By Konrad Putzier
Crowdfunding platform Fundrise is offering up to $5 million worth of bonds for Silverstein Properties’ planned office tower 3 World Trade Center to its investors.
The offering doesn’t involve any new debt issuance for the tower, which is already fully funded through State-backed Liberty Bonds. Rather, Fundrise has bought some of the bonds and is now offering them to its investors on the secondary market.
Individual accredited investors will be able to access the investment for a minimum of $5,000 and are projected to receive a five percent, tax-free gross annual return on ta five-year investment. The initial offering is $2 million, with up to $5 million available for individual investment through Fundrise.
“Our goal has always been to expand access to quality real estate, and we think the 3 World Trade Center investment offering is proof of the power of crowdfunding at work,” stated Dan Miller, Co-Founder and president of Fundrise. “We are proud to be able to give more people a chance to invest in this important, iconic asset.”
3 World Trade Center will be the third-tallest building on the World Trade Center site, and will include 2.5 million square feet of rentable office space. Work has restarted and concrete is now up to the 11th floor.