According to a press release, First RealFund, a commercial real estate crowdfunding platform which is headquartered in New York City, has raised $600,000 of preferred equity financing for a Brooklyn apartment building. The building is currently undergoing a renovation and upgrade and is located in Brooklyn’s Clinton Hill neighborhood.
The sponsor, Duke Properties owns a portfolio of more than 400 rental units in and around New York City. The company specifically targets value-added properties in emerging neighborhoods and uses its years of experience in helping to create innovative and effective renovation strategies. Duke Properties aims to increase the value of the buildings while hoping to contribute to local neighborhoods.
First RealFund was co-founded by Josh Lewski, who commented “Duke's deal sizes, local expertise, and investment strategy aligns very well with today’s crowdfunding marketplace. As co-investors in every offering, we consider Duke Properties a high-caliber sponsor with compelling historical performance. Dan Drew who is CEO of First RealFund added: “We are pleased to be able to share offerings like this that meet our underwriting criteria and allow us to fulfill our mission.” Albert Dweck, CEO of Duke Properties said: “First RealFund has done an outstanding job on this capital raise, and we are looking forward to working with them again soon.”
First RealFund LLC identifies, offers and co-invests in and manages professionally vetted commercial real estate investments. Its aim is to allow qualified and accredited investors opportunities to co-invest. Duke Properties has more than 15 years experience in acquiring, owning and optimizing real estate within the 90-mile radius of New York City. The company focuses mainly on multi-family residential real estate and owns several hundred units in the New York metro area. It is currently focusing on emerging markets, and in creating positive cash flow and maximizing a properties utility and worth.