East Village Mixed-Use Renovation

7.0%
gross ann. return*
0 mo.
term remaining
B
Investment Complete
Current Ann. Return 7.0%
Accrued Ann. Return 0.0%
Gross Ann. Return* 7.0%

Investment Details

Current Ann. Return 7.0%
Accrued Ann. Return + 0.0%
Gross Ann. Return* 7.0%
Term Remaining 0 of 24 mo.
Min. Investment $5,000
Investment Size $1,000,000
Security Type Mezzanine Debt

Investment Summary

Corigin Manhattan Apartments (“CMA”) is a real estate investment platform that develops, acquires, manages, and repositions Manhattan-based, multifamily apartment buildings with individual acquisition prices below $20 million.

Key Deal Points

Irreplaceable Location

The property is located in Manhattan’s East Village, one of the country’s most desirable neighborhoods with near-zero vacancy rates.

Low Leverage

The property has a senior loan of $1,700,000, which represents a low Loan-to-Cost ratio of 32.1%. The Fundrise investment will range from roughly 32-50% of the capital stack, with significant developer equity in the first loss position.

Strong Sponsor Track Record

In its history, Corigin has deployed over $300 million of its own equity, with a total portfolio value in excess of US $2 billion. In addition, Corigin has a valuable core asset base as the largest private provider of student housing to New York University having developed 715 apartments, housing 2,400 students.

Projected Return Calculator

Principal
$5,000
Gross Annual Return* 7.0%
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
B1
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 1-49% 1
Capital Junior to Fundrise 40% or more 1
Location Primary 1
Occupancy Vacant 3
Development Phase Value-Add 2
Sponsor’s Track Record $250 million or more 1
Overall 9 B1

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 Developer 48.9% $2,587,850
Mezzanine Debt Fundrise Offering 18.9% $1,000,000
Debt Capital One 32.1% $1,700,000
Total 100.0% $5,287,850

Property Summary

In February 2013, CMA, through its affiliated entity, 137 Avenue C, LLC, acquired 137 Avenue C (the “Property”), a 3,540 gross square foot, four story walk up building comprised of six apartments and one ground floor commercial space for $2.67MM. The Property is located on the west side of Avenue C between 8th and 9th Streets in the East Village neighborhood of Manhattan. The six residential apartments (three studios and three 1 bedroom units) and the ground floor retail unit have been vacated since CMA acquired the Property.

Address 137 Avenue C
City & State Manhattan, NY
Neighborhood East Village
Product Type Mixed-Use / Retail, Residential
Project Phase Value-Add / Renovation

Market Summary

The East Village is one of New York’s most vibrant and storied neighborhoods and has become a cultural destination with active restaurants, shopping and nightlife. Benefitting from proximity to major educational institutions (New York University and Cooper Union) as well as shopping and working districts along Broadway (Soho) and Union Square, the area maintains one of the lowest vacancy rates in the country. The area is highly desirable for young, affluent professionals and the existing building stock, having initially been built for low-income families, is now in need of redevelopment in order to maximize real estate values and investment returns.

About the Sponsor

Ryan Freedman

Chairman and Chief Executive Officer

Edward Baquero

President

Christopher Jett

Managing Director, Income Producing Assets

Jonathan Grzyb

Managing Director, Income Producing Assets

Will Olivares

Managing Director, Development

Spencer Romoff

General Counsel

Corigin is a private holding company specializing in real estate and private equity. Corigin is based in New York and is headed by Ryan Freedman, its Chairman and Chief Executive Officer and Ed Baquero, its President. Corigin's core management has comprehensive expertise in real estate ownership, development and operations, owning and managing 5 million square feet of real estate with a concentration in New York City.

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Gross Ann. Return* 15.0%
Term Remaining 0 mo.
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Gross Ann. Return* 14.0%
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