Annual Return: 7.75%
Min-invest Amount: $200,000
|Fund Type||Private Equity Fund|
|Estimated Return||7.75% Annualized Return|
|Investment Type||First Lien Mortgage|
|Unit Price||$200,000 per Subscription Unit|
|Offering Date||September 2022|
|Investment Timeline||12 + 6 + 6 Months|
|Dividend Schedule||Prepaid per 6 Months*1|
*1 Investors will receive prepaid dividend before every period, if Developer exercises extension rights, investors will receive prepaid dividends accordingly.
|Property Address||97-30 64th Ave, Flushing, NY 11374|
|Site Area||Rego Park, Queens, NY|
|Building Area||19,367 SQFT|
|Living Area||16,653 SQFT|
|Total Units||23 Residential Units|
|Estimated TCO||Forth Quarter of 2023|
|Expected Dividend Calendar|
|Round of Dividend||Dividend Date *1||Counting Date||Ending Date||Dividend Period||Notes|
|First||No Later than|
|09/27/2022||03/26/2023||6 Months||Prepaid Dividend|
|Second||No Later than|
|03/27/2023||09/27/2023||6 Months||Prepaid Dividend|
|Third||No Later than|
|09/28/2023||03/27/2024||6 Months||Extension Option Owned by Developer *2|
|Forth||No Later than|
|03/28/2024||09/27/2024||6 Months||Extension Option Owned by Developer *3|
*1 In case of holidays and non-working days, the dividend date will be automatically postponed to the next working day.
*2 Investors will receive at least 3 months worth of dividend. After 3 months, dividend will be calculated based on days until developer repays the principal.
*3 After first dividend period, developer owns 3 extension options. If developer exercises the options, investors will receive additional dividend accordingly.
|First Lien Mortgage Loan from CrowdFunz Fund 617||$800,000||8.89%|
|Equity Pledge Loan from CrowdFunz Fund 827||$3,200,000||35.56%|
|Developer Equity Contribution||$5,000,000||55.56%|
|Zip Code 11374|
|College Education or Above||59%|
|Race||Asian 26.7%/Caucasian 61.6%/African American 3.0%/Others 5.1%|
|Family Median Income||$52,532|
|Average Family Size||2|
|Buy House to Own||39%|
Rego Park is between Forest Hills and Elmhurst with only 30-min driving away from Midtown, Manhattan. The area has developed quickly in the last decade. With more business and restaurants catered to Asian residents, the area has attracted more Asian population.
Residents are diverse, with 61.6% Caucasian, 26.7% Asian, and 5.1% other races. The area is highly populated, and 45% of residents commute to work via public transportation.
Most residents are of middle-age and have stable family income. Average age is 42 years old, and 23% of the families bear at least a child. 39% of homes are occupied by owners but most were rented out. Current return-to-office trend is driving the housing demands and support the prices in the area.
* Source: Esri Zip code Lookup; unitedstateszipcodes.org.
* Source: Cost information provided by Developer; verified, compiled, and calculated by CrowdFunz.
Since construction is ongoing, CrowdFunz has valued the property by using a conservative cost approach. As of September 2022, property could be valued at $5,000,000.
According to comparable analysis, land could be sold for $210/ft² of each buildable area. With 16,684 ft² total buildable area, the land could be sold for around $3,500,000 on the current market.
Developer has contributed $1,350,000 for foundation and super structure constructions and $150,000 for other cost items. According to cost approach valuation method, the current improvements on land are worth $1,500,000.
Project is in central business district of Rego Park, about 5-min walking from closest M/R subway station and 5-min driving from LIRR station. Project is close to 495 HW and Queens Blvd., an important transportation hub for Queens and Long Island. The area has shopping mall, hospitals, banks, and other essential businesses to support all living needs.
Rego Park region has 5 public primary schools, 1 private Christian primary school, and 3 public middle schools, to support education needs.
Rego Park is an emerging area for Asian population and has attracted many Chinese real estate investors and homebuyers. Project is near many Chinese and Mediterranean restaurants.
Rego Park area has library, science and art museums, and is close to US Open Tennis stadiums located in Flushing. The area is suitable for families with children.
Developer Company: CKZ Realty LLC.
Developer Website: https://www.greatstoneny.com/
Prior Cooperation: CrowdFunz Fund 804 / CrowdFunz Fund 807 / CrowdFunz Fund 809 / CrowdFunz Fund 812 / CrowdFunz Fund 818 / CrowdFunz Fund 822 / CrowdFunz Fund 823
Starting off from brokerage, CKZ Realty has over 18 years of real estate development experience. Its first development in Elmhurst in 2002 was a huge commercial success. Since then, Developer has been established its name and reputation among Chinese developers and accomplished multiple well-known projects.