On October 24, 2009
Capmark Near Bankruptcy Amid CRE Storm
When a group of private equity firms bought Capmark Financial, then a part of GMAC, in March 2006, the commercial real estate lender possessed $276 billion in loans and an investment grade credit rating. Now the company is teetering on bankruptcy. The WSJ said today that Capmark may file for Chapter 11 protection as early as this weekend. Capmark’s collapse comes as no surprise. The company, which provides financing, investment management and mortgage financing services to real estate, retail, industrial and other companies, warned in April that it might go bust. Still, the lender’s predicament shows how the floor is starting to buckle for companies that specialize in making loans to buy commercial property. It’s also a sign of things…
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