The Concrete Investing portal has launched a $3.74 million (€3.3 million) real estate equity crowdfunding campaign: this is the highest offered by the portal to date.
The campaign, which to date has already raised over $1.7 million (€1.5 million), will finance the Washington Building project: a new residential development of over 13,000 square meters that will be built in the former production plant Officine Fratelli Borletti in Piazza Irnerio in Milan, signed by the architecture firm DFA&Partners, promoted by Al.si.co Srl. (Matteo Albarello, Federico Consolandi, Ambrogio Silva).
The funding is open to professional and retail investors and provides an expected annual rate of return (IRR) of 13.6%, an overall return on investment (ROI) of 40.4% and a holding period of 32 months.
If you want to find out more details about the latest real estate equity crowdfunding campaign launched by Concrete Investing and to read more about other successful campaigns already completed, download the Born2Invest mobile app. Read the latest finance news in the world and stay on top of the market with our companion app.
The property is expected to be delivered in the third quarter 2022
The project consists in the renovation, with partial demolition and reconstruction, of the former production plant Officine Fratelli Borletti. The original industrial complex, built between 1912 and 1916, is composed of a main nucleus in eclectic style overlooking Piazza Irnerio, to which were added, until the 1950s, some accessory volumes in rationalist style.
The intervention foresees the development of a building of 5 floors above ground and two further backward floors to crown it. The complex has three underground floors, used as a garage, technical rooms and cellars, and on the ground floor, there are a series of additional services: gym, spa, delivery room and a lounge area available to condominiums. The project foresees about 100 housing units of various types, 70% of which have already been sold.
Concrete Investing has completed 7 crowdfunding real estate campaigns so far
This is the eighth collection for Concrete Investing which, to date, has already successfully completed 7 crowdfunding real estate campaigns for prestigious residential projects promoted by the most important players in the market such as Impresa Rusconi, Immobiliare Percassi, Bluestone, Borgosesia. The total capital raised on the seven transactions is $11.66 million (€10.3 million).
Last June, Concrete raised $2.83 million(€2.5 million) for the Colonne di San Lorenzo – Gate Central project in Milan. The campaign was financed in just 14 days by 190 investors, with an average ticket of $14,700 (€13,000), thanks to which it achieved the maximum collection target, with an overfunding of 167% compared with the minimum target of $1.7 million (€1.5 million).
Last February, the Concrete Investing portal had collected the same amount in 24 hours in the campaign for the realization of the Bluestone real estate project in Milan, which had received over 150 adhesions. As the maximum funding for this operation was set at $2.27 million (€2 million), Concrete Investing was able to receive a large part of the adhesions by reimbursing the excess investments.
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First published in Be Beez, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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