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Equity Pledge Debt Fund 813

Jamaica, Queens, NY
8% - 8.25%
Annual Return

FUNDED
Investment Summary

Offering Amount: $1,500,000 

Estimated Return: 8.00% - 8.25% Annualized Return1

Investment Type: Equity Pledge Loan

Unit Price: $10,000 per Subscription Unit

Offering Date: October 2020

Investment Horizon: 3 - 6 Months (3+1+1+1 Months)

Dividend Schedule: Prepaid before per Period

1 8% Annualized Return For Investment of 1-19 Units;8.25% Annualized Return for investment above 20 Units.

Property Overview

Address: 148-44/46 Hillside Avenue

Area: Jamaica, Queens, New York

Lot Size: 4,275 Square Ft. (22 Ft. x 95 Ft)

Zoning:R7A,C2-3 (FAR is 4 times)

Building Size: 21,888 Square Ft.

 


 

Address: 148-31/43 88th Avenue

Area: Jamaica, Queens, New York

Lot Size: 24,322 Square Ft. (140 Ft. x 140 Ft.)

Zoning:R7A,C2-3 (FAR is 4 times)

Building Size: 84,397 Square Ft.

Closing Date: May 2014 (Both Properties)

Closing Pric: $5,420,000 (Two combined)

 

- The project is located in a prime location in Jamaica, Queens. The developer purchased two adjacent lots of land for development in May 2014. The land at 148-31/43 88th Ave will be used for the development of multi-family residential properties and the land at 148-44/46 Hillside Ave will be used for the development of commercial properties.

- The project site is adjacent to the Queens District Court and Social Security Center, and the surrounding living facilities are complete. At present, the main structure of exterior of the residential project is nearly completed, and the riskiest stage of construction has been passed. The current construction contractor is carrying out the construction of interior decoration, HVAC, water and electricity systems. The current construction progress of the commercial property building is about 15%. and the foundation construction has been completed.

- The transportation around the project is convenient and accessible. Five minutes’ walk to the subway station (E/F/J/Z), 40 minutes to Midtown Manhattan. And only 5 minutes’ walk from Long Island Railroad Station. It only takes 15 minutes to take Air Train to JFK Airport from the site.

 

The project developer purchased two adjacent lots of land at a total price of $5.42 million in May 2014 and began construction in 2016.

Residential Properties: Located at 148-31 to 43 88th Avenue, it is expected to build an 8-floor multi-family rental apartment with a total of 109 residential units, including 5 studios, 64 1B1Bs, 39 2B2Bs, and 1 large 3B2Bs.

Commercial Properties: Located at 148-44 & 148-46 Hillside Avenue, it is planned to build a mixed-use property. The building is expected to contain 6 floors, 1 story for retail space, 2nd to 6th floors for the community center, and 3 units of office space in the basement.

The developer borrowed a loan from CrowdFunz Fund 813 by pledging all the shares of 88 Ave. Realty LLC. It is expected that all funds from the loan will be used for the final phase of construction of residential properties.

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