Rochester, NY –News Direct– Bridgepoint Investment Banking
Bridgepoint Investment Banking (“Bridgepoint”) acted as arranger of financing for Cook Properties on their preferential capital increase with Waterfall Asset Management (“Waterfall”).
Cook Properties NY (“Cook” or the “Company”), is a family-owned property management and development company with $325 million in assets under management. Cook Properties owns and manages over 200,000 square feet of commercial space, retail offices, self-storage units and manufactured home parks totaling 6,500 blocks. The company enlisted Bridgepoint’s assistance in securing alternative capital to support its acquisition of a portfolio of 54 parks with 2,300 pads in upstate New York. The acquisition has now elevated Cook Properties to the largest owner and operator of manufactured homes and parks in New York State. Bridgepoint conducted a comprehensive capital raising process, which generated substantial market interest from preferred equity and private debt providers. Cook was able to choose from a variety of financing structures and growth partners. Chef finally selected Cascading asset management due to their real estate expertise and flexible financing structure.
“Bridgepoint is proud to have advised Cook Properties on its partnership with Waterfall,” said Bridgepoint’s director. Subhash Marineni. “This transaction highlights our deep capital connectivity and ability to source flexible capital to support acquisitions and growth. We are pleased to have found such an experienced partner for Cook Properties in Waterfall who will continue to provide strategic advice and future growth capital. We are impressed with the Cook team’s industry expertise and passion for growth. We are confident that Cook Properties will emerge to be one of the leading owners and operators of manufactured home parks in the United States”
“It was a pleasure to work with Bridgepoint in our search for a strategic financial partner,” said Scott Mulcahy, Chief Financial Officer of Cook Properties. “The Bridgepoint team was able to connect us with Waterfall Asset Management, a company that shares Cook’s interest and commitment to the manufactured housing asset class. We look forward to future partnership opportunities.
“We are delighted to have forged new relationships that allow us to effectively expand our operations,” said Jeff Cook, general partner and CEO of Cook Properties. “Becoming the first owner and operator of MHC in New York State is an exciting milestone for us as we continue to redefine the manufactured home industry.”
Bridgepoint Investment Banking, a division of Bridgepoint Holdings NE, LLC, is a market-leading boutique investment bank. The Bridgepoint team, through its brokerage relationship with M&A Securities Group, Inc., an unaffiliated entity, serves clients throughout their business life cycle by providing fundraising and M&A Advisory Solutions. Bridgepoint serves customers worldwide in a range of targeted industries. Learn more about Bridgepoint at www.bridgepointib.com.
About Cook Properties
Cook Properties NY is the largest owner and operator of manufactured housing communities in New York State with $325 million in assets under management. Family owned and operated since 1997, Cook’s property portfolio includes prefabricated housing communities totaling 6,500 blocks, as well as retail, office and storage facilities. Learn more about Cook Properties at www.cookpropertiesny.com.
Subhash Marineni, Director
Bridgepoint Investment Bank
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