Market updates and sector developments

SitusAMC has entered into a strategic partnership with CMBS.com, the owner of Backshop, a commercial real estate loan origination, management and servicing software platform. 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 onboard the Backshop platform to support its US asset management offering. 

The aim of the partnership is to combine 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 analyse their CRE portfolios. Backshop was the first web-based software application to model the entire deal stack, from properties to debt to equity. CLOSER streamlines the origination and management of CRE secured debt, supporting circa 35% and 20% of the GSE and CMBS markets respectively.

SitusAMC manages more than US$433bn of unpaid principal balance across the US and Europe. The team comprises more than 550 professionals supporting nearly 100 clients. 

Founded in 2000, CMBS.com provides CRE valuation, pipeline, loan origination, asset management and securitisation management software.

Corinne Smith