RealtyShares announced on Thursday a total of $5,144,000 has been raised through its real estate crowdfunding marketplace for the acquisition and development of four free-standing triple net (NNN) leased quick service restaurants in Nashville, Tennessee.
According to RealtyShares, the tenants, which includes three Checkers and one Taco John’s, each raised more than $1 million through the crowdfunding platform at an 80% Loan-to-Cost (LTC) ratio. All were fully funded within two weeks of being featured on RealtyShares’ online marketplace, demonstrating the crowd’s strong interest in this type of deal.
Anthony J. Dagati, Director of Commercial Debt Investments at RealtyShares, stated:
“We are very pleased to have provided senior financing for the acquisition and development of four triple net leased quick service restaurants in the Nashville MSA. Our network of accredited investors demonstrated strong demand for first position debt at an attractive leverage point and yield-to-cost.”
RealtyShares then added that all four deals were acquired by an experienced Sponsor, and each transaction featured a long-term NNN lease. As NNN leases, the tenants are fully responsible for paying the cost of Common Area Maintenance (CAM), Real Estate Taxes, and Insurance, and, as a consequence represent possible attractive investment opportunities for passive investors and 1031 exchange buyers.
To date, the RealtyShares network of investors has funded upwards of $200 million across more than 400 investment opportunities on the platform, funding residential and commercial projects in 31 states.
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