Philadelphia Mixed-Use Rehab

10.0%
gross ann. return*
0 mo.
term remaining
C
Investment Complete
Current Ann. Return 10.0%
Accrued Ann. Return 0.0%
Gross Ann. Return* 10.0%

Investment Details

Current Ann. Return 10.0%
Accrued Ann. Return + 0.0%
Gross Ann. Return* 10.0%
Term Remaining 0 of 12 mo.
Min. Investment $1,000
Investment Size $150,000
Security Type Mezzanine Debt

Investment Summary

The Hat Shop building is located at 2841-43 W Girard Avenue in the burgeoning Brewerytown neighborhood of Philadelphia and is two contiguous mixed-use properties located at the prominent corner of 29th and Girard Avenue. The properties were purchased in an off market transaction at an attractive price with a construction/mini perm loan and developer equity in the summer of 2013.

Key Deal Points

Exit strategy

Based on the purchase price of the property, the existing rents achieved, and the projected future rents, the developer plans to refinance the senior loan that is currently in place and repay the mezzanine debt holders using the proceeds.

Short construction timeline

Renovation is currently underway and three of the five retail spaces are already occupied with tenants paying rent. The balance of the building is projected to be completed in the summer of 2014.

Projected Return Calculator

Principal
$5,000
Gross Annual Return* 10.0%
Term 12 mo.
Total Return*

Fundrise Rating

The Fundrise Rating is a letter rating ranging from A to E that provides investors with the ability to easily compare investments across the Fundrise platform. The Fundrise rating measures the relative risk-adjusted return of an investment. Learn more
C2
A
1
2
3
B
1
2
3
C
1
2
3
D
1
2
3
E
1
2
3
Category Assessment Points
Capital Senior to Fundrise 50-59% 2
Capital Junior to Fundrise 20-29% 3
Location Secondary 2
Occupancy Leasing 2
Development Phase Value-Add 2
Sponsor’s Track Record $50-249 million 2
Overall 13 C2

The information contained in the Fundrise Rating is for informational purposes only. It is impersonal and not individualized for any specific investor's financial situation and is not investment advice. These ratings are not intended to be, nor should you interpret them to be, a prediction of how a particular investment will actually perform. You should always carefully consider investments in any security and be comfortable with your understanding of the investment. You may also consider consulting investment professionals.

Risk-Adjusted Return

Capital Structure

Type Source % of Total Amount
Common Equity Sponsor & Private Investors 29.0% $387,000
Mezzanine Debt Fundrise Offering 11.2% $150,000
Senior Debt DNB First, NA 59.8% $798,294
Total 100.0% $1,335,294

Property Summary

2841-43 W Girard Avenue is two contiguous mixed-use properties located at the prominent corner of 29th and Girard Avenue comprised of five (5) retail spaces and four (4) apartments. The Project entails repositioning the properties through an exterior and interior cosmetic renovation program along with new mechanical systems. The sponsors have extensive experience repositioning mixed-use buildings in Brewerytown and throughout Philadelphia.

Address 2841 W Girard Avenue
City & State Philadelphia, PA
Neighborhood Brewerytown
Product Type Mixed-Use / Retail, Residential
Project Phase Value-Add / Cosmetic Renovation

Market Summary

2841 W Girard Ave is located in the Brewerytown neighborhood in Philadelphia, on a commercial strip along Girard Avenue, between the Philadelphia Zoo and Girard College. The neighborhood itself is located in the northwest corner of Center City Philadelphia, spanning approximately from the Schuylkill River’s east bank to 25th Street, bounded by Cecil B. Moore Ave to the north and Parrish St to the south.

About the Sponsor

David Waxman

Principal

Jacob Roller

Principal

MMPartners, LLC is a Philadelphia-based, vertically integrated real estate development, construction and management company that was formed to improve and revitalize Philadelphia’s historic Brewerytown neighborhood and to effectuate positive neighborhood change.

View full profile

Other Past Investments

DC Luxury Condo Loft Conversion

Washington, DC
D
Gross Ann. Return* 15.0%
Term Remaining 0 mo.
Underlying Security Preferred Equity

Atlanta Condo Pre-Development Loan

Atlanta, GA
B
Gross Ann. Return* 14.0%
Term Remaining 0 mo.
Underlying Security Senior Debt