A recently announced planned acquisition by Capital One Financial Corp. has closed — making the financial services firm one of the largest multifamily lenders in the country.
The McLean, Va.-based company announced in August that it had reached an agreement to acquire Beech Street Capital LLC.
Four-year-old Beech Street says it originates, underwrites and services multifamily loans for Fannie Mae, Freddie Mac and the Federal Housing Administration. It claims to be the sixth-largest agency originator.
The Bethesda, Md.-based company reported $4 billion in mortgage originations for 2012, while data from the Mortgage Bankers Association indicates that it was the 29th biggest commercial mortgage servicer as of June 30 with a servicing portfolio of $9.2 billion.
Capital One said Monday that it completed its acquisition of Beech Street.
Terms of the deal weren’t disclosed.
“This marks the beginning of an exciting time for Capital One’s commercial real estate business,” Capital One Head of Commercial Real Estate Banking Rick Lyon said in today’s statement. “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.”
Capital One noted that it becomes a top-five multifamily originator with the acquisition.
The CRE servicing portfolio was reported at $10 billion in today’s announcement.
