The Situs Companies has announced the opening of a new office in Atlanta, Ga. headed by industry professional Tammy Ellerbe. Situs selected Atlanta for its expansion due to the high concentration of experienced industry professionals, and the number of existing clients in the region. Ellerbe will be initially looking to recruit 25 professionals with experience in commercial real estate (CRE) loan underwriting, due diligence and collateral valuation, asset management, workouts, as well as strategic disposition and real estate-owned (REO) advisory services. Situs has hired more than 120 professionals in 2010 alone, primarily in its Houston and New York offices, and North Carolina operations center. According to the company, growth has been seen across all business lines, and is driven by the massive deleveraging of commercial real estate debt market and the rebirth of commercial mortgage-backed securities (CMBS). Situs has been heavily involved in bank recapitalizations, loan valuations and restructurings, new CMBS originations, and NPL special servicing. "We are excited to welcome Tammy to the Situs family. She brings with her a rich underwriting and valuation background and over 20 years of industry experience. We are equally excited that she will be anchoring our 10th office, representing the continued growth of our integrated platform," said Steve Powel, Situs principal and chief operating officer. Ellerbe previously worked for CWCapital, as a managing director and head of underwriting for their Capital Markets Lending Business. "I am looking forward to the opportunity to establish the firm's Atlanta office. Having worked with the Situs team for a number of years, I feel like we are perfectly positioned to take advantage of the reemergence of our client's commercial real estate lending activities by providing loan underwriting and securitization support, as well as primary and special servicing," said Ellerbe. For more information, visit www.situscompanies.com.
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