703-707 Newton Place NW Condominiums

gross ann. return*
0 mo.
term remaining
Investment Complete
Current Ann. Return 12.0%
Accrued Ann. Return 0.0%
Gross Ann. Return* 12.0%

Investment Details

Current Ann. Return 12.0%
Accrued Ann. Return + 0.0%
Gross Ann. Return* 12.0%
Term Remaining 0 of 18 mo.
Min. Investment $5,000
Investment Size $400,000
Security Type Mezzanine Debt

Investment Summary

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.

Key Deal Points

When will the project begin?

Demo is complete and Lock 7 will be razing the existing buildings in the very beginning of April. Construction will take roughly 12 months.

What’s the area like?

The Georgia Avenue corridor is one of the most active development areas in the city. It's extremely popular with younger buyers who want to be downtown and have metro access without paying the higher prices of Dupont or Columbia Heights.

Who is the builder?

Lock 7 is self-performing the construction. Lock 7 is a licensed and bonded contractor and has done dozens of similar buildings. Our specialty is smaller boutique condo buildings.

Projected Return Calculator

Gross Annual Return* 12.0%
Term 18 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
Category Assessment Points
Capital Senior to Fundrise 70-79% 4
Capital Junior to Fundrise 10-19% 4
Location Secondary 2
Occupancy Vacant 3
Development Phase Ground-up 3
Sponsor’s Track Record $50-249 million 2
Overall 18 E1

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
Equity Sponsor 4.1% $104,000
Mezzanine Debt Fundrise Offering 15.9% $400,000
Senior Debt Capital Bank 80.0% $2,017,000
Total 100.0% $2,521,000

Property Summary

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
Neighborhood Petworth
Product Type Residential / Condominiums
Project Phase Ground-Up / Construction

Market Summary

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.

About the Sponsor

Dave Gorman

Co-Founder & Principal

Patrick Conway

Co-Founder and Principal

Kevin Sadowski

Director of Construction

Christopher Rascher


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.

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Other Past Investments

DC Luxury Condo Loft Conversion

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

Atlanta Condo Pre-Development Loan

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