Billionaire Warren Buffet now shares control of the country’s third biggest commercial mortgage servicer.
Capmark Financial Group Inc.’s North American servicing and mortgage banking businesses have been sold to Berkadia Commercial Mortgage LLC, an announcement today said.
Berkadia, formerly Berkadia III LLC, is a joint venture between Berkshire Hathaway Inc. and Leucadia National Corp.
The cost of the acquisition was pegged last month at $515 million.
Capmark filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code during November in U.S. Bankruptcy Court for the District of Delaware.
Subsidiary Capmark Finance Inc. was ranked as the third biggest commercial mortgage servicer in the second quarter by the Mortgage Bankers Association. As of June 30, it serviced 32,357 loans for $248.7 billion.
