McLEAN, VA—Capital One Bank has introduced Capital One Multifamily Finance, an offering that leverages its acquisition of Beech Street Capital last year. Namely, Capital One Multifamily Finance bundles the two entities’ respective balance sheet and agency lending groups into a single unit. The formal roll out of this operation is one of the integration benchmarks for the two firms.
“This acquisition was always about synergies,” Grace Huebscher, Head of Agency Multifamily Finance for Capital One, tells GlobeSt.com. In this case, Capitol One’s clients, before the acquisition of Beech Street, didn’t have access to agency lending and Beech Street was not able to offer its multifamily clients a balance sheet solution.
“Now we have a broader solution for clients and we are offering it all under one umbrella,” Huebscher says.
In many ways, though, this week’s announcement is merely a formality. The two teams were already working closely together, according to Rick Lyon, Head of Commercial Real Estate Banking, Capital One. “Bringing them under a single banner enhances our ability to serve clients more efficiently, while signaling to the marketplace that we intend to become an even greater force in the multifamily business,” he said in a prepared statement.
Capital One Multifamily Finance is a top-five U.S. multifamily originator.