Capmark gets court OK to complete $515 million mortgage business sale

By Caroline Salls

Pittsburgh, Nov. 24 - Capmark Financial Group Inc. received court approval to complete the $515 million sale of its North American servicing and mortgage banking businesses to Berkadia Commercial Mortgage LLC under an asset put agreement, according to a company news release.

Capmark said the sale to Berkadia, which is a newly formed entity owned by Berkshire Hathaway Inc. and Leucadia National Corp., was recommended to the court by the company's unsecured creditors' committee and management.

The transaction is expected to close by year-end, according to the release.

Capmark Financial, a commercial real estate finance company based in Horsham, Pa., filed for bankruptcy on Oct. 25 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 09-13684.

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