|Current Ann. Return||5.0%|
|Accrued Ann. Return||+
|Gross Ann. Return*|
|Current Ann. Return||5.0%|
|Accrued Ann. Return||+ 0.0%|
|Gross Ann. Return*||5.0%|
|Term Remaining||0 of 60 mo.|
|Underlying Security||Senior Debt|
This investment is dependent upon the performance of Class 1 Bonds for 3 World Trade Center, a 2.5 million square foot class A ground-up office development by Silverstein Properties in downtown New York City. Investors in the offering will be investing in a Company which holds the Class 1 Bonds.
The Class 1 Bonds represent the most senior portion of capital in the project or $1.08 Billion of the $2.49 billion total project cost, approximately 43% LTC.
The bond financing for 3 World Trade Center closed in November 2014. The Company intends to be treated as a partnership for tax purposes with the anticipation that distributions to investors in the Company will be tax-free. (It is recommended that any prospective investor consult with his or her own tax attorney in regard to the tax treatment and their particular tax circumstances). The Company plans to make distributions to investors on a semi-annual basis.
The Class 1 Bonds held by the Company have a maturity date of November 15, 2044. However, the Company intends to sell the bonds within 5 years, after initial completion of construction. At this point, the Company will dissolve and any proceeds plus principal will be distributed to investors.
Projected Development Timeline:
Projected 5% tax-free paid semi-annually on or about November 15th and May 15th
Investors will receive a schedule K-1 for tax purposes.
3 World Trade Center will be the third-tallest building on the New York City World Trade Center (WTC) site. Designed by Richard Rodgers, the tower will rise 1,170 feet above street level and include 2.5 million rentable square feet of office space.
|Gross Annual Return*||5.0%|
|Capital Senior to Fundrise||0%||0|
|Capital Junior to Fundrise||40% or more||1|
|Sponsor’s Track Record||$250 million or more||1|
|Secured by the Property||Yes||-1|
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||Grant Contributions, Inv. Income||36.2%||$901,778,067|
|Class 3 Bonds||9.3%||$231,000,000|
|Class 2 Bonds||11.2%||$278,075,000|
|Class 1 Bonds||Fundrise Investment ($2M)||43.4%||$1,080,000,000|
3 World Trade Center, located at 175 Greenwich Street in the World Trade office sub-district of Downtown Manhattan. 3 World Trade Center will be located on the World Trade Center site, which is an 833,945 square foot parcel with excellent frontage on the block bounded by Vesey Street, West Street, Liberty Street and Church Street. As of this date, 515,456 rentable square feet of 3 World Trade Center has been leased to Group M Worldwide, Inc.
3 World Trade Center will be the third-tallest building on the World Trade Center (WTC) site. Designed by Richard Rodgers of Rogers Stirk Harbour and Partners, the tower will be situated at the center of the various building around the memorial. The tower will rise 1,170 feet above street level and include 2.5 million rentable square feet of office space spread across 58 floors. The footprint of a typical floor will be approximately 200 feet by 198 feet. At ground floor level, the footprint of the building will be 55,800 square feet. At the widest level, office floors will increase to approximately 68,400 rentable square feet.
175 Greenwich Street will have five retail levels - one on the ground floor, two below-grade levels, and two levels above the ground floor. The tower will incorporate 44 passenger elevators serving the main part of the building plus for freight elevators. The lower office floors will be served by eight separate passenger elevators.
Word Trade Centers 2, 3 & 4 are striving to achieve a U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) Gold Certification, as well as meeting other Sustainable Design Guidelines and goals established uniquely to the World Trade Center Site.
Upon completion, 3 World Trade Center is anticipated to be one of the better office buildings in Manhattan, not only as the result of its above standard construction quality, but also from a functional and architectural perspective. Functionally, the property’s floor plates will be well suited to large office users while its tenant amenities and mechanicals will be state-of-the-art. As a result of these factors, the build will achieve rents on the upper end of the range for Class A Downtown properties and will be in demand from quality credit tenants.
|Address||175 Greenwich St.|
|City & State||New York, NY|
|Product Type||Mixed-Use / Retail & Office|
|Project Phase||Ground-Up / Construction|
Downtown Manhattan continues to develop a popular mixed-use area making it an attractive market for employers. The area has exhibited a large influx of residents over the last decade, having doubled in population since 2001 according to the Downtown Alliance. The growth in population has spurred demand for accompanying retail, restaurants, hotels, and residential buildings. Many buildings in the area, including 37 Wall Street, 20 Exchange Place, and 140 West Street, have converted office space to residential or hotel space which has reduced the office space supply in the area.
The industry demographics of downtown have also changed over the years. Often considered historically an area for primarily financial service forms, Downtown Manhattan is now home to more than 800 "T.A.M.I." (Technology, Advertising, Media and/or Information) businesses according to the Downtown Alliance. From January 2011 to October 2014, 157 tenants totaling approximately 8.5 million rentable square feet have relocated to Downtown Manhattan from other areas of New York City metro region.
3 World Trade Center, as part of the World Trade Center site, is located in close proximity to an extensive multi-model transportation network which includes eleven (11) subway lines, the PATH commuter trains to New Jersey, waterway ferries, bicycle paths, and major roadways such as Holland Tunnel, West Side Highway, and FDR Drive. 3 World Trade tenants will have separate in-building access to the World Trade Center Transportation Hub and close connection the Fulton Center.
Silverstein Properties, Inc. (SPI) is a privately-held, full-service real estate development, investment and management firm based in New York. Founded in 1957 by President and Chairman Larry Silverstein, SPI has developed, owned, and managed more than 35 million square feet of office, residential, hotel, and retail properties in the United States.View full profile
|Gross ann. return*||5.0%|
|Servicing and administration fee||-0.15%|
|Net ann. return to investors||4.85%|