|Current Ann. Return||10.0%|
|Accrued Ann. Return||+
|Gross Ann. Return*|
|Current Ann. Return||10.0%|
|Accrued Ann. Return||+ 0.0%|
|Gross Ann. Return*||10.0%|
|Term Remaining||0 of 12 mo.|
|Security Type||Mezzanine Debt|
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.
The project is comprised of five (5) retail spaces and four (4) apartments and entails repositioning the properties through an exterior and interior cosmetic renovation program along with new mechanical systems. The retail is already 80% leased (with only one vacant space remaining) and the units will be available for tenants to move-in the summer of 2014.
Currently three of the five retail spaces are occupied with the tenants paying rent. The sponsors have extensive experience repositioning mixed-use buildings in Brewerytown and throughout Philadelphia.
|Gross Annual Return*||10.0%|
|Capital Senior to Fundrise||50-59%||2|
|Capital Junior to Fundrise||20-29%||3|
|Sponsor’s Track Record||$50-249 million||2|
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.
|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|
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
The sponsors closed on the properties with a construction/mini perm loan
in June 2013 and renovations are currently underway, stabilization is
projected for Summer 2014.
Retail – Five (5) retail storefronts
Residential – Four (4) apartments
|Address||2841 W Girard Avenue|
|City & State||Philadelphia, PA|
|Product Type||Mixed-Use / Retail, Residential|
|Project Phase||Value-Add / Cosmetic Renovation|
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.
Brewerytown got its name from the numerous breweries that were located along the Schuylkill River during the late 19th and early 20th centuries. At its peak, 700 breweries operated across Philadelphia, several within the 10 blocks of Brewerytown. When local industry collapsed in the late 20th century, beer production moved to the Midwest, and every brewery had disappeared by 1987.
Today, Brewerytown is a primarily residential neighborhood with a commercial strip along W Girard Ave. Businesses such as Music Box Records, Nagelberg Hardware, Girard Vet Clinic, Best In Show pet grooming, Give and Go Athletics, and Marathon Grill’s Urban Farm provide the neighborhood with amenities and services; while nearby restaurants include Butter's Soul Food, Shifty’s Taco, Rybrew, Italian Express and Era. Additionally, landmarks such as Fairmount Park’s Lemon Hill and Kelly Drive, the Philadelphia Zoo, the Philadelphia Museum of Art and Girard College are all within a short walk of the neighborhood.
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