Sunday, 5 July 2015
Last updated 1 day ago
May 13 2010 | 12:28pm ET
A pair of private equity firms is set to do battle for a major servicer of delinquent mortgages.
Both Apollo Global Management and Centerbridge Capital Partners are bidding for CW Financial Services. The New York-based company’s CWCapital Asset Management is the second-largest manager of delinquent U.S. commercial real-estate loans, with more than $18 million in delinquent loans.
All told, CWCapital services $143 billion in securitized real-estate loans.
The company, currently majority-owned by a unit of Canada’s largest public pension plan, the Caisse de dépôt et placement du Québec, is expected to get more than $200 million at auction, Bloomberg News reports.
Apollo and Centerbridge may also be joined by a Berkshire Hathaway and Leucadia National Corp. joint venture, Berkadia Commercial Mortgage, which bought Capmark Financial Group’s loan-servicing and mortgage business in December.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…