No sales of commercial-mortgage backed debt have been completed since June 2008, according to Bloomberg data.
But the new five-year loan with Developers Diversified's Realty Corp, which is secured against 28 shopping centers, may be a signal for the market to begin again.
The Goldman Sachs money is being used by the company as a way of paying off some of its outstanding debts.
David Oakes, Developers Diversified vice president of finance and chief investment officer, said: "We are pleased to announce continued progress raising long-term capital to retire short-term debt."
In 2007 the commercial-mortgage bond market was worth $237 billion but this fell to just $12 billion in 2008 as the credit crisis hit.
But Goldman Sachs has come out of the crisis well and is expected to announce massive third-quarter profits on October 15th 2009.
By Asim Shah