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Equity Pledge Debt Fund 812

Long Islang City, Queens, NY
7.75% - 8%
Annual Return

FUNDED
Investment Summary

Offering Amount: $1,300,000 

Estimated Return: 7.75% - 8.00% Annualized Return1

Investment Type: Equity Pledge Loan

Unit Price: $10,000 per Subscription Unit

Offering Date: October 2020

Investment Horizon: 6 - 18 Months(6+3+3+6 Months as Periods)

Dividend Schedule: Prepaid before per Period

1 7.75% Annualized Return for Investment of 1-19 Units; 8.00% Annualized Return for Investment above 20 Units.

Property Overview

Site Location: 42-43 27th Street, Long Island City, NY 11101

Region: Long Island, Queens, New York

Land Area: 1,865 Square Feet(25 Ft x 77.75 Ft)

Zoning: M1-5/R7-3(Commercial & Residential FAR =5)

Building Area: 7,180 Square Feet

Land Closing Date: June 2014

Land Closing Price: $1,680,000.00

 

- The site is located at the central area of Long Island City. The developer purchased the land for Phase I development on June 2014, completed the construction, and started property operations in 2018. The property in Phase I development is a building in 6 floors high, with commercial leasing space on the first floor and residential rental units through second to sixth floor.

- The surrounding of the development has many recreational facilities and shops including supermarkets, restaurants and bars; the nearly communities are filled with young and energetic residents mainly working in Manhattan or studying in the universities in the metropolitan area.

- The transportation for the site is convenient. Taking 5 minutes, tenants can walk to 7 subway lines. The commute is 10 minutes to Midtown Manhattan and 25 minutes to Flushing, Queens. It takes 20 minutes driving to LaGuardia Airport and 50 minutes to JFK Airport.

 

The developer plans to conduct two phases of real estate development in this area:

Phase 1: Build a multi-family rental apartment with one retail space on the first floor at 42-43 27th Street. The land for Phase I was purchased in September 2014, and the property construction was completed in 2018 and started operations. The property of Phase I consists of 7 residential units and 1 retail space. The leases of all units and the retail space had been signed in 2019. The current rental income of the property is stable, and the operations are in good condition.

Phase 2: the two lots, 42-62 & 42-64 Hunter Street, will be used to build similar property type as the completed property in Phase I, including multi-family rental apartments and 1 retail space. About the two pieces of land developed in the Phase II, 42-62 Hunter Street was purchased in October 2019 for US$2.99 ​​million, and 42-64 Hunter Street was purchased in July 2020 for US$2.55 million. The two lots are closely connected and backed by the property developed in Phase I.

The funds invested by Crowdfunding Fund 812 will be in the form of a loan for developer’s Phase II development. The property completed in Phase I will be considered as collateral since its owning entity, Greenland 27 LLC. Pledge the company’s 100% to CrowdFunz Fund 812.

 

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