Capmark seeks approval of $25 million real estate advisory group sale

By Caroline Salls

Pittsburgh, Jan. 15 - Capmark Financial Group Inc. requested court approval of the proposed $19.22 million sale of its real estate equity investment advisory group business assets, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

TRECAP Partners LLC is the stalking horse bidder.

If TRECAP is not the high bidder, Capmark will pay it a break-up fee of 2.75% of the proposed purchase price and reimburse up to $240,000 of its sale-related expenses.

Competing bids are due by noon ET on Feb. 18.

If one or more competing bids are received, an auction will be held on Feb. 23. Bids at auction must be made in $250,000 increments.

Capmark Financial, a commercial real estate finance company based in Horsham, Pa., filed for bankruptcy on Oct. 25. Its Chapter 11 case number is 09-13684.

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