Capmark To Sell $1 Bil. Debt Advisory Business for $7.8 Mil.
"Capmark Financial Group Inc., a bank holding company in Chapter 11 bankruptcy reorganization, plans to sell its interest in its non-bankrupt real estate debt investment advisory group business (Capmark Structured Real Estate Partners LP) for $7.8 million to an affiliate of Pacific Coast Capital Partners LLC.
The fund commenced operations in August 2006 for investing in U.S. real estate debt, including mortgage loans and securities, opportunistic loans, and high yield commercial mortgage backed securities. As of Dec. 31, 2010, the fund had called capital contributions of $1.06 billion.
There will be a bankruptcy court hearing on April 11 to approve auction and sale procedures. If the judge agrees with the schedule, other higher bids will be due April 22, followed by an auction on April 26."
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