Capmark real estate funds business acquired by Trecap

Capmark Investments’ real estate funds business and its 29-strong team have been taken over by Trecap Partners.

Trecap has acquired the investment management contracts and general partnership interests in Capmark’s four US equity property funds as well as one UK equity vehicle and several single asset client accounts. No financial terms were disclosed, but in a statement Trecap said Capmark Investment’s equity portfolio was valued at $4.3 billion and included 129 multifamily and commercial properties in the US and 41 commercial and multifamily assets in Europe.

Capmark Investments’ management team, including Robert Fabiszewski, William Martin, Wayne Harris, Paul Dolinoy and Gene Conway, as well as 25 other real estate professionals, including five in London, will now transfer to Trecap.

The Philadelphia-based property investment firm was founded in 2009 by former Equitable Real Estate Investment Management executives Doug Tibbetts, Gary Sligar and Paul Klick in association with developers Transwestern and Hunt Companies.

Fabiszewski said in a statement the deal would provide “stability” to the Capmark Investments team, which was thrown into doubt when the parent company and real estate lender Capmark Financial Group filed for Chapter 11 bankruptcy protection in October last year.

Capmark Financial agreed to sell its North American mortgage business to Warren Buffett’s Berkshire Hathaway and the holding company Leucadia National Corporation for $515 million last year.

The lender also lost a debt team from its Capmark Investments arm comprising Jaqueline Brady, Margaret Blakely, Brent Morris and five others to Urdang Capital Management in October last year, just months after its securities team – including Scott Roth, Patti Unti and Jimmy Parsley – spun out to form Ventras Capital Advisors with private equity firm MBH Enterprises. Capmark Investments’ real estate equity business was originally known as GMAC Commercial Mortgage Corporation.