Real estate crowdfunding platform CrowdStreet has announced a new addition to its Board of Advisors. According to a release today, Shawn Lese of Nuveen Real Estate has joined the platform as an advisor. At the same time, in an indication of commitment, Lese is expected to raise equity capital on CrowdStreet -for the first time.
Real estate crowdfunding is in a period of transition as interest rates have rocketed higher in the past months as the US Federal Reserve sought to stomp out nagging inflation. Developers, investors, etc., have had to recalculate as the cost of financing has gone higher.
CrowdStreet is a property investment platform that caters to Accredited Investors offering single property deals, funds, and bespoke portfolios. CrowdStreet claims to be the largest private real estate investment platform in the US. Since its inception, CrowdStreet reports over $3.8 billion raised for 700+ commercial real estate projects across the U.S. In 2021, CrowdStreet claimed its first billion-dollar year when its investor community funded $1.2 billion.
Along with raising capital on CrowdStreet, Nuveen may work with the company to develop products and participate in investments as a partner.
CrowdStreet notes that the addition of a new advisor follows an investment in CrowdStreet by TIAA Ventures. Both Nuveen and TIAA Ventures are affiliates of TIAA. Nuveen Real Estate reports an Americas platform with over $110 billion.
Lese commented on his joining the firm as an advisor:
“We’ve watched for several years as CrowdStreet has built out its online investing platform to better serve real estate sponsors, individual investors, and financial advisors. CrowdStreet’s innovation is modernizing, demystifying, and streamlining access to commercial real estate so that more investors have the potential to reap the benefits of investment in the asset class.”
Lese added that Nuveen constantly strives to innovate and he looks forward to working with CrowdStreet pursuing mutual goals.
Darren Powderly, co-founder and Chief Business Development Officer for CrowdStreet, added:
“Shawn’s perspective is highly valuable as we grow and evolve CrowdStreet to meet investors’ demand for private real estate investments. We’re thankful to have Shawn in our brain trust.”