3921 Fulton Street Condominiums

12.0%
gross ann. return*
term remaining
D
Current Ann. Return
Accrued Ann. Return
Gross Ann. Return* 12.0%

Investment Details

Current Ann. Return
Accrued Ann. Return
Gross Ann. Return* 12.0%
Term Remaining – of –
Min. Investment $5,000
Investment Size $550,000
Security Type Equity

Investment Summary

Lock 7 Development is excited to introduce our newest investment offering, which is the opportunity to place mezzanine financing at a 12% return on a new eight-unit condo building in one of the most stable neighborhoods in DC, Glover Park. This area is known for the tree-lined streets, neighborhood retail and proximity to Georgetown. This building is unique because it is on a large lot, which will allow us to develop (8) 2 BR, 2 BA units. Most units have windows on three sides, and four units will have windows on all four sides. Two penthouse units have private roof decks.

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
D2
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 Primary 1
Occupancy Vacant 3
Development Phase Value-Add 2
Sponsor’s Track Record $50-249 million 2
Overall 16 D2

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 5.2% $145,014
Preferred Equity Fundrise Investment 19.7% $550,000
Senior Debt 75.1% $2,100,000
Total 100.0% $2,795,014

Property Summary

This site contains an existing building with four units. We will be building a new basement here as well as a new rear addition with four more units. The lot is very wide and flat. The new units will have high ceilings, great light and thoughtful floorplans. Each of the eight units will contain (2) BR’s and (2) BA’s.

Address 3921 Fulton Street NW
City & State Washington, DC
Neighborhood Glover Park
Product Type Residential / Multi-Family
Project Phase Value-Add / Renovation & Expansion

Market Summary

Glover Park is a well-established neighborhood in NW DC, very close to both the National Cathedral and Georgetown. The market for condos is very strong because of high demand and low supply. There is no undeveloped land left in the neighborhood, which makes new construction such as this project very rare.

About the Sponsor

Dave Gorman

Co-Founder & Principal

Patrick Conway

Co-Founder and Principal

Kevin Sadowski

Director of Construction

Christopher Rascher

Controller

Lock 7 Development, LLC is a real estate development firm specializing in renovating and developing residential homes and buildings in the Washington, DC Metro area. They create unique and exciting places to live with a strong emphasis on sustainable and environmentally-friendly building techniques. The residences blend high-end contemporary design with conscientious historic preservation.

View full profile

Other Past Investments

DC Luxury Condo Loft Conversion

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

Atlanta Condo Pre-Development Loan

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