Capital One Closes Acquisition of Beech Street Capital

Posted by Patrick Barnard on November 04, 2013 No Comments
Categories : Residential Mortgage

Capital One Financial Corp. has completed of its acquisition of Beech Street Capital, a privately held, national originator and servicer of Fannie Mae, Freddie Mac and Federal Housing Administration (FHA) multifamily commercial real estate loans.

The terms of the transaction were not disclosed.

Founded in 2009, Beech Street is one of the largest national providers of government-insured mortgage loans through the multifamily lending programs of Fannie Mae, Freddie Mac and the FHA. The company originated approximately $4 billion in loans in 2012, making it the sixth-largest agency originator in the U.S. In addition, it services a loan portfolio of approximately $10 billion.

‘This marks the beginning of an exciting time for Capital One's commercial real estate business,’ says Rick Lyon, head of commercial real estate banking at Capital One, in a statement. ‘The combination of Capital One's multifamily business and Beech Street will significantly expand our reach in the market and enable us to offer a full range of lending solutions and other banking services to meet the needs of customers in the multifamily sector.’

Lyon notes that the acquisition would help boost Beech Street into the ranks of the top-five multifamily originators.

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