SitusAMC, a provider of services and technology to the commercial and residential real estate finance industry, has formed 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 its CRE origination system Closer 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.
The partnership combines Backshop’s origination and asset management capabilities with Closer’s origination capabilities to establish a 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,” said Michael Franco, CEO, SitusAMC. “We are excited about the value this will bring to market and look forward to supporting future growth.”
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.
“We are excited to be bringing the Closer platform and its team to Backshop and to welcome SitusAMC as a strategic partner,” said Jim Flaherty, founder and CEO, Backshop. “By combining forces, we believe that we’ll be able to provide unique and differentiated value to our users and the broader market.”
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. SitusAMC manages more than $433 billion of unpaid principal balance across the U.S. and Europe (as of 12/31/23).
“Backshop’s robust asset management capabilities will provide the tools our asset managers need to support our clients’ portfolios and fuel strategic decision making,” Anne Jablonski, head of CRE, SitusAMC. “We look forward to onboarding the software and continuing to deliver exceptional outcomes for our clients.”
