Capital One agrees to acquire Beech Street Capital
Expands multifamily banking business
Capital One Financial Corporation (COF) signed a definitive agreement to acquire Beech Street Capital, an originator and servicer of Fannie Mae, Freddie Mac and FHA multifamily commercial real estate loans.
Beech Street was founded in 2009 and originated approximately $4 billion in loans in 2012, while also servicing a loan portfolio of approximately $10 billion, a press release from the two firms noted.
The terms of the transaction were not disclosed, and the acquisition is expected to close in the fourth quarter of 2013.
"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.