MCLEAN, Va., Aug. 16, 2013 – Capital One Financial
Corporation (NYSE: COF) announced today the signing of a definitive agreement
to acquire Beech Street Capital, a privately-held, national originator and
servicer of Fannie Mae, Freddie Mac and FHA multifamily
commercial real estate loans. The terms of the transaction were not disclosed.
The acquisition is expected to close in the fourth quarter of 2013.
 |
| Grace Huebscher |
Founded in 2009, Beech Street is an originator, underwriter
and servicer of multifamily commercial real estate loans and is one of the
largest national providers of government-insured mortgage loans through the
multifamily lending programs of Fannie Mae, Freddie Mac and FHA.
Through its
scalable origination and servicing platform, Beech Street originated
approximately $4 billion in loans in 2012, making the company the sixth largest
agency originator in the country. Beech Street services a loan portfolio of
approximately $10 billion.
 |
| Michael C. Slocum |
"As we continue to expand our product capabilities and
services for clients across our growing Commercial Banking business, this
acquisition is a logical expansion of our already substantial commitment to the
multifamily sector,” said Michael Slocum, President of Capital One’s
Commercial Banking Group.
“The
combination of Capital One's multifamily business and Beech Street will make us
a top 5 national multifamily originator and one of the few institutions in the
US capable of offering clients a one-stop banking solution encompassing a full
range of banking services."
 |
| Rick Lyon |
“The addition of
Beech Street strengthens our multifamily business, provides a national
presence, and enables us to meet the needs of clients in the multifamily sector
with a complete set of banking services that includes agency program loans,
bank balance sheet loans, treasury services, and capital markets solutions,”
said Rick Lyon, Head of Commercial Real Estate Banking, Capital One.
“We have great respect for the experience, leadership, and
unique expertise Beech Street founder and CEO Grace Huebscher and her
exceptional management team bring to Capital One. Like us, Grace and team are
passionate about the client.
"They are solution-oriented, and focused on
seamless execution and ongoing customer service, all balanced with prudent risk
management. We believe the market will see significant benefits from this
powerful combination of industry-leading expertise, greater resources, and
expanded capabilities,” added Lyon.
“We share Capital One’s vision of bringing together two
complementary and high performing teams to boost our position in the
multifamily space,” said Huebscher. “We look forward to driving our business to
the next level as an important part of Capital One’s growing multifamily
business.”
Headquartered in
Bethesda, Maryland, Beech Street has 10 offices around the country. Together, Capital One and Beech Street will
have portfolio loan servicing and origination capabilities nationally.
For a complete
copy of the company’s news release, please contact:
Courtney Lewis
240-507-1948 or
Jenifer Bernardi
240-507-1946.
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