|Current Ann. Return||12.0%|
|Accrued Ann. Return||+
|Gross Ann. Return*|
|Current Ann. Return||12.0%|
|Accrued Ann. Return||+ 0.0%|
|Gross Ann. Return*||12.0%|
|Term Remaining||0 of 9 mo.|
|Underlying Security||Mezzanine Debt|
This is an opportunity to invest in a series of Notes ("Notes") tied to a bridge loan in the pre-development of New Lab, a one-of-a-kind 84k SF collaborative high-tech design and prototyping center in the heart of the Brooklyn Navy Yard. The sponsor, Macro-Sea, has been conceptualizing New Lab and this project since 2011 when they first visited the site.
New Lab will be a $28M rehab and renovation of a former ship building facility in the Brooklyn Navy Yard. Once complete the space will total 84,000 square feet and will offer tenants a unique mix of private, shared, and public space, including:
Macro Sea has procured a lease from the Brooklyn Navy yard Development Corporation for the property for a period of 31 years. They are using the proceeds from the bridge loan to put down deposits with contractors and complete other soft costs in advance of closing on their senior construction loan. The terms of the senior construction loan in an amount of $10.5 million have been approved and the sponsor is working with the lender to complete the loan documents. The bridge loan will be paid back in full from the proceeds of the construction loan, which is anticipated to occur in June 2015.
Milestones: The following is the anticipated development timeline for the project:
Neighborhood: The Brooklyn Navy Yard is a modern industrial park with over 4 million square feet of space which is owned by the City of New York and managed by the Brooklyn Navy Yard Development Corporation, a not-for-profit with the mission to promote local economic development. BNYDC has overseen the modernization of the 300-acre former ship building facility turning it into a new hub for manufacturing, supporting over 330 industrial tenants and employing 6,400 individuals.
Payments: Interest payments on this series of notes will be as follows:
The Sponsors David Belt of Macro Sea and Scott Cohen of New Lab have personally guaranteed the $500k bridge loan. David Belt has more than 20 years of experience as a principal and successfully developed over $1 billion in assets.
|Gross Annual Return*||12.0%|
|Capital Senior to Fundrise||1-49%||1|
|Capital Junior to Fundrise||40% or more||1|
|Sponsor’s Track Record||$250 million or more||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|
|Tax Credits||Historic Tax Credits||13.3%||$3,733,445|
|Grant||NYC Capital Grant (FY14)||14.3%||$4,000,000|
|Grant||NYC Capital Grant (FY15)||5.4%||$1,500,000|
|Grant||NYC Regional Council (FY14)||11.6%||$3,250,000|
New Lab will be a $28M rehab and renovation of a former ship building facility in the Brooklyn Navy Yard. Once complete the space will total 84,000 square feet will offer tenants a unique mix of private, shared, and public space. The concept of New Lab is to foster innovation in design, prototyping and modern manufacturing. The property itself has already received over $20M in improvements from the BNYDC including rebuilding the base structure, replacing the roof, and upgrading all utilities.
|Address||63 Flushing Ave|
|City & State||Brooklyn, NY|
|Neighborhood||Brooklyn Navy Yard|
|Product Type||Mixed-Use / Shared Manufacturing|
|Project Phase||Ground-Up / Historic Renovation|
Located between the Williamsburg and Fort Greene neighborhoods, The Brooklyn Navy Yard is a modern industrial park with over 4 million square feet of space which is owned by the City of New York and managed by the Brooklyn Navy Yard Development Corporation, a not-for-profit with the mission to promote local economic development. BNYDC has overseen the modernization of the 300-acre former ship building facility turning it into a new hub for manufacturing, supporting over 330 industrial tenants and employing 6,400 individuals. As the growth in Brooklyn has continued to push out industrial users in favor of more residential space, the Brooklyn Navy Yard has become a highly sought after location for affordable industrial space.
Macro Sea is a real estate developer located in New York City. They have developed a diverse portfolio of projects in the past 10 years including educational, arts, retail and residential buildings and campuses. They have worked in Rome, Paris, Salamanca, Dublin, Princeton, Philadelphia and New York City. Their portfolio includes student residence projects, condominiums, educational facilities, arts facilities and light industrial space.View full profile
|Gross ann. return*||12.0%|
|Servicing and administration fee||-0.3%|
|Net ann. return to investors||11.7%|