General Motors completed the sale of a majority stake in the commercial mortgage division of its GMAC finance unit Thursday, receiving $9 billion in cash from the transaction, the company said.

The purchase is being made by a group including private equity firms Kohlberg Kravis Roberts & Co. and Five Mile Capital Partners, as well the Goldman Sachs Capital Partner unit of

General Motors completed the sale of a majority stake in the commercial mortgage division of its GMAC finance unit Thursday, receiving $9 billion in cash from the transaction, the company said.

The purchase is being made by a group including private equity firms Kohlberg Kravis Roberts & Co. and Five Mile Capital Partners, as well the Goldman Sachs Capital Partner unit of Goldman Sachs, and is renaming the unit Capmark Financial Group Inc., the company said.

“An investor group…has completed the acquisition of a majority interest in GMAC Commercial Holding Corp. (GMACCH) from General Motors Acceptance Corporation (GMAC),” the company said.

GMAC, the wholly owned financial services subsidiary of General Motors Corp., sold 78 percent of its equity in GMACCH, up from the previously announced 60 percent target, in exchange for more than $1.5 billion in cash. At the closing, GMACCH also repaid to GMAC approximately $7.3 billion of inter-company loans, bringing GMAC’s total cash proceeds from the transaction to almost $9 billion, the company said.

GMACCH has changed its name to Capmark Financial Group Inc. (Capmark). The name change will be fully implemented in the second quarter of this year, the company said.

Simultaneous with the equity interest sale, Capmark closed with a syndicate of banks on a $10.75 billion loan facility that will provide the company with a solid intermediate and long-term debt-funding base, the company said.

“This is an exciting time for our company, and we have a great deal to celebrate,” said Capmark Chief Executive Officer Robert D. Feller in a statement. “With investment-grade ratings from the three primary rating agencies and enhanced access to the capital markets, Capmark is poised to fully realize the opportunities that exist for each of its businesses.”

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