BETHESDA, MD-Locally-based Beech Street Capital has originated $1 billion in GSE transactions as a DUS lender. This would not be that significant, except that it only launched at the end of 2009 and has already doubled its volume from 2010, its first full year in operation.
“We did just over $1 billion just in agency lending last year, which as I understand it is a record for a new lender,” a company spokeswoman tells GlobeSt.com. Now, she adds, the firm has chalked up another $1 billion by mid-June. Beech Street is a Fannie Mae DUS lender, a Freddie Mac Program Plus Seller Servicer and an FHA Multifamily Accelerated Processing lender.
One newly-closed transaction is typical of what the firm does, she adds: it provided a $10.4 million Fannie Mae Conventional loan to refinance Fairway Ridge Apartments, a 274-unit apartment complex in Baltimore. Originated by Jacob Katz of Meridian Capital Group, the transaction was then financed by Beech Street as part of its correspondent relationship with Meridian. Fairway Ridge consists of 27 three-story buildings that were constructed in 1965. It was acquired in 2002 by Steamboat Holding – FWR, LLC, which went on to make $1.5 million in improvements.