CapMark's $60-billion servicing portfolio "will be a significant addition to GMACCM's current servicing portfolio," said David E. Creamer, chairman of GMAC Commercial Holding Corp., GMACCM's parent company, which is also based here. The current GMAC servicing portfolio is $161 billion.
The Lend Lease purchases also include $5 billion in managed accounts from the Debt Advisory Group and $21 billion in special servicing from the asset management business.
"The acquisition of the debt advisory platform is an excellent complement to our existing $6-billion investment management business, strengthens our existing relationships and adds several strategic institutional investors to our client base," said Creamer.
Lend Lease will retain co-investments of approximately $27 million, which are expected to be realized over the next five years, according to Greg Clarke, CEO of Lend Lease Group. He called the sale "an important step in the simplification of Lend Lease and focusing of our strategy."
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