FullCapitalStack, a QuietStream Financial portfolio company, has launched a $1.7 million preferred equity offering for the construction of 27 luxury townhomes in Charlotte’s upscale SouthPark neighborhood.
The offering is one of the first Charlotte real estate projects to tap equity crowdfunding as part of its capital structure. FullCapitalStack’s online investment platform will make the offering accessible to all accredited investors in the U.S. Accredited investors are individuals with more than $200,000 in annual income or a net worth in excess of $1 million.
Charlotte-based developer Saratoga Asset Management (“Saratoga”) will sponsor the project, partnering with Charlotte-based homebuilder Alan Simonini Homes as the lead builder. Saratoga has contracts in place on four residential lots totaling 2.62 acres along Fairview Road in the SouthPark area. The upscale development, to be called SouthPark City Homes, will be constructed and sold over an estimated 28-month period concluding in late 2017.
FullCapitalStack Chief Investment Officer Nikki Baldonieri, stated:
“We are excited to launch this offering in our hometown to help local accredited investors access equity in a first-class Charlotte development. Historically, real estate owners have been limited to raising equity capital from friends and existing contacts. Our online platform removes barriers and leverages technology so accredited investors can easily access, research and execute direct investments in real estate projects.”
The SouthPark City Homes development will consist of six separate buildings of either four or five units for a total of 27 luxury townhome units. Each three-story townhome will be approximately 2,761 square feet, with four bedrooms, 3.5 bathrooms, and a two-car garage. Amenities and features will include stainless steel appliances, hardwood and ceramic tile flooring, garden bathtubs, walk‐in closets, granite counter tops, fireplace, optional elevator and more.
Saratoga Asset Management Managing Partner Raymond Wetherington, added:
“Working with FullCapitalStack allows us to broaden our relationships and present this project to the entire community of eligible investors, rather than just the partners in our existing circle. This will be a development the SouthPark community can be proud of, and now it is a project neighbors can own a portion of as well.”
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