Crowdfunding Isn’t Just for Equity
Darren Powderly, who co-founded real estate crowdfunding platform CrowdStreet last year, has listed part of EverWest Partners’ mezz loan to Keystone Property Group. EverWest's five-year, $6M loan followed Keystone's June acquisition from Mack-Cali of the 686k SF, four-building office complex at 30 Knightsbirdge Rd in Piscataway, NJ. EverWest is looking to raise $1.7M from retail investors and targets a 10.5% return.
Darren tells us this fundraising will help EverWest expand its network of retail investors, and it's an opportunity to do some R&D on crowdfunding. When Congress passed the Jobs Act, Darren started CrowdStreet with the notion that investment had to be easier than the syndication and bank servicing he’d dealt with his entire career. He also knew there are investors out there like him who can cut $25k checks but not $250k ones. (One zero makes a big difference.)
