The bankrupt commercial real estate lender Capmark Financial has been given the green light to sell its North American servicing and mortgage banking business to Berkadia Commercial Mortgage LLC, a joint venture of Warren Buffett’s Berkshire Hathaway Inc. and “Leucadia National Corp.”:http://www.berkshirehathaway.com/

The U.S. Bankruptcy Court for the District of Delaware approved the $515 million sale this week, recommended to the court by the unsecured creditors’ committee and Capmark’s management. The agreed upon price tag is more than the $490 million purchase price proposed that Capmark had negotiated with the joint venture prior to the company’s bankruptcy filing last month.
The deal with Berkadia beat out a rival bid from PNC Financial’s Midland Loan Services. The transaction is expected to close by year end.
Capmark services approximately $288 billion in commercial and multifamily residential loans. Berkadia says it plans to retain Capmark’s 1,000-plus employees.