MidHudson LLC (the “Company”), a multifamily real estate financial solutions provider, announced today that a group led by the existing minority owner and the management team have acquired the remaining interests in the Company from Middleburg Communities. Immediately following the closing of the transaction, MidHudson will change its name and rebrand as Hudson Real Estate Finance LLC ("HREF").
HREF will continue to offer financing solutions for multifamily developers. To date, the Company has focused on projects using HUD senior financing by providing the working capital and operating reserves required for new construction projects, and preferred equity for stabilized projects. Going forward, HREF will add products to serve the non-HUD multifamily market.
HREF will maintain its financing relationship with affiliates of A-CAP, a New York-based holding company owning multiple insurance companies. “The HREF relationship is a natural fit for our investment management portfolio,” said Kenneth King, Chairman, and CEO of A-CAP. “Expanding into HUD financing aligns with our strategic growth plan and goal to be a premier lender in the housing sector. Through HREF we have an opportunity to grow our presence in the multifamily real estate market and build new impactful relationships.”
Joe Carroll will continue in his role as President, and shared, “We are grateful for the vote of confidence from A-CAP and believe it will allow us to continue to serve our clients by offering simple and certain execution of innovative financing solutions. Dan Ford, Head of Origination, and I look forward to working more closely with our partners at A-CAP to grow our business.”
A-CAP is a holding company owning multiple insurance and financial businesses on its unique and synergistic platform. These businesses include primary insurance carriers, an SEC registered investment adviser, reinsurance vehicles, and marketing organizations. With broad knowledge across the insurance and investment sectors, A-CAP’s management team has diverse experience and provides comprehensive services to policyholders, insurance company clients and capital partners. Launched in 2013, A-CAP is a privately held company with offices located in New York, Miami, Charleston, Chicago, and Salt Lake City. For more information, visit www.acap.com.
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