BETHESDA, MD-Locally-based Beech Street Capitalhas originated $1 billion in GSE transactions as a DUS lender. Thiswould not be that significant, except that it only launched at theend of 2009 and has already doubled its volume from 2010, its firstfull 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 companyspokeswoman tells GlobeSt.com. Now, she adds, the firm has chalkedup another $1 billion by mid-June. Beech Street is a Fannie Mae DUSlender, a Freddie Mac Program Plus Seller Servicer and an FHAMultifamily 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 loanto refinance Fairway Ridge Apartments, a 274-unit apartment complexin Baltimore. Originated by Jacob Katz ofMeridian Capital Group, the transaction was thenfinanced by Beech Street as part of its correspondent relationshipwith Meridian. Fairway Ridge consists of 27 three-story buildingsthat were constructed in 1965. It was acquired in 2002 by SteamboatHolding – FWR, LLC, which went on to make $1.5 million inimprovements.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.