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Capmark Financial declares $850M cash distribution

HORSHAM, Pa. (AP) -- Commercial real estate lender Capmark Financial Group Inc. said Friday that it will make a cash distribution of $8.50 per share, returning about $852.5 million to its shareholders.

Capmark said the dividend is payable Dec. 20 to shareholders of record on Dec. 17.

Capmark said it believes 95 percent of the distribution will be treated as a return of capital for tax purposes, and about 5 percent will be treated as a dividend. It said the payment will reduce the book value of its stock by an equivalent amount.