Capmark Management Stake In $1B Fund Sold For $12.7M

Law360, New York (May 18, 2011, 7:41 PM EDT) -- A bankruptcy judge on Wednesday approved the sale of Capmark Financial Group Inc.'s management stake in a $1 billion real estate debt investment fund to a unit of Normandy Real Estate Partners for $12.7 million.

Normandy topped a Pacific Coast Capital Partners LLC unit's $7.55 million stalking horse bid for the management stake in Capmark Structured Real Estate Partners LP at an April 29 auction, according to an order signed by Judge Christopher S. Sontchi of the Delaware bankruptcy court.

The fund, which consists primarily of...
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