Business news in brief

LBC Credit Partners, a unit of Ira Lubert's investment empire, said it closed its third fund with $839 million of equity capital commitments. LBC's previous funds closed with $642 million in 2010 and $300 million in 2006. The Philadelphia-based investment fund invests in and makes loans to midsized companies in a wide range of industries. - Harold Brubaker

New Jersey's largest utility is proposing to reduce natural gas rates for residential customers by nearly 9 percent this winter, bringing rates to their lowest level in 14 years. Public Service Electric & Gas proposed cutting its basic gas supply rate from 54 cents to 45 cents per therm. They say the reductions would save customers up to $15 a month during the wintertime and about $100 a year. Company officials credited shale gas drilling for helping lower costs. The announcement was made in PSE&G's annual filing with the New Jersey Board of Public Utilities. The new rate would take effect in October if it is approved by the BPU. - AP

Berkadia Commercial Mortgage L.L.C., of Horsham, a joint venture of Berkshire Hathaway Inc. and Leucadia National Corp., said it purchased Keystone Commercial Capital, a commercial mortgage banking company based in Phoenix. The deal added $2 billion to Berkadia's loan-servicing portfolio. Berkadia is the third-largest U.S. commercial and multifamily mortgage servicer with a portfolio of more than $229 billion as of March 31, according to Bloomberg News. The price was not disclosed. Berkadia employs 300 in Horsham. - Harold Brubaker

Dover Motorsports Inc. said it has agreed to sell its Nashville Superspeedway, which the Dover, Del., company opened in 2001, to NeXovation Inc. for $27 million. The buyer will also assume Dover Motorsports' obligations under certain Variable Rate Tax Exempt Infrastructure Revenue Bonds. Dover Motorsports has significantly written down the value of the Nashville facility in recent years, recording a $15.7 million charge in 2011 and a $4.3 million charge in last year's third quarter. The Nashville facility no longer hosts NASCAR events. The sale, expected to close in the third quarter, will leave Dover Motorsports with only the Dover International Speedway in Delaware. - Harold Brubaker

Aramark, of Philadelphia, announced the pricing of a secondary offering of up to 23 million shares that are held by current stockholders, including chairman Joseph Neubauer. The shares will be sold at $25.50 each, and the sale will close June 4, the company said. The provider of food and facilities services held an initial public offering in December at $20 per share. Before Thursday's announcement, the stock fell $1, or 3.7 percent, to $25.83 per share. - Reid Kanaley

A private rocket-launch site in southernmost Texas is unlikely to jeopardize the existence of protected animal species and would create few unavoidable impacts, according to a final federal environmental review. The Federal Aviation Administration released the environmental-impact statement for California-based SpaceX. SpaceX has proposed launching 12 rockets per year from the site 3 miles north of the U.S.-Mexico border called Boca Chica Beach. If built, it would be the first commercial orbital launch site. - AP

Southwest Airlines is being fined $200,000 for advertising a fare sale too good to be true. The U.S. Department of Transportation said that in TV ads in October the airline promised flights from Atlanta to New York, Chicago, and Los Angeles for just $59 - but didn't make any seats available at that price. The government says Southwest's ads were deceptive and violated rules on advertising of airline fares. Southwest is being required to pay an extra $100,000 that was suspended after a similar offense last year. - AP

Average U.S. rates on fixed mortgages fell this week for a fifth straight week. Mortgage buyer Freddie Mac said the average rate for a 30-year loan edged down to 4.12 percent from 4.14 percent last week. The average for the 15-year mortgage declined to 3.21 percent from 3.25 percent. - AP

The National Association of Realtors said its seasonally adjusted pending home sales index rose 0.4 percent to 97.8 last month. The index remains 9.2 percent below its level a year ago. Pending sales are a barometer of future purchases. A one- to two-month lag usually exists between a signed contract and a completed sale. - AP

Ford Motor Co. is recalling 1.4 million SUVs and cars in North America to fix steering, rust, and floor-mat problems. The recalls come as automobile safety is being watched closely by Congress, the Justice Department, and the National Highway Traffic Safety Administration. All are investigating General Motors Co.'s delayed recall of small cars for ignition-switch problems. Justice recently made Toyota Motor Corp. pay a $1.2 billion penalty for hiding information from safety regulators. - AP