|Current Ann. Return||8.0%|
|Accrued Ann. Return||+
|Gross Ann. Return*|
|Current Ann. Return||8.0%|
|Accrued Ann. Return||+ 10.0%|
|Gross Ann. Return*||18.0%|
|Term Remaining||9 of 36 mo.|
|Security Type||Mezzanine Debt|
MM Partners is looking to raise $375,000 of Unsecured Mezzanine Debt to help finance the redevelopment of three contiguous, historic early 20th century brick warehouses into a mixed-use project comprised of retail/office space, apartments, and accessory parking in Philadelphia’s Fairmount Park neighborhood. The development will happen in conjunction with the Fairmount/Art Museum Adaptive-Reuse Lofts and will join a series of other successful MM Partners’ projects in the neighborhood.
The project is expected to generate a 18% annualized return over the three-year investment period. The developer will pay a current 8% return quarterly and an additional 10% will accrue and be paid at the earlier of the maturity date or a capital event (refinance, sale).
Yes, we have preleased 50% of the retail space to a yoga studio and a local coffee shop chain and have strong interest for the office space from an architecture firm and a real estate company (split the space in half). The apartments we will begin preleasing 90 days before completion.
|Gross Annual Return*||18.0%|
|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|
|Equity||Sponsor & Private Investors||1.5%||$150,000|
|Tax Credits||TD Bank||7.9%||$762,434|
|Unsecured Mezz Debt||Fundrise Offering||3.9%||$375,000|
The subject project is comprised of three contiguous historic early 20th century industrial warehouses (and a vacant lot for accessory parking) located in the Fairmount/Art Museum neighborhood of Philadelphia, which will be developed into a mixed-use project comprised of retail/commercial space, apartments, and accessory parking for the apartments and the retail/commercial space.
Three of the five buildings front prominently on Fairmount Avenue and go through to a rear street called Melon Street, which on the 1600 block is private and gated, offering access only to home owners. The six (6)-unit apartment building solely front on the private street offering unprecedented privacy and security.
The subject project consists of:
|Address||1626 Fairmount Avenue|
|City & State||Philadelphia, PA|
|Product Type||Mixed-Use / Retail, Residential, Office|
|Project Phase||Value-Add / Adaptive Re-use|
The properties are centrally located in the affluent Fairmount neighborhood, which is one of Philadelphia's most eclectic neighborhoods, combining tourist attractions, row homes, restaurants and the public art and green spaces of Fairmount Park while within easy walking distance of the Central Business District. The neighborhood has seen impressive home price and rental appreciation over the past 15 years and continues to be one of the most desirable residential neighborhoods in the city.
The surrounding blocks around the subject property are comprised of primarily new construction and renovated town homes selling in excess of $500k to over $1m with excellent neighborhood retail, green space and residential living.
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