Situs Group Holdings, a provider of business and tech solutions for the real estate industry, is merging with American Mortgage Consultants, a due-diligence firm that caters to secondary market participants, the two firms announced Wednesday.
The merged enterprise will rebrand as SitusAMC and offer services and tech solutions to commercial and residential real estate firms.
SitusAMC will have more than $175 billion commercial assets under management and will provide fair value assessments of more than $290 billion on commercial real estate assets each quarter, the companies said.
The combined firm will employ more than 3,300 professionals working in 27 markets across the U.S., Europe and India.
The residential side of SitusAMC will handle approximately 60% of the secondary market private label securitization transactions.
Situs President Nick Rudenstine and AMC CEO Michael Franco will head the newly formed company together as co-CEOs. Situs CEO Steve Powel will serve as executive chairman.
“Over our 30 plus year history, we have continually strived to innovate and lead the market in delivering strategic and mission critical support solutions to our clients and partners,” said Powell. “The idea of matching two companies that can provide both residential and commercial debt life cycle support had not been done in any scale, and AMC was a unique compliment to Situs, which allowed this vision to come together.”
“This transaction is the culmination of mutual interest and admiration between our two entities dating back to the fall of 2017,” said Franco. “We believe that the SitusAMC entity will deliver unique and non-replicable solution sets to our clients and we are eager to start creating value for stakeholders in commercial and residential real estate markets.”
“The scope and scale of SitusAMC services and technology offerings, combined with our unique vantage point on real estate markets, should put our firm in the best possible position to support the diverse and evolving needs of our clients,” Rudenstine said.