Capital One announced Friday the signing of a definitive agreement to acquire Beech Street Capital, a privately-held, national originator and servicer of Fannie Mae, Freddie Mac and FHA multifamily commercial real estate loans. Capital One will expand multifamily banking business with the acquisition, creating a one-stop banking solution for the multifamily sector. The terms of the transaction were not disclosed. The acquisition is expected to close in the fourth quarter of 2013. The combined entity becomes a top-5 national multifamily originator.

Founded in 2009, Beech Street is an originator, underwriter and servicer of multifamily commercial real estate loans and is one of the largest national providers of government-insured mortgage loans through the multifamily lending programs of Fannie Mae, Freddie Mac and FHA. Through its scalable origination and servicing platform, Beech Street originated approximately $4 billion in loans in 2012, making the company the sixth largest agency originator in the country. Beech Street services a loan portfolio of approximately $10 billion.

“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. “The combination of Capital One’s multifamily business and Beech Street will make us a top 5 national multifamily originator and one of the few institutions in the US capable of offering clients a one-stop banking solution encompassing a full range of banking services.”

“The addition of Beech Street strengthens our multifamily business, provides a national presence, and enables us to meet the needs of clients in the multifamily sector with a complete set of banking services that includes agency program loans, bank balance sheet loans, treasury services, and capital markets solutions,” said Rick Lyon, Head of Commercial Real Estate Banking, Capital One. “We have great respect for the experience, leadership, and unique expertise Beech Street founder and CEO Grace Huebscher and her exceptional management team bring to Capital One. Like us, Grace and team are passionate about the client. They are solution-oriented, and focused on seamless execution and ongoing customer service, all balanced with prudent risk management. We believe the market will see significant benefits from this powerful combination of industry-leading expertise, greater resources, and expanded capabilities,” added Lyon.

Capital One Financial Corporation (NYSE: COF) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N. A., had $209.9 billion in deposits and $296.5 billion in total assets as of June 30, 2013. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has more than 900 branch locations primarily in New York, New Jersey, Texas, Louisiana, Maryland,Virginia and the District of Columbia. A Fortune 500 company, and is included in the S&P 100 index.

“We share Capital One’s vision of bringing together two complementary and high performing teams to boost our position in the multifamily space,” said Huebscher. “We look forward to driving our business to the next level as an important part of Capital One’s growing multifamily business.”

Headquartered in Bethesda, Maryland, Beech Street has offices in Alabama, California, Florida, Georgia, Illinois, Massachusetts, New York and Texas. Together, Capital One and Beech Street will have portfolio loan servicing and origination capabilities nationally.

Han University of Traditional Medicine (formerly the Asian Institute of Medical Studies) purchased the 9,199 sq. ft. retail building at 2856 E. Fort Lowell Road, Tucson, AZ 85716 for $900,000 ($98 PSF). Han University is a Tucson school of Traditional Chinese Medicine teaching Chinese acupuncture and herbal medicine, Japanese acupuncture, Five Element acupuncture, medical Qigong; and offering an extensive clinic internship.

The new location is a half block northwest of its current location at 3131 N Country Club, should be open on September 1, 2013. Fall classes and community clinic appointments will be in the new building come September.

Han University, founded in 2000 by Alex Holland, MAc, LAc, President and others, offers two master’s degree programs: the Master of Acupuncture (M.Ac.) and the Master of Acupuncture and Oriental Medicine (MAOM). The Master of Acupuncture Program is three years in length and the Master of Acupuncture and Oriental Medicine is three and a half years in length. Both programs meet the standards established by the Council of Colleges of Acupuncture and Oriental Medicine (CCAOM). Each program follows the core curriculum as outlined by the Accreditation Commission for Acupuncture and Oriental Medicine (ACAOM) and qualifies graduates for licensure in the State of Arizona and to sit for the NCCAOM National exam.

Its community clinic offers the ancient healing arts of acupuncture and Oriental medicine along with dietary and lifestyle counseling. Other modalities that may be utilized include tuina (massage techniques), external Qigong, herbs and liniments.

In addition, Han University offers a number of specialty clinics, including:

• Japanese Acupuncture: this style of acupuncture has blended traditional Japanese acupuncture with therapeutic techniques developed in Japan over the last few decades. This system is gentle yet highly effective and focuses primarily on musculoskeletal conditions.
• 5 Element Acupuncture: the 5 Element style tends to be concerned with the individual’s patterns of energy which lie deeper than their personality yet also help to shape it at every level of their physical, mental and emotional reality. It can be used for a wide variety of acute and chronic illnesses.
• Tuina Clinic: this branch of Traditional Chinese Medicine uses a hands-on method of treatment. It is the ancient Chinese art of massage. It also incorporates stretching and therapeutic stimulation of muscle tissue, tendons and joints to help balance vital Qi energy, relieve pain and incorporate better flexibility.

