The target annual cash yield to investors is 10.5 percent and backed by value of $92/sq. ft., which is covered by the current property value of $119/sq. ft.
Portland, Oregon – CrowdStreet listed a mezzanine financing for 30 Knightsbridge Road, a four-building class B+ office complex in Piscataway, N.J., sponsored by EverWest Real Estate Partners, a privately held Denver-based real estate investment and operating company. By listing on CrowdStreet, a crowdfunding marketplace connecting accredited investors with institutional-grade real estate investments, EverWest is targeting a raise of $1.7 million as part of its $6 million mezzanine financing.
The target annual cash yield to investors is 10.5 percent. The investment opportunity in 30 Knightsbridge offers attractive risk-adjusted returns, as the total debt position through the mezzanine loan of $92 per square foot is well covered by the current property value of $119 per square foot.
“CrowdStreet is excited to work with EverWest and provide access for investors to participate in the 30 Knightsbridge mezzanine loan,” said Tore Steen, CrowdStreet’s CEO. “With the property’s strong tenant base, proximity to major transportation routes and New York City, as well as advanced infrastructure and amenities, we believe that 30 Knightsbridge is a great example of the institutional-grade deals we are listing on the CrowdStreet marketplace.”
30 Knightsbridge, which is valued at $82 million, is comprised of 686,316 square feet of commercial office space. Currently 91 percent of the four-building property is leased to nine tenants, including AT&T Corp., QualCare Inc., AECOM Technology Corp., Cablevision and Paychex North America Inc. Keystone Property Group acquired the property in June 2014 as part of $230 million purchase of a 2.3 million square foot, 12 building office portfolio owned by Mack-Cali Realty Corporation.
“We chose to post 30 Knightsbridge on the CrowdStreet platform because they focus on and understand institutional-grade commercial real estate,” said Thomas Ling, director at EverWest Real Estate Partners. “The CrowdStreet business model provides a modern approach to online capital formation that complements our traditional fundraising process. The senior management team at EverWest has collectively invested over $30 billion across the United States and we are confident that 30 Knightsbridge presents an attractive opportunity for investors.”
CrowdStreet recently closed a large fundraising effort on behalf of Mainstreet, the nation’s largest and most innovative developer of short-stay rehabilitation and long-term care properties, in May, raising $1.6 million in just four weeks, one of the largest raises for a real estate crowdfunding transaction.
CrowdStreet provides accredited investors with unique access to commercial real estate investment opportunities through an intuitively designed portal that makes it easy to find opportunities, manage offers, track investment performance and build a commercial real estate portfolio — all at no cost to the investor. The CrowdStreet marketplace allows investors to search and select pre-screened commercial real estate opportunities by product type, geographic region or risk allocation.
CrowdStreet provides a crowdfunding marketplace that connects accredited investors with institutional-grade real estate investments. With its cloud-based fundraising and investor relationship management platform, CrowdStreet offers real estate operators, funds and private equity companies an online vehicle to raise capital and manage relationships with new and existing investors more efficiently and cost effectively. Based in Portland, Ore., CrowdStreet was founded in 2013 by a team with deep experience in commercial real estate, finance, consumer Internet and software development.
EverWest Real Estate Partners, LLC is a Denver, Colorado-based leading private real estate investment manager and operator who invests in core, value add, and opportunistic investments in office, industrial, multi-family, retail, and mezzanine debt investments. EverWest serves a variety of clients that include major institutional investment managers, pension plans, foundations, endowments, and high net worth individuals. EverWest provides a full-service investment management operating platform through its six regional offices with established acquisition, asset-takeover, asset management, property management, financing, operations, risk management, advisory, and reporting capabilities to its clients.
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