Starwood Property Trust Inc., Barry Sternlicht’s commercial-mortgage real estate investment trust, hired JPMorgan Chase & Co.’s Dennis Schuh to head its originations business, according to two people with knowledge of the matter.
Schuh, who spent 17 years at JPMorgan, will oversee the REIT’s balance-sheet lending, said the people, who asked not to be identified because the move hasn’t been announced. He will report to Jeffrey Dimodica, the president of the Greenwich, Connecticut-based company.
Representatives for Starwood Property and JPMorgan declined to comment on the move. Schuh couldn’t immediately be reached for comment.
Companies such as Starwood stand to benefit as stricter capital requirements and regulations implemented in the wake of the financial crisis make lending more challenging for banks. Starwood, which went public in 2009, provides debt for all types of commercial real estate deals across the U.S. and in Europe. The REIT underwrote $475 million of financing for New York City’s Hudson Yards development, the 28-acre (11-hectare) project on the western edge of Manhattan.
Schuh was a managing director in the commercial mortgage-backed securities group at JPMorgan. He was in charge of originating loans to be packaged into bonds.