The three businesses are: Atlanta-based CapMark Services; the Debt Advisory Group, which includes program lending; and the North American Asset Management (distressed debt) business. CapMark alone adds a $60-billion servicing portfolio to GMAC's existing $161-billion servicing portfolio.
The Lend Lease acquisition also includes $5 billion in managed accounts from the Debt Advisory Group and $21 billion in special servicing from the asset management business. When the sale was announced, David E. Creamer, chairman of GMAC Holding Corp., which is GMACCM's parent company, said the debt advisory platform complements GMACCM's existing $6-billion investment management business.
Timing for completion of the remaining stages of the acquisition and payment of the additional $19.5 million was not disclosed.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
