Fairmount/Art Museum For Sale Loft Redevelopment

18.0%
gross ann. return*
0 mo.
term remaining
D
Investment Complete
Current Ann. Return 8.0%
Accrued Ann. Return 10.0%
Gross Ann. Return* 18.0%

Investment Details

Current Ann. Return 8.0%
Accrued Ann. Return + 10.0%
Gross Ann. Return* 18.0%
Term Remaining 0 of 36 mo.
Min. Investment $5,000
Investment Size $200,000
Security Type Mezzanine Debt

Investment Summary

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 Mixed-Use Redevelopment and will join a series of other successful MM Partners’ projects in the neighborhood.

Key Deal Points

One presold home

We have presold one. Based on how desirable this neighborhood is and the fact that they are located on a private gated street we are confident we will have a great amount of interest in this unique home.

Short construction timeline

Construction is expected to last 8 months and we expect both units to be sold within 12 months of closing.

Projected Return Calculator

Principal
$5,000
Gross Annual Return* 18.0%
Term 36 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 70-79% 4
Capital Junior to Fundrise 10-19% 4
Location Secondary 2
Occupancy Vacant 3
Development Phase Value-Add 2
Sponsor’s Track Record $50-249 million 2
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 & Private Investors 10.4% $125,000
Unsecured Mezz Debt Fundrise Offering 16.7% $200,000
Senior Debt 72.9% $875,000
Total 100.0% $1,200,000

Property Summary

A 3-story brick warehouse, which will be converted into two separate high-end Loft homes that will be offered for sale. The homes are situated on a gated private street offering unparalleled privacy and security and will include private parking. The subject properties are a separate component of a larger assemblage that is comprised of three early 20th century industrial warehouses and a vacant lot located in the historic Fairmount neighborhood of Philadelphia, which will be a mixed-use development comprised of retail, apartments, loft homes and accessory parking.

Address 1629 Melon Street
City & State Philadelphia, PA
Neighborhood Columbia Heights
Product Type Mixed-Use / Retail, Residential, & Office
Project Phase Value-Add / Adaptive Re-use

Market Summary

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.

About the Sponsor

David Waxman

Principal

Jacob Roller

Principal

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

Other Past Investments

Atlanta Condo Pre-Development Loan

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

Brooklyn 3-Unit Apartment Repositioning - Senior Loan

Brooklyn, NY
B
Gross Ann. Return* 11.0%
Term Remaining 0 mo.
Underlying Security Senior Debt