PeerStreet, a real estate investment platform, has has appointed John Devereux as Chief Real Estate Officer. The hiring comes following a $29.5 million Series B funding round, with plans to increase it’s pace of hiring. PeerStreets growth has rocketed in the past 12 months having topped $900 million in real estate secured loans.
Devereux will be based in the firm’s headquarters in Los Angeles, California. He will be responsible for strategic oversight and management of the loans offered for investment on the platform including, business development, account management, underwriting, servicing and portfolio management.
Devereux’s prior experience 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 said to be instrumental in growing the commercial real estate holdings from less than $500 million to more than $6 billion in less than 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. Devereux graduated from Stanford University with a mechanical engineering degree and holds an MBA from UCLA.
Devereux’s real estate background in both debt and equity help 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 unparalleled experience and is an industry leader at what he does; we are extremely pleased to have him on board.”
Devereux said the high-energy culture and the caliber of talent at PeerStreet attracted him to the business;
“I find the business to be 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.”