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Your Trusted Advisor brings you


Buzz I

Letter from CEO

n October 2011, we began a new chapter in our corporate life, we’ve said goodbye to a number of old friends and embraced our combined Helios/Situs family. We have begun the process of redefining our brand through the creation of new mission and vision statements, new core values, and new industry messaging that reflects not only who we are, but who we aspire to be. Our management team has joined together, rowing in the same direction, united to build the premier commercial real estate advisory firm in the US and Europe. One of the key reasons Situs exceeds, is due to our impeccable work ethic and great customer service. For most of our clients, Situs provides solutions they could have built in-house. However, in-house operations are viewed as “back-office or cost centers” sometimes neglected by management. At Situs, we take a radically different view; we consider these operations to be “Strategic Profit Centers”. This is a big change in perspective, and we continue to encourage the contributions of our employees to create efficient and value added solutions. It’s important to take a strategic long-term view as we continue to build and grow Situs. We are going to make mistakes and possibly hit a few “speed bumps” down the road. However, unlike Wall Street, Situs is in the business of building an organization, an institution that we hope will be here 50 years from now—not in the business of making money between now and next Tuesday. I am very confident that all of us have a bright future ahead. Our company will grow as the world economy slowly improves, as securitization returns and we take the necessary steps to provide solutions to our clients and transform our company. I believe that together, we can face the challenges ahead of us. Together, we can choose to define our future. Sincerely,

Keith Johnson, CEO


1 - 3 New members of the Situs Team 2012 & Early 2013 4,5

Executive Spotlight: Steve Powel, by: Gillian Altamura


Can Scanners Get Air Miles? by: Mark Hopler


Situs Cares, by Gillian Altamura Situs in Robbins Gives Back During Holiday Season by: Nicole Bozich

Editorial Staff: Editor in Chief: Steven J. Powel Designer: Valerie Caggiano Contributing Writers: Keith Johnson, Gillian Altamura, Mark Hopler, Nicole Bozich Please send submissions for the Situs Buzz to: or

Meet the New Members of the Situs Team Constantine “Tino” Korologos is a Managing Director and executive at Situs, where he serves as a strategic advisor across the firms’ CRE advisory practice. Mr. Korologos is a seasoned real estate professional with over 28 years of experience in capital markets, CMBS, valuation, asset management, financial services, risk management and regulatory reporting. He brings a diverse background, having worked for Deloitte, Moody’s Investors Service, Equitable Real Estate, and Bear Stearns and during his career. Mr. Korologos is a Member of the Appraisal Institute (MAI) and holds an MBA in Finance from NYU Stern School of Business, and is an adjunct professor in NYU’s Real Estate Master’s degree program. Constantine “Tino” Korologos

Kenneth Segal, serves as Managing Director for the Bank and Loan Advisory Group at Situs. With 25 years of bank capital markets, balance sheet risk management and asset valuation experience, Mr. Segal is responsible for managing Situs’ bank and loan advisory and valuation services as a trusted advisor to investment banks, financial advisors, government regulators, banks, loan intermediaries and servicers, as well as investors active in bank recapitalization, M&A and loan portfolio acquisitions and sales. Additionally, he derives balance sheet cleansing strategies and executes on those strategies via his loan sale advisory expertise. Prior to his current role, Mr. Segal served as Managing Director for Ranieri Financial Services. Prior to joining Ranieri, Mr. Segal founded the Asset Finance Services division at Howe Barnes Hoefer & Arnett, serving the community banking sector as a strategic consultant and loan sale advisor. In this capacity, he worked on dozens of both performing and lesser performing loan and asset disposition mandates and performed community bank valuations in support of qualifying investment banking strategies. Mr. Segal is a Kenneth Segal

Magna Cum Laude graduate of Bowdoin College, with a degree in Chemistry, and has an M.B.A. from the University of Chicago, in Finance and Accounting.

Raj Mehta

As Director of Client Development for CJC/Situs, Raj Mehta is responsible for the firm’s flagship technology product offerings: Closer & Insight. Mr. Mehta also manages the firm’s technology advisory practice which provides strategic advice addressing integration and process challenges as well as tactical solutions to meet evolving business needs. Prior to joining CJC/Situs, Mr. Mehta spent 8 years in financial services sector, with stops at JP Morgan, Bank of America & Credit Suisse, delivering industry leading CRE origination, analytics, and bespoke trading platforms. Prior to his time on Wall Street, Mr. Mehta worked in the Business Technology office at McKinsey & Company where he focused on developing process reengineering strategies and governance protocols aimed at improving operational and financial performance. Mr. Mehta holds an M.S. in Real Estate from Columbia University and is an active member of CREFC and the MBA.

