SitusAMC and CMBS.com, the owner of Backshop – a commercial real estate loan origination, management, and servicing software platform – have formed a strategic partnership. As part of this collaboration, SitusAMC will transfer ownership of its CRE origination system CLOSER to CMBS.com while also providing growth capital and obtaining a minority ownership position in the company. Additionally, SitusAMC’s New York office will utilize Backshop’s platform to support their U.S. asset management services.
The specific terms of the partnership were not disclosed. According to Michael Franco, CEO of SitusAMC: “This partnership will combine the strengths of both platforms and set a new standard for CRE software solutions that can effectively support lending and management activities.” He also expressed excitement about how this collaboration will benefit customers in the market.
Founded in 2000 as a software company specializing in commercial real estate valuation tools such as pipeline tracking systems for loans originations or securitization processes; CMBS.com has since expanded its offerings to include asset management services as well.
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