Williamsburg, Brooklyn Apartment Renovation

gross ann. return*
0 mo.
term remaining
Investment Complete
Current Ann. Return 10.0%
Accrued Ann. Return 0.0%
Gross Ann. Return* 10.0%

Investment Details

Current Ann. Return 10.0%
Accrued Ann. Return + 0.0%
Gross Ann. Return* 10.0%
Term Remaining 0 of 24 mo.
Min. Investment $5,000
Investment Size $250,000
Underlying Security Mezzanine Debt

Investment Summary

This is an opportunity to invest in a series of Notes tied to the performance of Brooklyn Standard Properties ("BSP")’s acquisition and renovation of an existing four-unit apartment building located on North 8th St. between Bedford Ave. and Berry St. in the heart of Williamsburg, Brooklyn. One of the units is currently vacant with the other three all on month-to-month leases. BSP plans to begin vacating the remaining three units immediately after closing and then spend an estimated 6 months to rehab and renovate the units prior to releasing at market rate. The total project is projected to take less than 24 months to complete.

Key Deal Points

Value-Add Strategy

The key elements are (A) turning the units into 3 bedroom apartments; (B) duplexing the 1st floor into the basement and lofting the fourth floor unit to increase rentable square footage of the building, (C) improving fixtures and finishes and (D) renovating common areas like hallways and entrance.

Proximity to Mass Transit

The property is located only a two-minute walk from the Bedford Ave. "L" Train, which provides direct access to Manhattan in less than ten minutes.

Active Local Sponsor

Brooklyn Standard Properties was founded 18 months ago by partners David Manheimer and Benji Kohn with the goal of investing in and renovating "value add" properties throughout Brooklyn. Over the past 18 months, Benji and David have successfully identified, contracted and closed on 3 properties (22 units) totaling approximately $8M in project value.

Exit Strategy

When the rental income has been sufficiently maximized, the sponsor will investigate a sale of the building. If the property is performing well and the neighborhood continues to grow in value, multiple exit avenues will provide the sponsor with comfortable optionality in repaying investors’ principal balance.

Projected Return Calculator

Gross Annual Return* 10.0%
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
Category Assessment Points
Capital Senior to Fundrise 50-59% 2
Capital Junior to Fundrise 30-39% 2
Location Primary 1
Occupancy Vacant 3
Development Phase Value-Add 2
Sponsor’s Track Record Less than $50 million 3
Overall 13 C2

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 35.4% $1,100,000
Mezzanine Debt Fundrise Investment 8.0% $250,000
Debt 56.6% $1,760,000
Total 100.0% $3,110,000

Property Summary

The property consists of a 4-story rental apartment building with a basement and four residential units (one unit per floor). The property was developed with existing improvements between 1887 and 1905. Upon renovation, the units will be three-bedroom, one or two-bathroom with in-unit washer/dryers, stainless steel kitchen appliances, granite countertops, and new finishes.

Address 136 North 8th Street
City & State Brooklyn, NY
Neighborhood Williamsburg
Product Type Residential / Multi-family
Project Phase Value-Add / Renovation

Market Summary

Williamsburg is one of Brooklyn’s most popular and exciting neighborhoods. It is one of Brooklyn’s top dinning, shopping, and nightlife destinations. The hipster hub has a diverse demographic that attracts people from all over the city. Bedford Ave. is the neighborhood’s main thoroughfare, anchored by the Bedford Mini Mall, and surrounded by shops, bars, and eateries.

About the Sponsor

David Manheimer


Benji Kohn


Brooklyn Standard Properties was founded in 2013 by partners David Manheimer and Benji Kohn to invest in and renovate “value add” properties throughout Brooklyn. Over the past 18 months Benji and David have successfully identified, contracted andclosed on 3 properties (22 units) totaling ~$8m in project value.

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Fee Schedule

Gross ann. return* 10.0%
Servicing and administration fee -0.3%
Net ann. return to investors 9.7%

Other Past Investments

DC Luxury Condo Loft Conversion

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

Atlanta Condo Pre-Development Loan

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