Capital One Financial Corp. (COF), the lender that gets more than half its revenue from credit cards, bought a commercial real estate firm as it seeks to build its businesses that aren’t tied to consumers. Terms weren’t disclosed.
Capital One’s purchase of Beech Street Capital LLC will place the bank among the five largest U.S. lenders for multifamily structures, according to a statement today from the McLean, Virginia-based firm. Closely held Beech Street is an originator and servicer of Fannie Mae and Freddie Mac commercial real estate loans and is based in Bethesda, Maryland, according to the statement.
The transaction is scheduled to be completed in the fourth quarter.