McLEAN, VA-Capital One Financial Corp. has announced plans to acquire Beech Street Capital, a Bethesda, MD-based originator and servicer of GSE and FHA multifamily loans. The acquisition is expected to close in the fourth quarter of 2013. Terms were not disclosed.
The deal, when all is said and done, will propel Capital One into the top five of national multifamily loan originators. Beech Street originated some $4 billion in loans in 2012, making the company the sixth largest agency originator in the country. The company services a loan portfolio of approximately $10 billion.
"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,” says 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."
Hubescher says she and her team "share Capital One's vision of bringing together two complementary and high performing teams to boost our position in the multifamily space. We look forward to driving our business to the next level as an important part of Capital One's growing multifamily business.”
Stay tuned for further updates on this story.
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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.
