MidHudson provides financing for multifamily projects valued at USD200m in Q3 2020
In the third quarter of the year, MidHudson funded over USD14million in Working Capital and Initial Operating Deficit Reserves through its HUD Reserve Funding Product.
Those Reserves supported multifamily development projects with an aggregate value of just under USD200 million. The developments are located in Miami and Lakeland, FL as well as in Ft. Worth, TX and Omaha, NE. In addition to the investments closed in Q3, MidHudson executed letters of intent for an additional USD35 million in Reserves for projects expected to be valued at USD225 million.
MidHudson President Joseph Carroll says: “It is gratifying to see the market acceptance of our product. Dan Ford, our Head of Origination, has done a great job building relationships with sponsors and HUD lenders. Through hard work and a commitment to integrity, we have leveraged those relationships to develop a reputation for certain and simple execution. We look forward to finishing the year strong and building on that for next year.”