MidHudson Launched by Middleburg; Offers Alternative for Reserve Requirements in HUD-Financed Multifamily Projects
Structured Finance Veteran, Joseph Carroll, Named to Lead New Venture
VIENNA, Va., June 6, 2018 /PRNewswire/ -- Middleburg, a Vienna, Virginia-based real estate investment, development and management firm, today announced the formation of MidHudson LLC, a company that will offer a product to developers using HUD financing that will reduce the amount of equity required for a project and, as a result, increase equity returns. Joseph Carroll, formerly of Barclays Capital, will lead the new company.
Middleburg Managing Partner, Chris Finlay, noted, "MidHudson will provide a quality solution to address cumbersome reserves for HUD-financed housing developments that simply hasn't existed before. We have been in the position that other HUD developers are in and saw this as an opportunity to streamline the process." Mr. Finlay continued, "We are privileged to have Joe Carroll joining us to lead this important new venture. His experience and leadership skills will ensure the success of MidHudson."
MidHudson will initially work with HUD lenders to educate them about how its product works to reduce equity requirements and increase equity returns. The MidHudson product will be available to both developers currently in the HUD review process and those with recently closed transactions.
"The HUD required reserves can be more than 35% of the total equity requirement for HUD financed development projects," Joseph Carroll stated. "Our product is a highly cost effective and efficient way to eliminate the dilutive effect of HUD reserves and maximize a project's financial performance."
Mr. Carroll joined MidHudson from Barclays Capital. He had several roles at Barclays, including the management of a team that developed and placed bespoke structured credit products. Prior to Barclays, Mr. Carroll played a significant role in the development of the structured credit business at Deutsche Bank and Brightwater Capital Management. He began his finance career at Bankers Trust in 1996. Mr. Carroll is a graduate of the University of Notre Dame and the University of Michigan Law School.
For additional information on MidHudson, please visit www.MidHudsonRE.com.
About Middleburg: Middleburg is a fully integrated multifamily development, investment, and management company operating in the southeastern and mid-Atlantic United States. Since 2004, Middleburg has acquired and developed more than 16,000 apartment units, executing approximately $2.0 billion in transactions. We share a vision for greater value creation through community impact. Our success is rooted in a genuine desire to serve our local communities in thoughtful and holistic ways. We embrace people, property, and partnerships to enhance the lives of others, contribute positively to our neighborhoods and maximize real returns for partners. For more information, please visit www.LiveMiddleburg.com.
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