|Current Ann. Return||12.0%|
|Accrued Ann. Return||+
|Gross Ann. Return*|
|Current Ann. Return||12.0%|
|Accrued Ann. Return||+ 0.0%|
|Gross Ann. Return*||12.0%|
|Term Remaining||0 of 18 mo.|
|Security Type||Mezzanine Debt|
Lock 7 Development is excited to introduce our newest investment offering, which is the opportunity to place mezzanine financing at a 12% return on a new ground-up nine-unit condo building only a few blocks from the Petworth metro. This area is exploding with new amenities, including a new Safeway grocery store and several new bars and restaurants. Our building has several unique floorplans, including two penthouse units with private roof decks. The final product will have roughly 8500 SF of sellable square feet with five parking spaces.
Demo is complete and Lock 7 will be razing the existing buildings in the very beginning of April. Construction will take roughly 12 months.
|Gross Annual Return*||12.0%|
|Capital Senior to Fundrise||70-79%||4|
|Capital Junior to Fundrise||10-19%||4|
|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|
|Mezzanine Debt||Fundrise Offering||15.9%||$400,000|
|Senior Debt||Capital Bank||80.0%||$2,017,000|
This building is all-new construction and will replace three dilapidated townhomes currently on the site. The building is contemporary in design, with a lot of glass for natural light and several multi-level units. The unit mix includes two one-bedroom units and seven two-bedroom units. All units will have tall ceilings with hardwood floors, quartz counters and custom millwork throughout.
|Address||703-707 Netwon Place NW|
|City & State||Washington, DC|
|Product Type||Residential / Condominiums|
|Project Phase||Ground-Up / Construction|
Petworth is experiencing rapid growth because of the prized NW address and proximity to the Petworth Metro station. The neighborhood has always been a popular area for first-time buyers because the pricing is still obtainable for many buyers that are priced out of other neighborhoods.
This particular site is about a block from the esteemed E.L Haynes Charter School and less than three blocks from the Georgia Ave/Petworth Metro.
Lock 7 Development, LLC is a real estate development firm specializing in renovating and developing residential homes and buildings in the Washington, DC Metro area. They create unique and exciting places to live with a strong emphasis on sustainable and environmentally-friendly building techniques. The residences blend high-end contemporary design with conscientious historic preservation.View full profile