The third biggest commercial mortgage servicer has a new chief executive officer. His resume includes founding partner at BlackRock Inc.
In a statement Monday, Berkadia Commercial Mortgage LLC said Michael I. Lipson is departing as CEO.
Taking Lipson’s job is Hugh F. Frater, who was appointed CEO today.
The Horsham, Pa.-based company was created with the December 2009 acquisition of Capmark Finance Inc. by Berkshire Hathaway and Leucadia National Corp. The operation ranked as the third biggest commercial mortgage servicing operation as of Dec. 31, 2009, with 30,144 loans serviced for $217.9 billion.
In today’s statement, Berkadia reported a primary servicer managing a portfolio of more than $220 billion as of June 30.
Frater was most recently chief operating officer for Good Energies Inc., “a multibillion euro, global, private investor in renewable energy.” Before that he was executive vice president at PNC Financial Services Inc. and was CEO of a PNC loan servicing and software development subsidiary.
Frater was a founding partner and managing director of BlackRock Inc. prior to his time at PNC.
