Sept. 20, 2022
A Nelson Mullins team along with McDonald Hopkins LLC recently represented Hudson Valley Property Group in its second real estate private equity fund, raising more than $292 million in capital commitments for investment in and preservation of affordable housing projects across the United States. The fund is $42 million more than its $250 million target and came from a broad range of institutional investors, including family offices, banks, endowments, foundations, insurance companies, healthcare companies, registered investment advisors, and museums. The team, led by Orlando partner Hollie Croft, included partners Mike Rafter, Kay Gordon, Wells Hall, and Erin Reeves McGinnis.
Hudson Valley’s first preservation fund closed in March 2019, with $60 million in capital commitments. It made 13 investments in 25 properties, preserving over 4,000 units, on nearly $1 billion in projects. The second fund has already acquired nine properties across New York, New Jersey, Pennsylvania, Maryland, and Rhode Island. Hudson Valley anticipates preserving more than 10,000 homes with the latest investment fund.
Croft represents for-profit and nonprofit developers in the development, acquisition, construction, rehabilitation, operation, and sale of affordable multifamily housing for families and seniors throughout the United States and Puerto Rico, utilizing a wide range of federal, state and local affordable housing programs. She also represents developers in market rate transactions. She was selected for Connect CRE's 2021 Lawyers in Real Estate Award and currently serves as assistant corporate leader for the firm.
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