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Posts Tagged ‘Capmark’

The Week of October 24-30

- Capmark finally filed for Chapter 11 bankruptcy protection, but will prevail in the end.

- How many more firms could be following Capmark into bankruptcy?

- Could PPIP be the solution to more bank transparency with regard to distressed assets?

- The Great Recession may be ending, but for CRE, its more like the Great Depression beginning.

- ING will be spinning off to get ahead.
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The Week of October 10-16

- There’s two kinds of small banks: The kind that didn’t make bad loans, and the kind that won’t be around much longer.

- Banks that want to grow apparently won’t be looking to commercial real estate.

- A Northeast HUB for industrial space, Northern New Jersey, has seen sublease space hit a six year high.

- $55 billion in mortgage servicing writedowns has hit the 4 biggest banks, including JP Morgan.

- Capmark may finally file for bankruptcy.
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Last week, A Warren Buffet-led group struck a deal to acquire Capmark Financial Group Inc.’s mortgage banking business . A newly formed entity owned by Buffet’s Berkshire Hathaway Inc. and Leucadia National Corp. was given a put option to purchase Capmark’s North American servicing and mortgage banking businesses. Capmark operates three core business lines: lending and mortgage banking, investments and funds management, and servicing. The latter of which is, and has been drastically adversely affected by the poor performance of the first two. Jeff Zaun from S & P remarked recently, “We expect Capmark either to enter Chapter 11 bankruptcy proceedings or to negotiate a distressed exchange outside of bankruptcy, which most likely would affect most of its debt. We will consider either of these events to be a default.” And Buffet’s bid reflects either possibility, offering $490M, or $415M if Capmark files for bankruptcy. So why do I expect Capmark to choose bankruptcy?

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The Week of September 5-11

- And the REIT deleveraging continues…

- The toilet is starting to overflow, as five more banks got flushed.

- A huge Colorado condo development owner has filed for Chapter 11.

- A recent study by Jones Lang LaSalle shows that CRE velocity will pick up, while values will remain flat.

- Where GM might have failed, GE plans to succeed. Read the rest of this entry »

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The Week of June 13-19

- Bank and CMBS defaults continued their record setting pace this week.

- The NY Fed reported that there were a whopping zero CMBS loan requests into the TALF program byt he June 16th deadline.

- Maguire Properties sold an office tower for  a 35% discount from what it cost them to build it.
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The Week of May 30-June 5

-  A new report emerged showing banks’ troubled CRE assets have doubled.

- Word from the NAREIT conference this week is that REIT’s are better positioned for the recovery.

- Countrywide’s ex-Chairman was charged by the SEC with fraud.

- What will be the nationwide commercial real estate impact for car dealership sites affected by GM filing for bankruptcy?

- Real Estate Lender Capmark successfully reorganized its financing to stay afloat.
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