Thanks to a CEO change, the Philadelphia area has picked up a new corporate headquarters.
Capmark Financial Group Inc. is once again based in Horsham, where the commercial real estate finance company employs 650 people, according to spokeswoman Joyce Patterson.
Capmark was based in San Mateo, Calif., under chairman, president and CEO William F. Aldinger III, who resigned Dec. 4.
Jay N. Levine, the former CEO of RBS Global Banking & Markets, succeeded Aldinger at Capmark. According to a Securities and Exchange Commission filing, he will be paid a base salary of $5 million and will be eligible for bonuses.
Aldinger was based on the West Coast, so the headquarters moved to Horsham following Levine’s appointment, Patterson said.
The company owns the four office buildings it operates from in Montgomery County.
Capmark’s not a household name, but then again not many households need a commercial mortgage. The company was based in Horsham until three years ago when it changed its name and ownership. It became Capmark in March 2006 after several private-equity investors, led by Kohlberg Kravis Roberts & Co., bought a majority of GMAC Commercial Holding Corp. from General Motors Corp. for about $1.5 billion.
That was when real estate was still bubbling.
Like others in the mortgage business, Capmark now writes its income statements using red ink. For the three months ended Sept. 30, Capmark reported a net loss of $89.4 million compared with net income of $26.6 million for the same quarter of 2007. Its global workforce is now about 1,900 people, down from 3,100 nearly three years ago.
And like other lenders, Capmark has submitted an application to the Treasury Department for capital under the Troubled Asset Relief Program. No decision so far.
Quotable
It’s like J.P. Morgan and Goldman. It is the old-school NFL.
- Joe Pisarcik, former quarterback for both the New York Giants and Philadelphia Eagles and now a broker, in a Bloomberg News interview commenting on their rivalry as the teams prepare for Sunday’s playoff game.
Mike Armstrong, a business editor and writer for nearly two decades, is the Inquirer's business columnist and PhillyInc blog editor. Contact Mike via e-mail or at 215-854-2980
- Philly Skyline
- Delaware Business Blog
- PlanPhilly
- Changing Skyline
- Dangerously Awesome
- Greater Philly chamber
- Consumer Inq
- Freakonomics
- Oddly Enough
- Philly PharmaBio Blog
- Physicians News Digest
- Pharmalot
- BloggingStocks
- 10Q Detective
- PhiLAWdelphia
- Delaware Corp Litigation Blog
- Philadelphia Forward
- Great Expectations
- SEPTA Watch
- PhillyFuture
- Comcast Must Die
- Philly Geeks
- Philadelphia Tech News
- Broadband Reports
- Phila Road Warrior
- February
- January
- December 2011
- November 2011
- October 2011
- September 2011
- August 2011
- July 2011
- June 2011
- May 2011
- April 2011
- March 2011
- February 2011
- January 2011
- December 2010
- November 2010
- October 2010
- September 2010
- August 2010
- July 2010
- June 2010
- May 2010
- April 2010
- March 2010
- February 2010
- January 2010
- December 2009
- November 2009
- October 2009
- September 2009
- August 2009
- July 2009
- June 2009
- May 2009
- April 2009
- March 2009
- February 2009
- January 2009
- December 2008
- November 2008
- October 2008
- September 2008
- August 2008
- July 2008
- June 2008
- May 2008
- April 2008
- March 2008
- February 2008
- News | Sports | Business | What's Happening | Restaurants & Food | Entertainment | Living | Marketplace | Jobs
