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GMAC Commercial Mortgage here, the nation's largest commercial lender, has agreed to purchase one of its closest competitors, CapMark Services, Atlanta.
GMACCM is paying $106 million in a deal that includes not just CapMark, but affiliates involved in debt, asset and investment advisory services.
The acquisition caught the market a bit off guard because GMACCM itself is for sale and it was thought that CapMark's parent, Lend Lease, had given up on trying to sell the unit.
Sources say that a deal could be close to sell GMACCM as well, and that about three firms have been chosen as finalists.
Even though GMACCM is for sale, its parent, General Motors, has said...