Tim McGuire, Director

Michael Piccirillo, Analyst, Hanover Street

Tim is a Director at UBS/Structure Products Group and was hired late November 2012. Mr. McGuire has been a large loan originator at UBS since joining in 2006. Between 2008 - 2010 his additional responsibilities included managing UBS’s CRE reverse repo facilities, asset management and valuation, and loan sales. Mr. McGuire has a B.A., from The University of Pennsylvania, 2004.

Michael was hired in December 2012 as an Analyst at Hanover Street. Mike was previously employed in commercial real estate brokerage for the last 1 1/2 years at Coldwell Banker Commercial. Mike is originally from Commack, NY, and has BA Economics from Brown University.


Houston Pamela Tyson, VP Pamela Tyson joined Situs Realty Services Houston as a VP in November 2012. Previously, Pam had worked for 22 years for Wells Fargo (formerly First Union and Wachovia). Mrs. Tyson started her career with First Union Income Property Division in Richmond, VA where she began her training in all aspects of CRE. Over the years, Pam had the opportunity to work in several areas and in different roles, including CRE appraising, underwriting, portfolio management, community development (LIHTC, NMTC and bond financing and management) in Richmond, Orlando, Dallas, and Houston. Pam has a B.S., Sociology & Anthropology, and a M.S. in Sociology from Virginia Commonwealth University in Richmond, VA. Garett Gedeon, IT Security Manager Garett Gedeon is an IT Security Manager in Situs' Information Technology department in Houston, where he started in December 2012. Garett is a US Navy veteran and has spent most of his career in the defense industry working in IT for different government agencies. Garett has Bachelor of Computer Science from ECPI University in Virginia Beach, Virginia.

Frankfurt Andreas Stüttgen, VP Asset Manager Andreas Stüttgen is a Vice President for Situs Euope's Special Servicing Group in Frankfurt, Germany. Andreas joined in January 2013. Andreas has a background as a freelancer at NPL in which he spent two years, there he worked in asset and property management. From 2008-2010 Stütti was director for distressed assets at Crèdit Agricole CIB in Frankfurt. Preceding Crèdit Agricole CIB, Andreas worked as an asset manager at SGK mbH for one year. From 20052006 Stütti worked as an asset manager at Hudson Advisors Germany GmbH, Frankfurt. Andreas has a Master degree in Business Administration from Bergische Universität Wuppertal. Andreas Stüttgen

London Dean Harris, VP Dean Harris is a VP in Situs Realty Services London and started work November 2012. Dean has over 20 years’ experience in the banking industry, 11 years of which has been in real estate finance. Dean started his career at Nat West (11 years), before then moving to Anglo Irish Bank (6 years) and Bank of Ireland (5 years). Dean has undertaken a variety of lending roles, including loan origination and portfolio management and, more recently, loan restructuring, workout and third party loan book disposal. Edward Baker, VP Edward Baker is a Vice President of SRS London and started working for Situs December 2012. Edward previously worked for 5 years at Capita Asset Services. Prior to Capita Asset services Eddie worked in the derivatives back office

Dean Harris

for CreditSuisse and Morgan Stanley. Mr. Baker earned degree at the university of East Anglia in 2002 in European Studies and German. Eddie studied at Coopers Company and Coborn school & 6th form college in Upminster, where he gained 4 A-Levels & 10 GCSEs.

Ann Fields, Junior Analyst

Robbins, NC

Ann Fields joined SOS Robbins as a Junior

Malisa Cox, Analyst

Malisa Cox


Analyst in December 2012. Ann's last full-

Malisa Cox is an Analyst at Situs Outsourcing

time job before working with Situs was on a

Solutions in Robbins, and started December

presidential campaign as a regional director

2012. Malisa Cox has more then five years

in Washington State. Ms. Fields helped

banking experience, position most recently

organize and recruit hundreds of volunteers

held being; an administrative assistant

to elect a candidate Prior to Ann's work in

for the appraisal department.

the political field, she was a student at Duke

Malisa is

currently pursuing a business degree.

Ann Fields

University and graduated 2010.