Aaron LaPrise, Retail Specialist with Cushman & Wakefield / Picor represented the seller, Donald and Karen Pierce. Tony Reed with Long Realty represented the buyer.

LaPrise can be reached at (520) 546-2770. Reed should be contacted at (520) 918-5189.  For more information on Han University call (520) 322-6330.

The following sales were compiled from public record during July 2013 for Central, Northeast, and Southern submarkets. They have not been confirmed and are published for informational purposes only.

CENTRAL SUBMARKET

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[mepr-show rules=”58038″]3-Units at 751 E Blacklidge Dr, Tucson, AZ 85719 sold for $210,000 ($70,000 per unit). Seller was Mark Spires of Tucson and the investor was Lori Budimir of Tucson. The three units all 2-bedrooms are in a 2,606 sq. ft. building (built 1980) fully leased at time of sale, on .23 acre. Rachel Balls of Long Realty represented the seller and John Powell of Help-U-Sell Galleria Realty represented the investor.

A duplex at 1109-1111 E Mitchell Street, Tucson AZ 85719 sold for $167,000 ($83,500 per unit). Seller was Agnes Leibreich of France and the investors were Rachel & Lucinda Smedley of Tucson. The 1,440 sq. ft. building has two 2-bedroom units (built 1984) on .16 acre. Alexandra Berger of Keller Williams represented the seller and Brent VanKoevering of Long Realty represented the investors.

An SFR and guest house at 2917 E Alta Vista Street, Tucson, AZ 85716 sold for $115,000. Seller was Desert Property Ventures, LLC of Rocklin, CA and investor was UR Investments, LLC of Tucson. The two buildings total 3,339 sq. ft. (built 1961) of masonry construction on .27 acre. Alex Mastrangelo of Habitation Realty represented the seller and Vikas Pawa of Top Gun Realty represented the investor.

A duplex at 5005-5007 East First St, Tucson, AZ 85711 sold for $95,000 ($47,500 per unit). Property was sold by Rita Gold of Tucson to investor, Jesse Butler. The 1-bedroom and 2-bedroom, 1,509 sq. ft. building (built 1952) on .12 acre was in good condition. Erica Hoffman of Keller Williams was listing agent and Maria Lawrence of Tierra Antigua represented the buyer.

A duplex at 313-315 E Alturas Street, Tucson, AZ 85705 sold for $80,500 ($40,250 per unit). Seller was Larry Paul of Tucson and investor was Jason Depizzon & Jennifer Lohse of Tucson. Both 2-bedroom units in 1,476 sq. ft. building on .18 acre. Stephen Marshall of Long Realty represented the seller and Don Eugene of Long Realty represented the investor.

Duplex sold at 2812-2814 N Castro Ave, Tucson, AZ 85705 for $75,000 ($37,500 per unit). The seller was Manuel and Diana Simoes of Tucson and the investor Isela Estrada of Tucson. The 1,643 sq. ft. building (built 1971) is on .16 acre.

Duplex at 2833 N Castro Ave, Tucson, AZ 85705 sold for $66,500 ($33,250 per unit). Seller was Parcelluzzi Family, LLC of Tucson and investor, George & Oldham of Tucson. Both two-bedroom units (built 1973) in a 1,074 sq. ft. building on .19 acre were leased at time of sale. Aaron Fisher of Tierra Antigua represented the seller and Camille Herbst of Coldwell Banker represented the investor.

NORTHEAST SUBMARKET
3-Units at 4327-4331 E Fairmount Street, Tucson, AZ 85712 sold for $333,750 ($111,250 per unit). The seller was CMMI, LLC of Irvine, CA and the buyer, Newton Investments, LLC of Tucson. The three units were individual condos, each 841 sq. ft. (built 1983).

3 Units at 2638 N Orchard Ave, Tucson, AZ 85712 sold for $189,000 ($63,000 per unit). The seller was Elmer and Barbara McLennan of Phoenix and the investor Mayo Gilman of Tucson. The property consists of two 1-bedroom units and a 2-story, 4-bedroom SFR (built 1981) on .22 acre. James and Steven Wendling of Keller Williams represented the seller and Eric Shaffer of Long Realty represented the buyer.

