MCLEAN, Va., Aug. 16, 2013 /PRNew swire/ --
Capital One Financial Corporation (NYSE: COF) announced today the signing of a definitive agreement to acquire 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. The acquisition is expected to close in the fourth quarter of 2013.
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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.
"As we continue to expand our product capabilities and services for clients across our growing Commercial Banking business, this acquisition is a logical expansion of our already substantial commitment to the multifamily sector," said Michael Slocum, President of Capital One's Commercial Banking Group. "The combination of Capital One's multifamily business and Beech Street will make us a top 5 national multifamily originator and one of the few institutions in the US capable of offering clients a one-stop banking solution encompassing a full range of banking services."
"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. "We have great respect for the experience, leadership, and unique expertise Beech Street founder and CEO Grace Huebscher and her exceptional management team bring to Capital One. Like us, Grace and team are passionate about the client. They are solution-oriented, and focused on seamless execution and ongoing customer service, all balanced with prudent risk management. We believe the market will see significant benefits from this powerful combination of industry-leading expertise, greater resources, and expanded capabilities," added Lyon.
"We share Capital One's vision of bringing together two complementary and high performing teams to boost our position in the multifamily space," said Huebscher. "We look forward to driving our business to the next level as an important part of Capital One's growing multifamily business."
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.
About Capital OneCapital One Financial Corporation
) is a financial holding company whose subsidiaries, which include Capital One, N.A.
, and Capital One Bank
), N. A., had $209.9 billion
in deposits and $296.5 billion
in total assets as of June 30, 2013
. Headquartered in McLean, Virginia
, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A.
has more than 900 branch locations primarily in New York
, New Jersey
and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange
under the symbol "COF" and is included in the S&P
About Beech Street Capital, LLCBeech Street Capital, LLC
is a mortgage banking company engaged in originating, underwriting, closing, and servicing high-quality multifamily, long-term care and seniors housing financing solutions nationwide. Our multifamily and seniors housing experts customize each transaction to meet the needs of our borrowers with Fannie Mae
, Freddie Mac
, FHA, and non-agency lending sources. Headquartered in Bethesda, Maryland
, Beech Street has offices in Alabama
, New York
and Texas. Web site: www.beechstcap.com
SOURCE Capital One Financial Corporation
Michael Bulger, 212-834-1695, email@example.com; or Courtney Lewis, 240-507-1948, firstname.lastname@example.org