|Current Ann. Return||7.0%|
|Accrued Ann. Return||+
|Gross Ann. Return*|
|Current Ann. Return||7.0%|
|Accrued Ann. Return||+ 7.5%|
|Gross Ann. Return*||14.5%|
|Term Remaining||0 of 24 mo.|
|Underlying Security||Preferred Equity|
This is an opportunity to invest in a series of Notes tied to the performance of Brook Rose Development’s new 15-unit luxury condominium project in the Columbia Heights neighborhood of Washington, DC.
The property located at 770 Girard St NW consists of a 14,250 square foot lot with an existing vacant warehouse originally constructed in the early 1900’s and used by inventor Emile Berliner in the production of the very first helicopter motors.
Brook Rose Development plans to renovate the existing factory building into two large industrial lofts and then construct a series of new duplex town homes adding an additional 13-units to the site. The project is being designed by Urban Design Group, a Baltimore based architecture group well-versed in urban industrial design.
The planned units are expected to be larger in size, ranging between 1,255-1,670 SF, with high-end luxury finishes including reclaimed wood, exposed beams, and quartz countertops. Based on comparable properties in the area, Brook Rose Development has projected sales for each unit between $475/SF and $500/SF.
The property is well located in the Columbia Heights neighborhood, a short 10-minute walk to the metro station and within a few blocks of many new popular restaurants along the 11th street corridor. Additionally, the property is a 13-minute walk to the U Street Corridor, one of the District’s most popular neighborhoods with over 50 bars and restaurants.
This investment has a gross annual projected return of 14.5% over a 2 year period with an annualized 7% paid current on a quarterly basis and the additional annualized 7.5% accrued. All accrued returns are be paid out at the end of the investment term.
Brook Rose, President of Brook Rose Development has provided a personal guaranty on the corresponding Fundrise preferred equity investment.
Brook Rose, President of Brook Rose Development, has provided a personal guarantee on the corresponding Fundrise investment.
|Gross Annual Return*||14.5%|
|Capital Senior to Fundrise||70-79%||4|
|Capital Junior to Fundrise||10-19%||4|
|Sponsor’s Track Record||Less than $50 million||3|
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 and LPs||10.6%||$746,937|
|Preferred Equity||Fundrise Investment||7.1%||$500,000|
The subject site is located at 770 Girard Street NW in the Columbia Heights neighborhood of Washington, DC. The project site is 14,250 square feet (0.327 acres) and the block is bound to the west by Sherman Avenue NW and to the east by Georgia Avenue NW. The existing structure is expected to be converted to two large condominium units.
The remaining vacant space on the property is planned to consist of to-be constructed duplex condominiums containing 13 units sized between 1,255 SF and 1,670 SF, including 6 two-bedroom two-bathroom units and 7 two-bedroom two-bathroom plus den units. Brook Rose Development plans to design the units with high-end industrial-inspired finishes including quartz countertops, stainless steel appliances and unique design elements such as reclaimed wood, open shelving, barn doors and exposed beams.
|Address||770 Girard St. NW|
|City & State||Washington, DC|
|Product Type||Residential / Condominiums|
|Project Phase||Ground-Up / Construction|
Columbia Heights is a rapidly growing neighborhood within the popular 14th street corridor of Washington, DC. Bordered by the neighborhoods of U Street, Petworth and Adams Morgan, the submarket has been growing steadily since the opening of a new metro station in 1999. The largest project in the area, DC USA, includes 546,000 square feet of retail anchored by Target and Best Buy. Three blocks to the east of DC USA, the 11st NW corridor, dubbed the "Hip Strip" by the New York Times, hosts a number of local bars and restaurants catering to the young and hip residents of the neighborhood.
It was in 2002 that Brook Rose Development began designing and building luxury residential properties in Washington DC. The company's goal was to intermix quality construction with inspiring, timeless design. "We always believed that if you are committing time, effort and finances to build something, put in the extra work and make it special."View full profile
|Gross ann. return*||14.5%|
|Servicing and administration fee||-0.3%|
|Net ann. return to investors||14.2%|