Special Servicer Helios AMC Acquires The Situs Cos.

October 10, 2011
By Barbra Murray, Contributing Editor

Helios AMC has acquired The Situs Cos. The entity resulting from the fusing of the rated special-servicer sponsored by Ranieri Partners and the global real estate advisory firm will still carry the name of The Situs Cos.

Situs comes to the table with a multi-disciplinary commercial real estate services platform with global reach. “Helios sponsorship allows us to maintain our top tier position as a third-party provider of services, which was the primary consideration when selecting a strategic partner,” Steve Powel, Situs president of North America, said. Helios touts international expertise in special servicing, asset management and distressed-debt acquisition and resolution, as well as good standing. Fitch Ratings rated the commercial mortgage-backed securities special servicer CSS2 in July.

“The special servicer rating is based on strong additions to the special servicing staff and continued growth and development of product diversification in the areas of due diligence and surveillance services,” Fitch noted in its report. “This was accomplished by adding experienced CMBS special servicing asset managers and the hiring of a new CEO, D. Keith Johnson, former president and CEO of Clayton Holdings, to develop and grow the due-diligence and surveillance product offerings. Helios’ resolution rates, timeliness of resolutions, and staff background are comparable to those of other highly rated CMBS special servicers.”

Johnson has taken on the role of CEO of the new Situs, which now boasts a team of 400 professionals and 12 offices in the U.S. and Europe. During the orchestration of the deal, Helios turned to Ranieri Real Estate Partners L.P. to act as its financial advisor, while Situs relied on Duff & Phelps L.L.C.