Capital One announced that is has acquired Beech Street Capital, a privately-held, national originator and servicer of Fannie Mae, Freddie Mac and FHA multifamily commercial real estate loans. The terms of the transaction were not disclosed, and is expected to close in the fourth quarter of 2013.
Beech Street was founded in 2009 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, according to Capital One. Beech Street originated approximately $4 billion in loans in 2012, making the company the sixth largest agency originator in the country. It services a loan portfolio of approximately $10 billion.
Headquartered in Bethesda, Maryland, Beech Street has 10 offices around the country. Together, Capital One and Beech Street will have portfolio loan servicing and origination capabilities nationally, the bank said.