Capital One Finalizes Acquisition of Beech Street Capital

Capital One Financial Corporation has announced the completion of its acquisition of Beech Street Capital. The terms of the transaction were not disclosed. Founded in 2009, Beech Street is an originator, underwriter and servicer of multifamily commercial real estate loans and is one of the largest national providers of government-insured mortgage loans through the multifamily lending programs of Fannie Mae, Freddie Mac and FHA. Through its scalable origination and servicing platform, Beech Street originated approximately $4 billion in loans in 2012, making the company the sixth largest agency originator in the country. Beech Street services a loan portfolio of approximately $10 billion. “This marks the beginning of an exciting time for Capital One’s Commercial Real Estate business,” said Rick Lyon, Head of Commercial Real Estate Banking, Capital One. “The combination of Capital One’s multifamily business and Beech Street will significantly expand our reach in the market and enable us to offer a full range of lending solutions and other banking services to meet the needs of customers in the multifamily sector.” Lyon noted that the Capital One-Beech Street combination will boost it into the ranks of the top five multifamily originators nationwide. “Capital One is an excellent fit for us – and our borrowers,” said Beech Street founder and CEO Grace Huebscher. “Capital One shares our commitment to delivering the kind of thoughtful, proactive service for our customers that goes beyond their expectations.”