Delinquent Loan Servicer Attracts Bids From Apollo, Centerbridge

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.

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