A duplex at 852-854 W Glenn Street, Tucson, AZ 85712 sold for $129,000 ($64,500 per unit). The seller was Dwayne Koval of Tucson and the buys Andrew and Cynthia Rubiner of Tucson. The 2,109 sq. ft. building (built 1979) consists of two 3-bedroom / 1.5 bath units. Sherese Steffens of Tierra Antigua Realty represented the seller and Dar Dobroslavic of Realty Executives represented the buyers.

SOUTH SUBMARKET
4-Units at 1249-1255 E Milton Road, Tucson, AZ 85706 sold for $70,000 ($17,500 per unit). The seller was RA Milton, LLC of West Hills, CA and the investor Jesus Lopez Zavia and Jesus Lopez Inzunza of Tucson. The 2-story, 3,480 sq. ft. building (built 1981) were all 2-bedroom / 1 bath. Listing agent was Marsee Wilhems of RE/Max Majestic and buyer was also selling agent, Jesus Lopez of Tierra Antigua.

5-Units at 135 W Oklahoma Street, Tucson, AZ 85714 sold for $57,500 ($11,500 per unit). The seller was Shalom Mennonite Fellowship of Tucson and the investor, Michele Olta of Tucson. The five units total 1,592 sq. ft. (built 1947) consisted of 4 studios and one two-bedroom unit on .16 acre. Edward Wagner of Wagner Property Services handled the transaction.

A duplex at 2317-2319 E Sunland Vista, Tucson, AZ 85713 sold for $37,500 ($18,750 per unit). The property was bank owned by US Bank, NA when it sold in this REO sale to Scott Alan Brittenham of Tucson. The 1,551 sq. ft. building was built 1952 and was vacant at time of sale.

CENTRAL SUBMARKET
3-Units at 751 E Blacklidge Dr, Tucson, AZ 85719 sold for $210,000 ($70,000 per unit). Sale date was 7/30/2013. Property was on the market for 9 days and sold with an NOI of 20,584 or a 9.8% cap rate.

A duplex at 1109-1111 E Mitchell Street, Tucson AZ 85719 sold for $167,000 ($83,500 per unit). Sale date was 7/2/2013. Property was on the market for 64 days and sold with an NOI of $13,265 or a 7.81% cap rate.

An SFR and guest house at 2917 E Alta Vista Street, Tucson, AZ 85716 sold for $115,000. Sale date was 7/31/2013. Property was on the market for 16 days. Cap rate not available.

A duplex at 5005-5007 East First St, Tucson, AZ 85711 sold for $95,000 ($47,500 per unit). NOI was $10,142 or 10.68% cap rate. Sale date was 7/30/2013. Property was on the market for 60 days.

A duplex at 313-315 E Alturas Street, Tucson, AZ 85705 sold for $80,500 ($40,250 per unit). Sale date was 8/2/2013. Property sold with deferred maintenance and was on the market for 4 days selling at a 13.19% cap rate.

Duplex at 2833 N Castro Ave, Tucson, AZ 85705 sold for $66,500 ($33,250 per unit). Sale date was 7/30/2013. Property was on the marker for 42 days and sold with an NOI of 7,981, or a 12% cap rate.

NORTHEAST SUBMARKET
3-Units at 4327-4331 E Fairmount Street, Tucson, AZ 85712 sold for $333,750 ($111,250 per unit). Sale date was 7/19/2013.

3 Units at 2638 N Orchard Ave, Tucson, AZ 85712 sold for $189,000 ($63,000 per unit). Property was on the market for 8 days and sold with an NOI of $28,620 or a 15.14% cap rate. Sale date was 7/30/2013.

A duplex at 852-854 W Glenn Street, Tucson, AZ 85712 sold for $129,000 ($64,500 per unit). Property was fully leased and on the market for 18 days when it sold with an NOI of $8,268, or a 6.4% cap rate.

SOUTH SUBMARKET
4-Units at 1249-1255 E Milton Road, Tucson, AZ 85706 sold for $70,000 ($17,500 per unit). Sale date was 7/2//2013. Property sold with an NOI of $22,070.

5-Units at 135 W Oklahoma Street, Tucson, AZ 85714 sold for $57,500 ($11,500 per unit). Sale date was 7/2/2013. Property was on the market 55 days and sold with an NOI of $11,792, or a 20.5% cap rate.

A duplex at 2317-2319 E Sunland Vista, Tucson, AZ 85713 sold for $37,500 ($18,750 per unit) was vacant at time of sale.[/mepr-show]