Capmark Financial Group, the commercial real-estate lender that filed for bankruptcy protection Sunday, has provided loans for many projects and developers in South Florida, including Dennis Stackhouse and AWE Talisman.

The firm said it has filed motions to allow it to continue to pay vendors and salaries, and that the move ``should not impact the way Capmark does business with its customers and partners.''

``As of October 23, 2009, Capmark and its filing subsidiaries had in excess of $500 million of cash and cash equivalents . . . available to fund its operations,'' it said in a statement.

The lender added it ``continues to look for appropriate strategic outcomes for certain of its businesses.''

The move could add to concern that the commercial real-estate market is struggling as much as the residential side.

A group of funds -- composed of Kohlberg Kravis Roberts & Co., Goldman Sachs Group's Goldman Sachs Capital Partners and Five Mile Capital -- owned 75.4 percent of Capmark, while GMAC owned 21.3 percent, and Capmark employees and directors owned most of the remainder, according to a Reuters report citing the bankruptcy filing.

Capmark listed $20.1 billion in assets and $21 billion in liabilities as of June 30 in its Wilmington, Del.-bankruptcy filing, the report said.

Capmark, formerly GMAC's commercial property arm, had recently reported a second-quarter loss of $1.6 billion.

The company said its Capmark Bank unit is not included in the filing, nor are Capmark Investments, Capmark Securities and Capmark's Asian, Indian and European subsidiaries.

Subsidiaries filing for Chapter 11 protection included Capmark Finance, Capmark Capital, Capmark Equity Investments, Mortgage Investments, Net Lease Acquisition, SJM Cap, Capmark Affordable Equity Holdings, Capmark REO Holding, Summit Crest Ventures, Capmark Affordable Equity and 33 other low-income housing tax credit entities, it said.

Miami Herald business writer Elaine Walker contributed to this report.

Join the discussion

The Miami Herald is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere in the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. In order to post comments, you must be a registered user of MiamiHerald.com. Your username will show along with the comments you post. Thank you for taking the time to offer your thoughts.

     Showing: Oldest first Newest first Most-recommended first Least-recommended first

@Nyx.AuthorDisplayName@ wrote on @Nyx.PostedAtTime@:

@Nyx.repliedToText@

@Nyx.replyAnswerText@

Reply to this Comment @Nyx.Recommender@ @Nyx.AbuseReporter@