CityFunders, the real estate crowdfunding platform announced the launch of the first investment in the Bushwick neighborhood of Brooklyn available to the crowd.
The property, centrally located at 99 Scott Avenue, Brooklyn, is a 22, 000 SF manufacturing warehouse with 30, 000 SF of parking space. The borrower plans to convert the building into an event venue which includes a winery, restaurant, beer garden, and office space.
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A portion of the outdoor space will be leased to the event space, and the remaining outdoor space will be leased to a parking lot operator.
CityFunders is offering a $1 million loan participation with a 10% annual return. The minimum investment is $5, 000.
“Investors in 99 Scott Avenue will gain access to one of the hottest areas of Brooklyn as well as the ideal property to capitalize on the neighborhood’s growth, ” said David Behin, CEO and Co-Founder of CityFunders.
The borrower, Bushwack Capital, is led by members Dawson Stellberger and Jon J. Killkelley, who manage the operations. Stellberger and Killkelley own and manage multiple properties in and around the Brooklyn borough.
“Crowdfunding represents a modern way to raise money, ” said Dawson Stellberger, Managing Partner of Bushwack Capital.
CityFunders is led by a team of New York City real estate professionals including real estate veterans David Behin, Jerry Swartz, Ayush Kapahi and Albert Behin.
Jewish Business News is reporting on the item below strictly as a news item. Jewish Business News makes no representations as to the merit of the proposed investment described, is not responsible for any claims that are made and suggests any interested readers consult knowledgeable investment advisers if they should wish to evaluate it further.
