HORSHAM, PA-Loan servicer Berkadia Commercial Mortgage named Hugh Frater as its new chief executive officer, replacing Michael Lipson. Frater's term as chief executive begins on Thursday.
He comes to the post from Good Energies Inc., a firm that invests in renewable energy, where he was chief operating officer and a managing director. Prior to that he led the real estate division of PNC Financial Services. Also at PNC, he was chief executive officer of its Midland Loan Services unit. The search was spear-headed by Darin White, a senior client partner at KornFerry.
Berkadia was formed in December after Warren Buffett's Berkshire Hathaway acquired Capmark Financial Group's loan origination and servicing divisions. At the end of June, Berkadia originated $117 million for a portfolio of 19 senior-housing facilities across the country.
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