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| Grace Huebscher |
MCLEAN, VA – Capital One Financial Corporation (NYSE: COF)
announced the completion of its acquisition of Beech Street Capital, a
privately-held, national originator and servicer of Fannie Mae, Freddie Mac and
FHA multifamily commercial real estate loan. The terms of the transaction were
not disclosed.
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.
“This marks the
beginning of an exciting time for Capital One’s Commercial Real Estate
business,” said Rick Lyon, Head of Commercial Real Estate Banking,
Capital One.
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| Rick Lyon |
“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 noted that the
Capital One-Beech Street combination will boost it into the ranks of the top 5
multifamily originators nationwide.
“Capital One is an
excellent fit for us – and our borrowers,” said Beech Street founder and CEO Grace
Huebscher. “Capital One shares our commitment to delivering the kind of
thoughtful, proactive service for our customers that goes beyond their
expectations.”
Headquartered in Bethesda, Maryland, Beech Street has nine
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
Jenifer Bernardi
240-507-1946.
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