Situs, a real estate advisory and asset management firm, announced the acquisition of a U.S registered broker-dealer, Situs Capital Management LLC (SCM).
The acquisition provides Situs with the opportunity to expand its suite of services to include private placements, loan sale advisory, real estate capital markets, private investment banking, as well as corporate advisory services.
“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,” said president of Situs, Steve Powel.
SCM has raised $170 million for the New Hampshire-based specialty finance company, WhyNotLeaseIt, and is currently working on new opportunities with commercial real estate lenders and private equity funds.
Former Ranieri managing director Kenneth Segal will head up the SCM team that includes current Situs employees Roger Johnson and Brian Murray.
“We are seeing some interesting opportunities in the marketplace as many financial institutions have weathered through the credit crisis and are returning to lending,” said Murray on the expansion.
“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.”