Copenhagen Vladimir Soshko, Analyst I Vladimir Soshko is an Analyst in Situs Nordic in Copenhagen, he started his position in December 2012. Vladimir’s previous experience includes: one year of experience in credit risk analysis and real estate valuation in the Baltics and CIS countries. Vladimir's main focus is credit risk analysis, real estate market analysis and property revaluation. Mr. Soshko also has additional work experience at Parex Banka, Nordea Finance Latvia. Vladimir has a MSc in Finance and International Business from Aarhus School of Business, additionally he has a BSc in Economics and Business Administration from Stockholm School of Business in Riga.


Bruce Polifka, VP Bruce joined CRE Advisory as a VP in Situs Atlanta as a VP in December 2012. Before joining Bruce Polifka worked for 6 years with Williams Realty Advisors. Previously, Bruce spent 12 years with Morgan Stanley Real Estate (and its predecessor companies Lend Lease and Equitable Real Estate). Bruce has a BA in Economics and a MBA in Finance, both from the University of Texas. Daryl Niemczyk, VP Daryl Niemczyk is a VP in CRE Advisory in Atlanta, and started work in November 2012. Daryl was previously employed at Ranieri Partners Asset Management working in CMBS Bond Surveillance and Investments. Daryl has additionally

Bruce Polifka

worked at Hyperion Brookfield Asset Management as well as Apollo Real Estate Advisors in RE acquisitions, dispositions, and investment management. Mr. Niemczyk also worked at Lend Lease Real Estate Investments in RE dispositions and acquisitions as well as investment reporting within the portfolio management group. Daryl has a degree in accounting from UNC Charlotte and is a CFA Charterholder and CPA.

Ann Smith, VP Ann Smith joined Situs in CRE Advisory in Atlanta as a VP in November 2012. Ann has experience as a director at Ranieri Partners Asset Management, LLC. Ann was also a VP at Brookfield Investment Management, Inc. Mrs. Smith's other previous experience includes a financial associate at Cushman & Wakefield, and Ann has also worked as an asset manager at Lend Lease Real Estate Investments, Inc. Ann has a BBA in Finance from Kennesaw State University, and a MBA from Georgia Tech.

Christie Calhoun, VP

Ann Smith

Christie Calhoun is a VP in CRE Advisory in Atlanta and commenced work in December 2012. Christie has worked in the commercial real estate finance industry for more than 14 years with a background that includes special asset management/workouts, underwriting, corporate acquisitions and dispositions, and commercial appraisals. Before joining Situs, Christie worked for TriMont Real Estate Advisors for whom she managed a portfolio of distressed real estate assets on behalf of clients that included Lehman Brothers, Fannie Mae, WestLB AG and a number of CMBS securitizations. Mrs. Calhoun has Bachelors in Finance, Concentration in Real Estate from Georgia State University in which she graduated Magna Cum Laude. Christie Calhoun Lisa Williams, VP Lisa Williams joined the CRE Advisory team in Atlanta as a VP in December 2012. Lisa has over 14 years experience as an Asset Manager with CMBS Master Servicing portfolios with Berkadia/Capmark/GMACCM and AMRESCO. She is well versed interpreting loan documents, underwriting loan assumptions, borrower requests for collateral substitutions, full defeasances, material alterations, borrower restructures, partial releases, flag and property management changes, as well as, major lease approvals for loans greater than $50M all of which required rating agency review. Lisa has a BBA in Real Estate from Georgia State University – Atlanta, and CPM designation- Institute of Real Estate ManagementChicago, IL. Shawn Gera, Analyst II

Lisa Williams

Shawn Gera works as an Analyst in CRE in Atlanta, he started in November 2012. After Shawn joined the Landauer Valuations a division of Grubb & Ellis and started to write appraisals for all asset types in commercial real estate. Gera was also able to implement his technical knowledge to help make the appraisal process more efficient. After appraisals Shawn started with Situs as an underwriter. Shawn Gera has a Bachelor’s Degree in Finance with a focus in Economics.


