Fundrise has listed its first asset to be included in the new eREIT vehicle that allows non-accredited investors access to real estate crowdfunding offers. Fundrise has invested in a senior loan for the acquisition, and renovation, of a 2 unit condo project located in Long Island City. The total commitment is for $1.99 million which is equivalent to 79.1% of the project with the developer taking a 20.9% equity stake. The plan is to renovate the existing building and construct two new 3 bedroom / 3 bath luxury condominium units that will average approximately 1,875 square feet each. The projected sale price is $4.5 million. The annual return is stated at 11%.
Fundrise has leveraged the new Regulation A+ exemption to seek up to $50 million from investors for the investment trust. Fundrise is the first real estate crowdfunding platform to use this type of structure.
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