Capital One Financial Corporation announced it has an agreement to acquire Beech Street Capital, a privately held servicer of Fannie Mae, Freddie Mac and FHA multifamily commercial real estate loans.
Beech Street was founded in 2009 and originated around $4 billion in loans in 2012. It services a loan portfolio of around $10 billion.
The acquisition is expected to close in Q4. The terms of the transaction were not disclosed.
“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,” said Rick Lyon, Head of Commercial Real Estate Banking, Capital One.
