BETHESDA, MD, Jan. 11, 2011 – Beech Street Capital, LLC announced that it closed over $1 billion in agency financing in its first year of business, a record for a newly formed agency lender.
“Beech Street Capital got off to the fastest start of any agency start-up in history,” said Shekar Narasimhan (lower left photo), managing partner at Beekman Advisors.
He continued, “Their success is primarily due to a seasoned management team and a unique origination partnership. There are significant opportunities for the company to continue to grow in the agency multifamily space.”
Beech Street Capital was founded in December 2009, as a Fannie Mae DUS lender. In April 2010, the firm was approved as a Freddie Mac Program Plus lender. The company has experienced unprecedented growth by adding six origination offices and three underwriting offices since last August.
Grace Huebscher (top right photo), president and CEO of Beech Street Capital stated, “We have had a very positive response from the market and our customers; largely resulting from the great team we have been able to attract and the commitment of our private equity partners.
“ Together we wanted to return to the fundamentals of the business and bring the entrepreneurial spirit to multifamily financing.”
Given the positive momentum with Beech Street Capital’s primary correspondent, Meridian Capital, and with the growing national origination team, Beech Street expects to originate $3 billion in 2011.
Contact: Jenifer Bernardi (240-507-1946)
EMAIL: jbernardi@beechstcap.com
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