Bridgepoint Investment Banking Arranges Preferred Equity for Portfolio Acquisition for Cook Properties
Rochester, NY
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April 12, 2022 07:00 AM Central Daylight Time
Bridgepoint Investment Banking (“Bridgepoint”) acted as financing arranger to Cook Properties on their preferred equity capital raise with Waterfall Asset Management (“Waterfall”).
Cook Properties NY (“Cook” or the “Company”), is a family-owned and operated real estate management and development company with $325 million in assets under management. Cook Properties owns and manages 200,000+ square feet of commercial, retail office space, self-storage units and manufactured home parks totaling 6,500 pads. The Company sought the assistance of Bridgepoint to secure alternative capital to support their acquisition of a 54-park portfolio with 2,300 pads in Upstate New York. The acquisition has now elevated Cook Properties as the largest owner and operator of manufactured homes and parks in the state of New York. Bridgepoint ran a comprehensive capital raising process, which was met with substantial interest from the market from both preferred equity and private debt providers. Cook was able to choose from a variety of financing structures and growth partners. Cook ultimately selected Waterfall Asset Management due to their real estate expertise and flexible financing structure.
“Bridgepoint is proud to have advised Cook Properties in their partnership with Waterfall,” said Bridgepoint Director Subhash Marineni. “This transaction highlights our deep capital connectivity and ability to source flexible capital to support acquisitions and growth. We are happy to have found such an experienced partner for Cook Properties in Waterfall, who will continue to provide strategic guidance and future growth capital. We are impressed by the Cook Team’s industry expertise and passion for growth. We are confident that Cook Properties will emerge to become one of the leading owners and operators of manufactured home parks in the U.S.”
"It was a pleasure working with Bridgepoint in our search for a strategic financing partner," said Scott Mulcahy, CFO of Cook Properties. "The Bridgepoint team was able to successfully connect us with Waterfall Asset Management, a firm that shares Cook's interest and commitment to the manufactured housing asset class. We look forward to future partnership opportunities."
"We are thrilled to have formed new relationships allowing us to effectively scale our operations," said Jeff Cook, Managing General Partner and CEO of Cook Properties. “Becoming the #1 owner and operator of MHCs in New York State is an exciting milestone for us as we continue to redefine the manufactured housing industry."
About Bridgepoint Investment Banking
Bridgepoint Investment Banking, a division of Bridgepoint Holdings NE, LLC, is a market-leading boutique investment bank. The Bridgepoint team, through their broker dealer relationship with M&A Securities Group, Inc., an unaffiliated entity, serves clients over their corporate lifecycles by providing capital raising and M&A advisory solutions. Bridgepoint serves clients globally across a range of focus sectors. Learn more about Bridgepoint at www.bridgepointib.com.
About Cook Properties
Cook Properties NY is New York State’s largest owner and operator of Manufactured Housing Communities with $325 million in assets under management. Family-owned and operated since 1997, Cook’s real estate portfolio includes manufactured housing communities totaling 6,500 pads, along with retail, office, and storage facilities. Learn more about Cook Properties at www.cookpropertiesny.com.
Contact Details
Subhash Marineni, Director
Bridgepoint Investment Banking
+1 402-817-7960
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