The commercial origination and servicing business of bankrupt Capmark Financial Group has been acquired by Berkadia Commercial Mortgage, a joint venture of Berkshire Hathaway and Leucadia National Corp.
The sale includes a commercial servicing portfolio of more than $240 billion. Michael I. Lipson, head of global services and loan originations, and a member Capmark's executive team since 1996, has been named president of Berkadia and will continue to lead the business.
Berkadia's board of directors will include two representatives each from Berkshire Hathaway and Leucadia National.
Berkadia is in the process of hiring more than 1,000 of Capmark's approximately 1,500 current employees.
Berkshire is headed by billionaire investor Warren Buffett. Capmark is based in Horsham, Pa.
Three years ago Capmark (then known as GMAC Commercial Mortgage) was sold to an investor group led by Goldman Sachs.