Buyout firms compete for US commercial real estate loans firm

Published 13th May 2010

Buyout firms Apollo Global Management LP and Centerbridge Capital Partners are competing to takeover CW Financial Services, the parent of the second largest manager of delinquent US commercial real estate loans, Bloomberg said today.

Bloomberg said two people with knowledge of the offers had confirmed the takeover interest for CW Financial Services. Berkadia Commercial Mortgage, a partnership between Warren Buffett's Berkshire Hathaway and Leucadia National Corp, was also considering a bid, Bloomberg said.

CW Capital Asset management, a subsidiary of CW Financial, is the special servicer of 4143m of securitised real estate loans.

More than $18bn of these loans are “delinquent”.

Ben Thypin, an analyst at researcher Real Capital Analytics in New York, said the new owner would be “in the driver’s seat on a lot of troubled loans.”

Source: ' Property Week '

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