SitusAMC Forms Strategic Partnership with Backshop owner CMBS.com

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Aug 20, 2024, 09:29 ET

NEW YORK, Aug. 20, 2024 /PRNewswire/ -- SitusAMC, the leading provider of services and technology to the commercial and residential real estate finance industry, today announced a strategic partnership with CMBS.com, the owner of Commercial Real Estate (CRE) loan origination, management and servicing software platform, Backshop. As part of the partnership, SitusAMC will transition ownership of CLOSER, its CRE origination system, to CMBS.com, provide growth capital, and obtain a minority ownership position in CMBS.com. Additionally, SitusAMC will utilize the Backshop platform to support its U.S. asset management offering.

Combining Backshop & CLOSER
The partnership combines Backshop's robust origination and asset management capabilities with CLOSER's origination capabilities to establish a best-in-class platform that enhances users' ability to originate, manage, model, and analyze their CRE portfolios.

"This partnership, along with the planned efforts to integrate the best of both platforms, will establish a new standard in CRE software, creating a powerful platform to support CRE lending and management activities. We are excited about the value this will bring to market and look forward to supporting future growth." – Michael Franco, CEO, SitusAMC

"We are excited to be bringing the CLOSER platform and its team to Backshop and to welcome SitusAMC as a strategic partner. By combining forces, we believe that we'll be able to provide unique and differentiated value to our users and the broader market." – Jim Flaherty, Founder & CEO, Backshop

Backshop was the first web-based software application to model the entire deal stack, from properties to debt to equity. The platform's underwriting and asset management capabilities bring transparency that enables lenders and investors to make smarter, faster and more profitable decisions.

CLOSER is a comprehensive loan origination system, streamlining the origination and management of commercial real estate secured debt. The platform has a strong hold in GSE and CMBS markets, supporting ~35% and 20%, respectively .

Enhancing SitusAMC's Asset Management Offering
SitusAMC is a leader in commercial real estate debt servicing and asset management. The firm manages more than $433 billion of unpaid principal balance across the U.S. and Europe (as of 12/31/23). The team is comprised of more than 550 professionals supporting nearly 100 clients, including top banks, insurance companies, pension funds, asset management firms, as well as REITS and Private Equity funds. As part of the partnership, SitusAMC will onboard the Backshop platform to support and enhance the firm's asset management offering.

"Backshop's robust asset management capabilities will provide the tools our asset managers need to support our clients' portfolios and fuel strategic decision making. We look forward to onboarding the software and continuing to deliver exceptional outcomes for our clients." – Anne Jablonski, Head of CRE, SitusAMC

For more information, email [email protected].

About SitusAMC  
SitusAMC is the leading independent provider of innovative, trusted solutions that support the entire lifecycle of commercial and residential real estate finance, powering more efficient, effective, and agile businesses. For more information, visit www.SitusAMC.com.

About CMBS.com
Founded in 2000, CMBS.com is a software company that provides commercial real estate valuation, pipeline, loan origination, asset management, and securitization management software. The firm's flagship platform, Backshop, is a leading CRE loan origination, management and servicing platform supporting a range of CRE market participants. CMBS.com is also an authorized third-party data provider to the CMBS industry.

Press Contacts:

Andy Garrett
Head of Marketing, SitusAMC
[email protected]

SOURCE SitusAMC