NEW YORK CITY-Situs, a provider of global CRE advisory and asset management services, has acquired a U.S registered broker-dealer, Situs Capital Management LLC, GlobeSt.com has learned exclusively. The acquisition enables Situs to expand its suite of services to its client base, including financial institutions, real estate companies, institutional investors and financial sponsors.
"The acquisition of SCM under the Situs umbrella extends our capabilities though another valuable and strategic platform from which to serve our real estate and financial institution clients,” says Steve Powel, Situs' president. “Most importantly, the broker-dealer addition empowers us to both identify new opportunities and work collaboratively with our clients that are active in the private capital markets space.”
Kenneth Segal, managing director of the bank and loan group at Situs, will head SCM. He brings more than 25 years' experience to the new post; before joining Situs, Segal managing director for Ranieri Financial Services and founded the asset finance services division at investment bank Howe Barnes Hoefer & Arnett.
In addition to Segal, other senior members of the team include Roger Johnson, director at Situs, and Brian Murray, VP of the bank and loan advisory group. In addition, Andrew Serling, formerly of Berkadia and with Situs since this past January, will be actively sourcing private placement opportunities.
“We are seeing some interesting opportunities in the marketplace as many financial institutions have weathered the credit crisis and are returning to lending,” says Murray. “There are still a number of distressed assets on the books of many lenders as well, and we look forward to working with our clients on a wide range of opportunities.”
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