More firms may have to follow Capmark into Chapter 11
The decision by commercial property lender Capmark to seek Chapter 11 bankruptcy protection might be a sign of what lies ahead for the commercial real estate industry. Capmark's business relied upon its ability to sell the loans it originated in the secondary market, but the buyers disappeared when the credit crunch hit. "It's not a turning point," said Dennis Yeskey, a senior adviser at AlixPartners, a business advisory company. "The problems are only starting."
Philadelphia Inquirer, The | 10/27
This story published in ICSC SmartBrief on 10/28/2009
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