MidHudson LLC recently closed two transactions totaling more than $7 million of MidHudson invested capital on the same day using its HUD Reserve Funding Product. Triago Ventures, and Arista Riverstone, a 142-unit active adult multifamily development in Houston, TX developed by Buckhead Investment Partners.
MidHudson satisfies reserves required for HUD financed developments without diluting the sponsor’s ownership stake. The product reduces the amount of common equity required for a project and, as a result, raises equity returns. Further information on MidHudson is available at www.MidHudsonRE.com.
MidHudson President Joseph Carroll stated, “We are excited by the accelerating pace of transactions. We expect to close 2019 with over $60 million in committed capital. I see two drivers of our growth. First, for developers, our D4 Reserve Product is financially accretive to their returns. Second, we offer a simple, flexible and certain execution. By supporting our partners, we are able to complete projects that would otherwise stall or require an additional round of funding.”
“We involved MidHudson early in our loan process,” said Jennifer Merrill, Chief Financial Officer, Triago Ventures. “Knowing that we had them on board as a partner early helped simplify other aspects of our financing and they provided us the flexibility in not having the closing date and final investment amount defined until the end of the process.”
Matthew Morgan, President of Buckhead Investment Partners, commented, “After we finalized our agreement with MidHudson, they quickly became a great partner to us and did everything that we needed to help us seamlessly close our financing. We brought them in close to closing, and they did everything needed to get us across the finish line.”
MidHudson extends its appreciation to Ali Rode and Cary Weinstein of Gershman (La Vida at Sienna Hills) and Kevin Kirton of Funding Incorporated (Arista Riverstone) for originating the HUD 221(d)(4) senior financing.
About MidHudson:
MidHudson LLC provides solutions focused financing for projects with HUD senior loans. MidHudson offers two products: (i) The MidHudson HUD Reserve Funding Product, that satisfies the reserve requirements for developers using either HUD 221(d)(4) or HUD 232 financing; and (ii) The MidHudson HUD Cash-Out Product, that allows the release of trapped equity in stabilized properties that have HUD senior financing. For more information, please visit www.MidHudsonRE.com.
