Dupont Circle Condominiums

12.0%
gross ann. return*
0 mo.
term remaining
D
Investment Complete
Current Ann. Return 12.0%
Accrued Ann. Return 0.0%
Gross Ann. Return* 12.0%

Investment Details

Current Ann. Return 12.0%
Accrued Ann. Return + 0.0%
Gross Ann. Return* 12.0%
Term Remaining 0 of 12 mo.
Min. Investment $5,000
Investment Size $310,000
Security Type Mezzanine Debt

Investment Summary

The Lindsay is an opportunity to invest with Lock 7 Development in a new three-unit condo conversion project in Dupont Circle. This is one of the most popular and sought-after locations in all of DC. The building boasts two two-bedroom units and one three-bedroom penthouse with a large private roof deck. There are two parking spaces at the rear of the building that will be available for sale. The building is fully permitted and already under construction. We anticipate selling the penthouse unit for $1.4 MM, the first floor for $700K and the terrace unit for $500K.

Projected Return Calculator

Principal
$5,000
Gross Annual Return* 12.0%
Term 12 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
D1
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
Personal Guaranty Yes -1
Overall 15 D1

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 Sponsor 5.0% $100,000
Mezzanine Debt Fundrise Offering 15.0% $300,000
Senior Debt Capital Bank 80.0% $1,600,000
Total 100.0% $2,000,000

Property Summary

The property is located at 1817 Riggs Place NW, Washington, DC 20009. The building sits on a 1530 SF lot with two parking spaces at the rear of the property. The lower two units are roughly 900 SF each with two full bathrooms and two bedrooms. The upper unit is roughly 1600 SF with three full bedrooms and three baths. The building is a historic structure.

Address 1817 Riggs Place NW
City & State Washington, DC
Neighborhood Dupont Circle
Product Type Residential / Luxury Condominiums
Project Phase Value-Add / Historic Renovation

Market Summary

The DC condo market remains strong. Demand is high and new supply is almost non-existent. Demand is especially strong for historic, renovated buildings in small, boutique buildings.

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