Fundrise, a real estate crowdfunding platform, has announced a new partnership with 306 7th Street LLC to provide $2 million in funding for an apartment repositioning in the Park Slope neighborhood of Brooklyn. The sponsor has hired JBS Project Management to oversee the development.
Investors in this project are projected to receive a gross annual return of 11 percent paid current quarterly over an 18-month term. Ben Miller, co-founder and CEO of Fundrise, declared:
“Our investors love high quality multifamily value-add renovations in high-growth markets like Brooklyn. Teaming up with JBS was a great fit for the Fundrise product and we look forward to working with their team again.”
Park Slope is reportedly experiencing rapid growth in prices and rental rates due to the large demand from families and professionals seeking the combination of easy access to Manhattan, along with beautiful brownstones and historic avenues filled with boutiques, bars and restaurants.
JBS Project Management specializes in high quality, boutique projects in and around New York City. JBS has completed several similar renovations in the area, including another townhouse renovation only a few blocks away, which has been fully updated and is currently leasing.
Ben Igoe, Partner at JBS Project Management, noted:
“We are thrilled to have partnered with the country’s top crowdfunded capital source to secure the final financing for our newest Park Slope project. We chose to work with Fundrise because of their track record of funding projects quickly and efficiently.”
Since its founding, Fundrise has given thousands of individual investors an opportunity to invest in real estate in top markets around the country, including landmark projects such as 3 World Trade Center in Manhattan.
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