SitusAMC Holdings Corp., a provider of services and technologies to the real estate finance industry, completed its acquisition of the third-party loan servicing and asset management platform of Cohen Financial, a division of Truist Financial Corporation. The acquisition, which includes Cohen's servicing and asset management clients and 120+ employees, expands SitusAMC's U.S. primary servicing, asset management and special servicing portfolio to approximately 10,000 loans representing more than $130 billion in total unpaid principal balances.
Truist will retain Cohen's Debt Advisory & Placement platform which it will migrate under the Grandbridge brand. Truist will remain a key banking partner for SitusAMC and its servicing clients.
SitusAMC CEO Michael Franco said, "Cohen was a natural fit for us given the relationship between our existing SitusAMC
servicing & asset management team and the Cohen clients. We are excited to have the Cohen servicing and asset management platform as part of the SitusAMC team."
SitusAMC will integrate the Cohen
servicing and asset management platform, employees, and brand into its servicing & asset management group. As of Aug. 31, 2020, Cohen's servicing portfolio was comprised of approximately 6,900 loans representing more than $34 billion in unpaid principal balances. The combined group will operate as a single consolidated offering under the SitusAMC brand led by SitusAMC's existing business unit leadership team of Tim Mazzetti, head of U.S. servicing & asset management, and Dean Wheeler, head of client service delivery.
"We're proud to welcome Cohen's clients and team of talented professionals to the SitusAMC family," said Mazzetti. "This acquisition builds upon our already strong foundation in servicing, asset management and special servicing, expanding our scale and adding new service offerings. With the addition of Cohen's platform, we look forward to identifying, capturing and delivering new opportunities for our clients."