Capital One Financial Corp., McLean, Va., has agreed to buy multifamily mortgage lender Beech Street Capital, Bethesda, Md. Terms of the deal were not disclosed.
Beech Street is an originator and servicer of Fannie Mae, Freddie Mac and Federal Housing Administration loans, as well as nonagency loans. In 2012, it did nearly $4 billion in volume and it services a $10 billion portfolio. Fannie Mae said Beech Street had the
“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 five national multifamily originator and one of the few institutions in the U.S. capable of offering clients a one-stop banking solution encompassing a full range of banking services.”
