Realty Mogul has completed its first-ever crowdfunding project in New York, raising $1.6 million from 46 investors for two apartment buildings in Brooklyn and enabling project sponsor Cayuga Capital Management to recapitalize the property.
“We’re proud of this first New York transaction with Cayuga,” said Jilliene Helman, CEO of Realty Mogul.
“The buildings in this transaction are directly in the path of growth in Brooklyn and so represent an opportunity for our investors to be positioned for long-term value creation. Nearly all of the units have been moved out from under rent regulation, and the buildings are in a gentrifying market located near numerous demand drivers.”
Located at 297 and 311 Troutman Street in Brooklyn, the four-story, eight-unit apartment buildings contain 12,150 net rentable square feet.
“We’ve owned these apartment buildings for nearly eight years now, but we still see a big opportunity in a renovation program aimed at getting the rents in line with those being achieved elsewhere in the market,” said Jamie Wiseman, co-founder of Cayuga Capital Management.
“We’ve budgeted significant amounts toward interior upgrades, common area improvements … and believe that over the next several years, this program will drive increased rents and achieve greater returns upon the ultimate sale of the asset.”
A real estate operating partner, development manager and property manager based in New York City, Cayuga invests in real property and debt secured by real property across all commercial real estate categories.