Bloomberg News

NEW YORK - Chase Manhattan Corp. named Steven Schwartz as co-head of its commercial mortgage-backed securities unit, joining the current head, Scott Davidson.

Mr. Schwartz has overseen commercial mortgage lending since earlier this year and will continue in that capacity. Mr. Davidson will be in charge of capital markets and trading, the New York- based banking company said.

Chase also hired Joseph Iacono as a managing director from Credit Suisse First Boston Inc. to make loans and underwrite debt. Mr. Schwartz and Mr. Davidson are both also managing directors.

In the $250 billion commercial mortgage securities market, banks and other lenders make loans on everything from office buildings to shopping malls, package them into securities, and sell them to investors. Chase said it was the fifth-ranked seller of commercial mortgage issues in the first half of the year.

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