Real estate developer RXR said it named Steven Schwartz, a former JPMorganChase executive with more than 30 years in the industry, to lead its growing real estate credit business as the newly appointed executive vice president of real estate credit.
Schwartz's career includes nearly two decades at the banking giant where he had served as cohead of the commercial real estate- and mortgage-backed securities groups, the New York-based firm said in a statement on Thursday. The role is newly created, an RXR spokesperson told CoStar News.
He most recently served as managing director and cohead of H.I.G. Realty Credit Partners. Before that, he was a partner and the head of acquisitions for Torchlight Investors, where he served on the board and investment and operating committees in addition to running special servicing. Schwartz will work closely with RXR’s founding partners, plus Scott Crowe, chief strategy officer and head of equity capital markets, and Russell Young, head of investments.
His appointment comes after RXR expanded its credit business in 2021 through a 50% purchase of Hudson Realty Capital, a credit originations and servicing platform with origination offices across the United States. RXR expects it will originate just under $1 billion in loans this year and anticipates the volume will grow next year under Schwartz’s leadership.
RXR isn’t alone with this business emphasis. As higher interest rates — since the Federal Reserve’s string of rate hikes beginning in early 2022 — have seized up financing and curbed many banks’ lending appetites, private equity investors and real estate firms like Blackstone and SL Green Realty have pitched their credit businesses as growth opportunities.
RXR also named Annie Hsieh as executive vice president of equity capital markets to lead U.S. business development efforts. Before joining RXR, Hsieh, a 20-year industry veteran, was managing director at Partners Group, an alternatives investor with $150 billion in assets under management as of October, RXR said.
Greg Oran, who was also most recently at Partners Group, joined RXR as senior vice president of equity capital markets.
Their appointments will help further RXR’s business development and client relationship with a focus on its growing "credit platform as well as its rental housing and office recovery strategies,” RXR said.
The three “join RXR at a pivotal time for the company and the industry,” RXR Chairman and CEO Scott Rechler said.