MCLEAN, VA-Capital One Financial Corp. saidMonday it had closed on its acquisition of Beech StreetCapital, a Bethesda, MD-based originator and servicer ofGSE and FHA multifamily loans. Terms were not disclosed; the dealwas first announced in August.
“Capital One is an excellent fit for us, and our borrowers,”says Grace Huebscher, Beech Street's founder andCEO. At Capital One, Rick Lyon, head of thecompany's commercial real estate banking, calls the acquisition“the beginning of an exciting time” for the banks CRE business.“The combination of Capital One's multifamily business and BeechStreet will significantly expand our reach in the market and enableus to offer a full range of lending solutions and other bankingservices to meet the needs of customers in the multifamilysector.”
The deal boosts Capital One into the top five of nationalmultifamily loan originators. Founded in 2009, Beech Streetoriginated about $4 billion in loans in 2012, making it the sixthlargest agency originator in the country. The company services aloan portfolio of approximately $10 billion.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
