billion despite rising interest rates and the economic impact of the Gulf Coast hurricanes. Last year’s record CMBS issuance represented an 81 percent increase from the previous year, according to a new analysis by Inside MBS and ABS. Issuance in the fourth quarter alone surged to $62.31 billion, up 50 percent from the previous period. Production… [Three data tables included]