Kurt Stuart

What’s been the biggest highlight and biggest challenge of 2025 for your team thus far? 

The J.P. Morgan commercial term lending (CTL) team has found the market to be very approachable thus far in 2025. Transaction volumes are up, sponsors are acquisitive, and market fundamentals are firming. At the same time, volatility from sharp rate movements — driven by expectations around Fed actions, legislative policy, and inflation — has presented challenges. Our local expertise and long tenure allow us to make smart investments with a long-term perspective.  

Which lending opportunities that didn’t exist last year are you jumping on today? 

We’re identifying new opportunities to expand our market share in areas that have historically been divergent from a competitive standpoint. We’re also capitalizing on opportunities when our clients require services and lending capabilities that J.P. Morgan is uniquely positioned to offer. Our approach centers on long-term investment and making smart operating decisions that position us to succeed across a variety of market conditions.  

As a bank, what’s your competitive advantage over nonbanks today? 

At J.P. Morgan, we are committed to being a financial partner to our clients and building long-term relationships with them, rather than offering a single, point-to-point solution on a transaction. We have an industry-specific banking team focused solely on the unique operating, payment and capital needs of owners and operators of commercial real estate. We serve clients with our balance sheet, secondary market opportunities, agency lending in both conventional and affordable, all with deeply embedded local relationships. We support clients of all sizes and across a wide spectrum of complexities at the firm. That makes us a vital participant in the commercial real estate ecosystem.

Which multifamily markets do you find the most interesting today? 

Major metropolitan statistical areas along both coasts have a strong investment thesis behind them. Long-term demographics, market liquidity and opportunity for growth at scale are attractive characteristics for us. They also offer some of the most complex operating dynamics, which lend themselves to the deep domain expertise we have in these geographies. Uncertain legislative, tax and policy environments offer up a level of volatility where the speed and certainty of execution of your lender becomes important. We excel in that cyclical reality.  

J.P. Morgan’s CTL group is the nation’s top multifamily lender today. What’s key to maintaining your crown? 

Never become complacent. That’s why we approach every day like we’re the underdog. We have no divine right to success — our clients will determine that over time. I’m proud of the work our teams do and the success we’ve had, but we are an unfinished product. We’ll continue to invest for the long term, operate with a startup mentality and center ourselves around the client experience. If a winning team with a winning culture sounds like a place you want to be, come see us.  

What keeps you up at night? 

First, I sleep just fine because of the talented team we have. We wake up every morning with a laser focus on the optimal client experience, understanding that staying ahead requires dedication and innovation. This commitment inspires us to consistently deliver our best.  

What do you wish you knew coming into 2025 that you know now? 

We operate with a through-the-cycle approach, meaning we prepare for a wide range of eventualities with our north star being that we’re in a position to serve clients in all market environments. So, 2025 (or what’s left of it), bring it on.

Lighting Round:

“The Summer I Turned Pretty” or “The Morning Show”?

I would call an audible and say “Landman” with Billy Bob Thornton.

Where will rates be one year from now?

Different from where they are today.

Most significant moment of 2025: Taylor Swift’s engagement or Fed rate cuts?

Without debate, it would be Taylor Swift’s engagement and new album, which we celebrated with a release party at our office.

How do you shake off market stress?

Read, run, and know that we’ve prepared for a wide variety of outcomes.

NFL or college football?

NFL. I’m a Bears fan, so perpetually hopeful, often disappointed.

What song would be the theme tune of your life?

Taylor Swift — “Opalite.” We talk all the time about attitude and effort. This song (I think) is about choosing your own happiness. Give it a listen! 

Ultimate dinner party: Pick three guests?

Jamie Dimon, Taylor Swift and Kevin Costner. 

Thanksgiving: Chef or spectator/taster?

I’m no stranger to a full plate on Thanksgiving.