Capmark Plans Auction to Sell LIHTC Assets

Capmark Financial Group, Inc., is winding down its low-income housing tax credit (LIHTC) business with plans to sell its remaining tax credit assets.

Bear Creek Multi-Family Investments agreed to buy some assets for $92.7 million, according to recent court documents. Capmark recently received court approval to hold a Sept . 15 auction to see if it can get a better bid. The bid deadline is Sept. 13.

The bankruptcy court has then scheduled a Sept. 20 hearing to consider approval of a sale.

Capmark’s subsidiary, Paramount Financial Group, was a LIHTC syndicator. As a result, it holds interests and fund management responsibilities in a large number of tax credit properties.

Capmark filed for bankruptcy protection in 2009.