Executive Spotlight Steven Powel President North America

by: Gillian Altamura GA:












Would you please share some of your background with us, and how you initially became interested in the financial services industry? SP: My interest in this industry began before most of my friends had any idea “what they wanted to be when they grew up”. Call it a bit of fate, some luck and a heck of a lot of hard work along the way. Growing up, my grandfather was a Real Estate Broker, who also owned a Real Estate Appraisal business. As the eldest of six grandsons, I found myself holding the dumb end of the measuring tape, and working as an appraiser in training by the age of 14. Almost from the very beginning, I knew I liked the real estate business, and recognized this was an industry that could afford me endless opportunity. I began my career in 1984 as an independent residential-fee appraiser. After the first year I joined Palm Beach County Property Assessor’s office, where I was part of a team that developed assessed values on commercial and residential properties for ad valorem tax assessment. In 1996, after less than a year in a “slow-paced” county government job, I accepted a position a Commercial Appraisal Trainee at Callaway & Price, a commercial appraisal company in South Florida. I guess you could say this is when I became really hooked on the business. The commercial appraisal business allowed me to not only use the analytical side of my brain, but also afforded me the opportunity to be in the market meeting and socializing with industry participants, which I particularly enjoyed. By 1994, I had been introduced to Wall Street; just as the Commercial Mortgage Back Securities Industry was developing. Immediately, I found myself fascinated by the fast pace of deal making, and recognized this as a place where my commercial real estate experience could potentially add real value, beyond writing


100+/- page appraisal documents that

in the following weeks). Our business

for Situs in the upcoming year?

nobody read. My introduction to the

development effort is further supported

CMBS industry came through Mark

by our Chairman, Lewis Ranieri as well

SP: At Situs, we have a global brand

Finerman, an appraisal client that I

as our esteemed Board of Directors,

met back in 1989. Mark worked with

who afford us access to the C Suite of

AIG (formerly Sun America) until 1994,

just about any target company or group

when he joined Nomura Securities, one

we seek. In the first quarter of ’13 we

of the leading institutions at the time

will be redesigning all of our marketing

in the CMBS industry. (Currently, Mark

materials and brochures, with an eye to

owns and operates Loan Core with

professionally messaging our role as a

Jefferies, after previous stints at Credit

Trusted Advisor in the Commercial Real

Suisse and RBS).

Estate Finance Industry.

As I look back at the past two decades,

GA: Which services are you most

has competitors in both the U.S. and

excited about?

European market, but none of them

SP: I am asked this question a lot. How

truly compete in both jurisdictions with

I can definitely say that I have worked with some of the best in the business, both from the services side at Situs/ Helios, and from the capital committing side at CS, Goldman, DB, RBS, UBS, etc., Additionally, I have also participated in the development of a business that didn’t exist 25 years ago (third party loan underwriting).

The acquisition

last year by Helios created one of the strongest brands and most dynamic debt service platforms in the CMBS industry; and to be part of Situs at this stage of its business growth cycle, is truly exciting and an honor for me! GA: What are your responsibilities at Situs? SP: As President, I wear many hats; I am responsible for working with the Executive Management Team to help shape and execute the overall strategic goals for the Company. However, my primary responsibilities over the past few years have been revenue generation and business development. For 2012, my core focus was the rebranding of Situs, with the most visible sign being our new website (, as well as developing our first professional Sales and Business Development Team, which now includes Steven Bean, Tino Korologos, Valerie Caggiano and a new addition starting next week, Jennifer Caluri will assume the title of Director of Marketing (more to come

fortunate to be a part of Situs— we have not only the most accomplished professionals in the business, but there isn’t another firm in our industry that has been able to offer its clients the and



of business solutions that we have… and to actually execute those services across various relationships. We are in a league of our own, and I am so proud to be part of the Situs Team! GA: What do you think are the most pressing challenges Situs faces today? SP: By far our biggest challenge is managing


Historically our European and U.S. businesses have operated somewhat separately from one another. When you think about it logically, this seems somewhat silly, due to the high level of crossover of clients on both continents. The reality is we are part of a larger global capital market industry that is interlinked for better or worse. Situs

about all of them! The truth is, I feel


and reputation we need to uphold.




business grows. Quality work product and customer service have been the key factors that have helped sustain our growth over the past 15 years. At Situs we believe, “we are only as good as our last deal...” Being friendly and providing a high level of customer service can only get you so far in this business. The key to building a marketdefining brand is delivering a highquality work product day after day. Average quality is just not good enough in our business---clients have come to expect the best from Situs! GA: What emerging trends do you see

the broad and strategic combination of business solutions that we do…hence, an excellent opportunity for Situs! Banks and Governments can only extend and pretend for so long. The decline of the U.S. residential housing market was the cause of a lot of this turmoil. As the banks continue to work through their residential challenges, we are experiencing an effort toward cleaning up the CRE issues that remain on balance sheets. Our Chairman, Lewis Ranieri, has stated publically for some time that we will see more transaction activity over the next few years, than at any other time over our lifetime. Opportunely, Situs is very uniquely positioned, well capitalized, and working diligently to make sure we can maximize on the emerging global trends. The key to our strategy will be delivering superior work product and ensuring



