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Berkadia Hires BlackRock Founding Partner as New CEO

""Berkadia Commercial Mortgage LLC"":http://www.berkadia.com announced the appointment of Hugh R. Frater as CEO this week. He replaces Michael I. Lipson, who left the organization.

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""I am very excited to join Berkadia,"" said Frater in a statement from the company. ""I am looking forward to managing and growing an established industry leader. This is a time of challenge and opportunity in commercial real estate, and I am eager to see how we can capitalize on it.""

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Frater is the former COO, managing director, and senior advisor at Good Energies, Inc., a multibillion-euro, global, private investor in renewable energy.

He also served as EVP for the real estate division of PNC Financial Services, Inc., as well as CEO of Midland Loan Services, PNC's loan servicing and software development subsidiary.

Prior to his tenure with PNC, Frater was a founding partner and managing director of BlackRock, Inc., the largest publicly traded investment manager.

An MBA finance graduate from the Columbia University School of Business, Frater also holds a bachelor's degree from Dartmouth College

Berkadia is a Horsham, Pennsylvania-based, highly rated master, primary, and special loan servicer and a top-tier commercial real estate loan originator that was formed last year as part of the acquisition of Capmark Financial Group's North American loan origination and servicing business. The deal made Berkadia the third largest commercial mortgage servicer in the United States.

About Author: Heather Cernoch

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