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Situs - Executive of the Year


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Company: Situs, New York, NY
Company Description: Situs is the premier global provider of strategic business solutions for the finance and commercial real estate (CRE) industries. Since 1985, Situs has set the standard in CRE for service, quality and execution. Situs has offices across the US, Europe and Asia and has been involved in more than $800 Billion of debt and equity deals annually. Situs has won multiple awards from MBA, REFI and others.
Nomination Category: Management Categories
Nomination Sub Category: Executive of the Year - Real Estate

Nomination Title: Steve Powel, CEO

Tell the story about what this nominated executive has achieved since January 1, 2016 (up to 650 words). Describe the impact he or she has had on your organization. Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms.

In 2016, Steve Powel, CEO and founder of Situs, the premier global provider of strategic business solutions for the finance and commercial real estate industries, partnered with U.S. banks and financial institutions to curb the off-shore outsourcing of middle- and back-office loan professionals and led an aggressive expansion throughout Europe highlighted by closing one of the largest real estate industry M&A transactions in 2016 with its acquisition of Hatfield Philips International.

Bringing Jobs Back to the U.S.

In 2016, Mr. Powel led Situs’ re-envisioning of the traditional outsourcing model to install a new employment platform that allows large banks and financial institutions to competitively outsource lending portfolio servicing to U.S.-based employees, rather than those based in foreign countries such as India. This created a solution to one of these firms’ biggest problems, while embedding Situs as instrumental in executing complex business plans and creating revenue – as opposed to simply cutting costs.

Situs now helps these clients (9 out of the top 10 banks, 6 out of the 10 private equity real estate funds, and 3 of the top pension funds are Situs’ clients) better outsource specialized tasks though an employee platform solution that frees banks’ resources while maintaining a dedicated group of expert employees – hired and paid by Situs but working as employees of the financial institutions – that know the bank and its processes. Situs establishes these platforms either by “lifting and shifting” existing employees and entire business teams or by sourcing, recruiting and hiring employees in collaboration with the clients’; a truly unique service within the industry.

The seeds for this transformation were fostered nearly 10 years ago. As Situs enters 2017, it prepares to celebrate the 10-year anniversary of its Robbins, North Carolina office – a location that represents Situs’ investment in U.S.-based CRE servicing at a time when the industry had markedly turned to the offshoring model. As the political climate in the U.S. is now focused on returning manufacturing and other jobs back to the U.S., Mr. Powel is proud to have grown a domestic office to over 100 employees while providing superior service to its clients (please see link to a video on Robbins in appendix section C).

European Expansion

Just as Situs has expanded its services inward to its clients, Mr. Powel also pushed forward Situs’ plan to offer these same services on a global platform. Understanding Europe’s unique real estate market and needs, Mr. Powel executed on a planned expansion of services and closed a major acquisition in 2016 to help its clients quickly enter markets and scale efficiently – while establishing Situs as the premier European real estate servicer.

The most prominent service to be introduced to the European market in 2016 by Mr. Powel was the company’s Situs RERC valuation management and advisory solutions – offered outside of the U.S. for the first time. This came as a direct result of European banks and funds turning to valuation management and related advisory services. This has in turn strengthened those markets by increasing transparency in what has been traditionally an opaque process and relieving the conflicts of interest inherent with an in-house review processes.

In a move that significantly expanded Situs’ European reach and depth of services, Mr. Powel also led the acquisition of Hatfield Philips International, the leading non-performing loan and commercial mortgage backed securities special servicer in Europe. This positioned Situs as the premier advisor to performing and non-performing loans across 16 European distinctions.

Situs closed 2016 with more than $160 billion of assets under management and is ranked a top 20 servicer in multiple categories by the Mortgage Bankers Association. In 2016, Situs also received a second consecutive “Advisor of the Year” award by Real Estate Finance & Investment magazine, and the “Capital Advisor Firm of the Year” award by Property Investor Europe.

In bullet-list form, briefly summarize up to ten (10) of the chief accomplishments of this nominated executive since the beginning of 2016.

- Acquired Hatfield Philips International, a leading non-performing loan and debt management firm
- Diversified Situs’ primary servicing business by adding seven new clients and growing Loan-On-Loans and Development Loans
- Oversaw the successful advisory a $4 billion Community Bank on stress testing compliance
- Managed installation of the Advanced Commercial Banking System (ACBS) Core Commercial Banking system as well as the evaluation and optimization of all commercial loan workflows
- Led the continued diversification of Situs’ Underwriting and Due Diligence Specialty Group, supporting mezzanine, equity and balance sheet loan origination
- Completed over 1,400 underwriting jobs
- Gained 14 new advisory clients
- Situs RERC continued to lead the valuation and appraisal field with a valuation management system encompassing approximately $100 billion in equity assets and $15 billion in quarterly debt valuation
- Appraisal and Consulting group appraised $25 billion of property
- Doubled size of Platforms group