SitusAMC Holdings has sealed the deal to acquire the third-party loan servicing and asset management platform of Cohen Financial, a division of Truist.
Cohen brings a portfolio of servicing and asset management clients and more than 120 employees to SitusAMC. The Chicago-based company also broadens SitusAMC’s US primary servicing, asset management, and special servicing portfolio to roughly 10,000 loans representing over $130 billion in total unpaid principal balances (UPB).
“Cohen was a natural fit for us given the relationship between our existing SitusAMC servicing and asset management team and the Cohen clients,” SitusAMC CEO Michael Franco said. “We are excited to have the Cohen servicing and asset management platform as part of the SitusAMC team.”
Under the terms of the agreement, SitusAMC will integrate the Cohen servicing and asset management platform, employees, and brand into its servicing and asset management group. The combined group will then operate as a single consolidated offering under the SitusAMC brand.
Truist will retain Cohen’s debt advisory and placement platform, which it will mitigate under the Grandbridge brand. Truist will also remain as a banking partner for SitusAMC and its servicing clients.
“We’re proud to welcome Cohen’s clients and team of talented professionals to the SitusAMC family,” said Tim Mazzetti, head of US servicing and asset management at SitusAMC. “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.”