U.S. and European businesses.

the Situs

delivers life of loan solutions, that support our client's business from due diligence through disposition. GA: If you are not at work, where can we find you? Oh, that is an easy one—on a beach with my beautiful wife Keana and our two daughters Ozzy and Lola!


? s e l i M t Air

e r G s r e Hople cann Mark

Can S



id you know one of the larger business lines out of the

interesting places. Everything from Class A office buildings to

Robbins, NC office is document imaging and scanning? Staff

crammed dusty back offices with access to only one computer

are often quoted as saying “Have scanners and will travel”,

portal…but at Situs, none of this matters—what matters is

and travel they do! The office has two mobile high-speed scanners strategically located in Robbins and Atlanta which can be deployed with a scanning team to client locations with as little as 48 hours’ notice. In fact, the Robbins office received a request for off-

preps images to be easily uploaded to the client’s imaging/ asset management system utilizing software that automates much of the indexing process. This ensures projects

site work in Puerto Rico (not too shabby)--the request came

are completed on time and/or earlier than anticipated.

in on a Friday afternoon and the scanners and staff were on-

An example of this was a recent engagement where Situs was

site by Tuesday morning.

asked to complete imaging and indexing for a large portfolio.

You’re probably wondering how many Situs employees it

The client anticipated the work to take at least three months

takes to put a 100 lb. scanner in the back of an Explorer and

to complete, however, due to the hard work and dedication

then into the UPS office for shipment? Let’s just say, some

of the indexing team, the project was completed in less than

very awkward lifting is involved-- our scanners have been

one month!

all over the continental US from Washington to Florida and

These imaging opportunities occur for a variety of reasons

many states in between. If these scanners could find the

some of which include prepping files for data aggregation,

time, there has to be some free vacations earned.

building efficiencies in asset management, and conducting

After the scanning team has completed their job, the next

bank advisory work. In addition, the Robbins staff provides

step is indexing, which consists of organizing the scanned images into individual PDFs that can be stored electronically for easy retrieval. This is primarily done in-house by our experienced staff, but can also be done at a clients’ location to accommodate aggressive deadlines. As you can imagine, in our quest to improve client relations with face-to-face time, our staff has visited some pretty


providing the best possible product to our clients. Our staff

loan sale support, assisting large national banks which has consequently aided in successfully marketing multiple portfolios totaling over $1 Billion in balances. We in Robbins take pride in our flexible professional staff that provide clients with a unique solution in a variety of locations. Whether it is a foreign country or in the office, our staff is ready and willing to solve client’s document management needs; and those air miles are nice too...

Situs Cares Situs lends a hand to Ronald McDonald House Charities by: Gillian Altamura


adly too many American families face the daunting task of managing the issues around caring for seriously ill

or injured children. Many travel far from home seeking treatment from the country’s leading facilities resulting in a protracted time away from home adding additional stress to an already tough situation. . For nearly 40 years, Ronald McDonald House has been providing a “home-away-from-home” for these families so they can stay close by their hospitalized child at little or no cost - and Situs is a proud to be a supporter. This past June, in conjunction with a generous donation from Steven Powel and his lovely wife Keana, Situs volunteers were able to treat 75 families staying at the house to a meal from New York City’s Legendary George’s Restaurant, which first opened its doors in 1950! After dinner, Situs volunteers were given a personalized tour of the house by its very own Fordham Murphy, a long-time dedicated RMDH staff member. Madison Lewis and Ryan Carlin striking a pose with Ronald McDonald

Situs in Robbins Gives Back During Holiday Season by: Nicole Bozich

This holiday season, a team from Situs Robbins, lead by Jonathan Jones, put together a Situs float and joined the community in the Robbins annual holiday parade. The Situs float (a big red truck) was decorated with garland, ribbons, and signs listing the team’s charitable contributions over the year.

Creating community

awareness of Situs allows us to tighten the business and support bonds that we have already created in the area Jonathan Jones and the Situs float

and helps us recruit new Situs team members.


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