Rogers Avenue Mixed Use Redevelopment

16.0%
gross ann. return*
0 mo.
term remaining
D
Investment Complete
Current Ann. Return 8.0%
Accrued Ann. Return 8.0%
Gross Ann. Return* 16.0%

Investment Details

Current Ann. Return 8.0%
Accrued Ann. Return + 8.0%
Gross Ann. Return* 16.0%
Term Remaining 0 of 24 mo.
Min. Investment $5,000
Investment Size $200,000
Security Type Mezzanine Debt

Investment Summary

James Neu of Neu Projects, LLC (the "Sponsor") is seeking financing for the acquisition and minor renovation of 406 Rogers Avenue, Brooklyn, NY 11225 (the "Property"). The sponsor is raising $450k of unsecured mezzanine debt with a projected annual interest of 16% over the course of the investment. The sponsor will hold $30k in interest reserve and pay an annual current interest of 8% on a quarterly basis. The remaining 8% annual interest will be accrued and paid out at the maturity date.

Key Deal Points

Acquisition Basis

The purchase price of $246/GSF is below market allowing for reduced development risk and increased upside.

Building Condition & Layout

The building is in general good condition which allows for a limited renovation and a timely turnaround. The corner lot allows for maximum commercial exposure as well as true 3 bedroom apartments on the 2nd and 3rd floors with excellent natural light.

Neighborhood

This is the Sponsor’s second project in the Prospect Lefferts Gardens (PLG) neighborhood of Brooklyn. PLG is recognized as an emerging neighborhood with a strong rental market. The Property is in close proximately to multiple sub-way lines, the Lefferts Manor Historic District, Prospect Park, and Brooklyn Botanic Garden among other amenity rich areas.

Projected Return Calculator

Principal
$5,000
Gross Annual Return* 16.0%
Term 24 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
D3
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 60-69% 3
Capital Junior to Fundrise 10-19% 4
Location Secondary 2
Occupancy Vacant 3
Development Phase Value-Add 2
Sponsor’s Track Record Less than $50 million 3
Overall 17 D3

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 10.0% $149,618
Mezzanine Debt Fundrise Offering 30.0% $450,000
Debt Country Bank 60.0% $900,000
Total 100.0% $1,499,618

Property Summary

The building is in general good condition which allows for a limited renovation and a timely turnaround. The corner lot allows for maximum commercial exposure as well as true 3 bedroom apartments on the 2nd and 3rd floors with excellent natural light.

Address 406 Rogers Ave
City & State Brooklyn, NY
Neighborhood Prospect Lefferts Gardens
Product Type Mixed-Use / Commercial, Residential
Project Phase Value-Add / Renovation

Market Summary

This is the Sponsor’s second project in the Prospect Lefferts Gardens (PLG) neighborhood of Brooklyn. PLG is recognized as an emerging neighborhood with a strong rental market. The Property is in close proximately to multiple sub-way lines, the Lefferts Manor Historic District, Prospect Park, and Brooklyn Botanic Garden among other amenity rich areas.

About the Sponsor

James Neu

Principal

Neu Projects, lead by principal James Neu, focuses on small development projects in emerging markets in Brooklyn. He maintains a strong desire to apply his experience, skill and motivation in order to successfully execute projects of which he is proud and which provide a financial upside.

View full profile

Other Past Investments

DC Luxury Condo Loft Conversion

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

Atlanta Condo Pre-Development Loan

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