The Situs Cos., based in Houston, has grown its total mortgage servicing and surveillance global platform to more than $19 billion following its acquisition of Global Servicing Solutions Germany GmbH's (GSSG) primary and special servicing business.
GSSG is a joint venture created by Ocwen Financial and Merrill Lynch. The strategic acquisition supports Situs' global expansion into the distressed loan servicing and debt advisory businesses, the company says.
‘This acquisition is a natural extension of our European commercial real estate consulting business and specifically allows us to extend our "life of loan services' to our existing client base,’ says Ralph Howard, Situs' principal and CEO. Furthermore, ‘GSSG has an experienced staff of multilingual loan workout professionals that will allow Situs to immediately address opportunities associated within the deteriorating global commercial mortgage market.’
The acquired firm will be branded Situs Global Servicing and will remain in GSSG's offices outside of Frankfurt, Germany.
SOURCE: The Situs Cos.