Fundrise, the country’s leading real estate investment marketplace, today announced that it has partnered with Buchanan Partners to provide $1.5 million in financing for the acquisition and recapitalization of the Innovation Business Center in Manassas, Virginia.
The property is currently 100 percent occupied as flex office by eight tenants including Nikon, Tokyo Electron, The Commonwealth of Virginia, and Prince William County.
Fundrise investors in the project are expected to receive an annual return of 12% percent over the projected 36-month term.
Buchanan Partners was founded in 1998 and has acquired, developed, and owned over five million square feet of property including 4,000 residential units across the DC metro market, with current developments in Alexandria, Prince William, and Loudoun Counties in Northern Virginia.
“We are excited to be partnering with Buchanan, one of the leading development firms in the DC region,” said Ben Miller, co-founder and CEO of Fundrise “this type of investment is something that larger institutions would traditionally fight over, and to be able to offer it to investors through the platform shows how far crowdfunding has come.”
“Fundrise structured a flexible deal within a tight timeframe and was an innovative and reliable capital partner at every point in the process. We look forward to working with the Fundrise team again in the future, as this model of financing will open up a whole new set of opportunities for us,” said Brian Benninghoff of Buchanan Partners.
Since its founding, Fundrise has given more than 50,000 investors an opportunity to invest in real estate in top markets around the country, including landmark projects such as 3 World Trade Center in Manhattan.
