|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||0 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 Mixed-Use Redevelopment 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).
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.
|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||10.4%||$125,000|
|Unsecured Mezz Debt||Fundrise Offering||16.7%||$200,000|
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|
|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