North Shore Systems was granted 100% ownership of the the jointly developed CRE software system. Previously, McCracken Consulting Group, North Shore, originally developed the system with FRC and held re-marketing rights.
North Shore Systems and FINOVA Realty Capital of Irvine, CA have consummated an agreement that amends the original contract between the two companies. Originally drafted when FINOVA Realty Capital was Belgravia Capital, this contract reconciles a situation in which FRC was folding its conduit and portfolio lending operations. FRC is no longer in a position to actively participate in the continued use and growth of the software.
All financial obligations and collaborative arrangements between the companies are terminated. FRC remains a user of the North Shore system and has a perpetual license to continue use of the system for internal purposes.