A company founded barely more than a year ago did more than $1 billion in agency originations during its first year of business. This year’s production is expected to triple.
That company is Beech Street Capital LLC.
The commercial real estate lender was founded in December 2009. It started out as a Fannie Mae DUS lender then obtained its approval from Freddie Mac in April 2010 as a Program Plus lender.
The Bethesda, Md.-based company reported Tuesday more than $1 billion in agency financing during 2010, “a record for a newly formed agency lender.”
The growth was supported by the addition of six origination offices and three underwriting offices since August.
“Given the positive momentum with Beech Street Capital’s primary correspondent, Meridian Capital, and with the growing national origination team — Beech Street expects to originated $3 billion in 2011,” the statement said.
