The Real Deal Miami

Capmark’s bankruptcy may not have far-reaching effect

October 28, 2009 12:49PM

With Capmark’s weekend bankruptcy announcement looming large, Marcus & Millichap CEO Harvey Green sat down with Fox Business News to discuss what the commercial real estate finance firm’s troubles mean for the broader market. While some experts say that the firm’s turmoil is a foreboding signal for the commercial real estate industry, Green said that Capmark’s bankruptcy has more to do with how the firm was formed. “They [formed Capmark] for about $7 billion in debt and they needed to go out into the marketplace and they were competing at a very frothy time in the market,” Green said. “When you look at the situation you don’t get a firm like Berkshire coming in and making a $490 million offer on the servicing.”