LOS ANGELES--(BUSINESS WIRE)--PeerStreet, an award-winning platform for investing in real estate backed loans, is excited to announce the appointment of John Devereux as Chief Real Estate Officer. He will be based in the firm’s headquarters in Los Angeles, California.
As PeerStreet's Chief Real Estate Officer, Devereux will be responsible for strategic oversight and management of the loans offered for investment on the platform. His purview will include business development, account management, underwriting, servicing and portfolio management. His past experience in building fast growing businesses will be very valuable as PeerStreet continues to scale efficiently and further expand their real estate debt investment offerings. Devereux’s real estate background in both debt and equity combined with his vast operational experience will also add to PeerStreet's embedded institutional knowledge and further the firm’s long-term business objectives.
“Following our Series B funding, PeerStreet has entered a new state of expansion and deepening our reach within the industry.” said Brew Johnson, CEO of PeerStreet. “John has incredible experience and is an industry leader at what he does; we are extremely pleased to have him on board.”
Devereux brings over 28 years of real estate equity and debt experience including six years as EVP, Head of Commercial Real Estate at OneWest Bank and nine years as Principal at Colony Capital. Early on at OneWest Bank, Devereux was instrumental in growing the commercial real estate holdings from less than $500 million to more than $6 billion in under a year. In this role, he started and managed several groups: Special Assets, Portfolio Management and Bridge Lending. The CRE Bridge Lending Group originated over $1 billion annually in floating rate debt. At Colony, Devereux managed a portfolio valued at more than $1 billion of U.S. office, retail, multi-family and hospitality investments, and was responsible for identifying, evaluating and consummating commercial real estate joint-venture investments. Devereux graduated from Stanford University with a mechanical engineering degree, Claremont McKenna College with an economics degree and holds an MBA from UCLA.
“The high-energy culture and the caliber of talent at PeerStreet attracted me to the business and the more I dug into the company and its mission, the more I found it extremely compelling,” said Devereux. “My experience and skills are a great fit at this stage of the company's evolution, and I look forward to applying them here.”
This strategic hire comes at a momentous time for the company, having announced last month that it had raised a $29.5 million Series B, with plans to increase it’s pace of hiring. The company also surpassed $900 million in loans funded and was included in HousingWire’s prestigious “Tech 100” list. PeerStreet has recently been named both one of the top startups to work for in Los Angeles as well as one of the top companies to work for in FinTech. Learn more at https://peerstreet.com/careers
PeerStreet is an Andreessen Horowitz backed investment platform focused on democratizing access to real estate debt. The company provides investments in short term, real estate backed loans. PeerStreet allows investors to diversify their capital in an asset class that has been traditionally difficult to access. Loans are sourced and curated from vetted private lenders throughout the United States who have real estate expertise and borrower relationships. The model allows for more qualified borrowers to access capital and improve their local communities, one house at a time.
The company is led by former real estate attorney Brew Johnson, former Google executive Brett Crosby and Y Combinator alumnus Alex Perelman.