Capmark Financial Group Inc., Horsham, said today it closed on the first stage in the sale of its low-income housing tax credit portfolio for $102.4 million.
The commercial real estate lender, which emerged from bankruptcy in September, sold the portfolio to the Hunt Cos. Inc., El Paso, Texas. Hunt was the successful bidder at Capmark's bankruptcy auction.
The initial part of the sale was for $63 million, and the rest is to be paid in stages, Capmark said. -Paul Schweizer