Los Angeles-based tech company PeerStreet announced today that it has hired a new chief real estate officer as part of its growth initiative sparked by a successful round of Series B fund raising.
A company on the move, PeerStreet announced last month it had raised nearly $30 million in its Series B round of funding from World Innovation Lab, Thomvest, and Colchis Capital among others.
Now, PeerStreet is kicking off the month of May with a major hire as it ramps up into full growth mode.
John Devereux will be joining PeerStreet as its new chief real estate officer to lead its expansion efforts.
“Following our Series B funding, PeerStreet has entered a new state of expansion and deepening our reach within the industry.” PeerStreet CEO Brew Johnson said in a statement.
“John has incredible experience and is an industry leader at what he does; we are extremely pleased to have him on board.”
Devereux has been dealing in real estate equity and debt for more than 28 years, spending six of those years as executive vice president of commercial real estate at OneWest Bank and nine years as a principal at Colony Capital.
During his tenure at OneWest Bank, Devereux grew the bank’s commercial real estate holdings from less than $500 million to over $6 billion in less than a year. At Colony Capital, 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.
PeerStreet, which bears Michael Burry's-aka Christian Bale’s character in The Big Short-blessing, and was recently named to HousingWire Magazine’s HW Tech100 as one to the top technology companies in the housing industry, connects lenders with investors and provides them with short term, real estate-backed loans.
“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,” Devereux said in a statement.
“My experience and skills are a great fit at this stage of the company's evolution, and I look forward to applying them here.”