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.
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.