BETHESDA, MD. — In 2011, Beech Street Capital provided $2.2 billion in multifamily financing, more than double the amount secured in 2010, its first year.
“This was really a breakthrough year for us,” said Grace Huebscher, president and CEO of Beech Street, in a prepared statement. “The word is clearly getting out among borrowers that Beech Street is committed to providing an extraordinary level of service and execution.”
Beech Street doubled its Fannie Mae business and more than tripled its Freddie Mac business, while its FHA and broker business continued to grow. By the end of 2011, the company was servicing loans on properties in 27 states.
“We have the range of products and the in-house expertise to more than meet the needs of virtually any multifamily borrower,” Huebscher continued.
One of the company’s largest transactions of the year occurred in late March. Beech Street provided $74 million in Fannie Mae conventional loans to refinance a 13-building, 615-unit portfolio of New York City properties owned by the Haruvi family. Meridian Capital Group originated the transaction.
The Bethesda-headquartered company has offices in California, New York, Massachusetts, Illinois, Texas, Georgia, Alabama and Washington. The Southern California office opened in 2011, and experienced personnel were added to the Chicago and New York offices. Additionally, the company arranged teams specializing in Freddie Mac, FHA LEAN and MAP programs.
“Our position is that finance is ultimately a people business,” Huebscher said. “We hire people who have exceptional financial expertise and strong character, and who really care about our customers and our agency finance partners. In this way, we set the stage for another year of substantial growth.”
— Savannah Duncan