HORSHAM, PA--(BUSINESS WIRE)--Capmark Financial Group Inc. (the “Company”) announced that it closed on the sale of its low-income housing tax credit (“LIHTC”) asset portfolio to the Hunt Companies, Inc., a leading national real estate services company headquartered in El Paso, Texas (“Hunt”).
Hunt was the successful bidder in the Company’s bankruptcy auction of these assets for a total price of $102.4 million.
Under the terms of the purchase agreement the transaction will be closed in stages, with $63 million of the total included in the initial closing completed Friday, October 7.
It is anticipated that subsequent purchases would be completed for the remainder of the portfolio, subject to receipt of certain required third party consents and satisfaction of other conditions. A break-up fee of approximately $2.8 million was paid to the stalking horse bidder in the auction.
Thomas L. Fairfield, Chief Operating Officer of the Company, said, “We are pleased to complete this transaction, which is consistent with our strategy of disposing of our LIHTC operations over time. We believe that Hunt will be a good long term partner for the investors and other counterparties with interests in the LIHTC funds involved in the transaction.”
Additional information about Capmark can be found on the Company’s website at http://www.capmark.com/
Contacts, Capmark, Thomas L. Fairfield, 215-328-1555
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