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Capmark Financial originates, services, and invests in mortgages for commercial real estate including office, retail, health care, hospitality, and multifamily properties. It also invests in real estate and commercial mortgage-related assets for institutional and high-net-worth investors. Capmark Financial has some 50 offices in North America, Europe, and Asia. The company originates more than $10 billion in commercial mortgages each year and its servicing portfolio has more than 48,000 loans worth approximately $350 billion. Its investment business has more than $8 billion in assets under management.
Capmark, formerly GMAC LLC's commercial real-estate arm, recently reported a second-quarter loss of $1.6 billion and signaled it may seek bankruptcy protection. The company will file this weekend, The Wall Street Journal reported in its online edition, citing an unnamed source.
An investor group comprised of KKR & Co., Goldman Sachs Capital Partners and Five Mile Capital Partners bought the company from GMAC in 2006. The group owned about 75% of the company, while GMAC and its employees owned the rest, according to the report, citing data through March 31.
Horsham, Pa.-based Capmark is selling its bank operation to Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B) and Leucadia National Corp. (NYSE:LUK) , but the bank would not be part of the bankruptcy filing, according to the report.
WILMINGTON, Del., Oct 27 (Reuters) - A bankruptcy judge on Tuesday rejected plans by Capmark Financial Group Inc for a Saturday bid deadline for its mortgage servicing business, which it has proposed selling to Berkshire Hathaway Inc (BRKa.N) and Leucadia National Corp. (LUK.N)
Judge Christopher Sontchi said during Capmark's first bankruptcy hearing the company must wait until after creditors have formed a committee, planned for Monday, before asking for a bid deadline.
Capmark is one of the largest U.S. commercial real estate services companies, and now one of the biggest victims of the rapidly declining commercial real estate market. The company filed for bankruptcy on Sunday with $21.0 billion in liabilities and $20.1 billion in assets.