Bridgepoint Investment Banking arranges preferred equity for Cook Properties

Rochester, NY 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), 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+ s/f of commercial, retail office space, self-storage units and manufactured home parks totaling 6,500 pads. Cook 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 one of the largest owner and operators of manufactured homes and parks in the state of New York. Bridgepoint ran a 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."