Type: Debt
Target: $1,250,000
Annual Return: 8.50% - 8.75%
Min-invest Amount: $10,000
Duration: 6 – 18 Months
Fund Type | Private Equity Fund |
Offering Amount | $1,250,000 |
Estimated Return | 8.50 – 8.75% Annualized Return*1 |
Investment Type | First Lien Mortgage |
Unit Price | $10,000 per Subscription Unit |
Offering Date | October 2024 |
Investment Timeline | 6 – 18 Months*2 |
Dividend Schedule | Prepaid Every 6 Month*3 |
*1 8.50% Annualized Return for Investment of 1-19 Units; 8.75% Annualized Return for Investment above 20 Units;
*2 Investors will receive a minimum of 6 months of dividend; dividends will be calculated in terms of days till Borrower repays the loan.
*3 After the 1st dividend period, Borrower owns 2 six-month extension options, and investors will receive dividends accordingly at the same dividend rate.
Address | 4929 Annadale Lane, Little Neck, NY, 11362 |
Area | Little Neck, Queens, New York |
Lot Area | 15,795 Sqft |
Property Area | 5,000 Sqft |
Completion | Second Quarter of 2025 |
Expected Dividend Calendar | ||||||
---|---|---|---|---|---|---|
Round of Dividend | Dividend Date *1 | Counting Date | Ending Date | Dividend Period | Notes | |
First | No Later than 11/22/2024 | 11/14/2024 | 5/13/2025 | 181 days | Prepaid Dividend *2 | |
Second | No Later than 5/22/2025 | 5/14/2025 | 11/13/2025 | 184 days | Prepaid Dividend | |
Third | No Later than 11/22/2025 | 11/14/2025 | 5/13/2026 | 181 days | Extension Option Owned by Developer*3 |
*1 In case of holidays and non-working days, the dividend date will be automatically postponed to the next working day.
*2 Investors will receive a minimum of 6 months of dividend; dividends will be calculated in terms of days till Borrower repays the loan.
*3 After the first dividend period, the borrower owns 2 six-month extension options, and investors will receive dividends accordingly at the same dividend rate.
Capital Stack | Percentage | ||
---|---|---|---|
CrowdFunz 621 Mortgage | $1,250,000.00 | 55.36% | |
Borrower Equity | $1,550,000.00 | 44.64% | |
Total: | $2,800,000.00 | 100.00% |
Bayside/Little Neck | |
---|---|
Population | 118,293 |
Median Age | 48.91 |
Born in | New York (50.20%) / Foreign-born (43.70%) |
Race | Asian (50.50%) / Caucasian (31.90%) / Latino (12.00%) / African American (2.60%) |
Median Family Income | $103,060 |
Child-bearing (Under 18) | 27.20% |
Unemployment Rate | 5.10% |
Little Neck is in Queens between Bayside and Great Neck, covering an area of two square miles. The area offers convenient transportation, with direct access to the Long Island Expressway and efficient public transit that reaches Manhattan in just 30 minutes. Over the past decade, the community has continued to develop, now offering a full range of retail and dining options.
The population in the area has changed rapidly over the past 20 years, with a significant influx of Chinese residents. By the end of 2022, Asians made up 50.20% of the population, while Whites accounted for 31.90%, Hispanics 12.00%, and African Americans 2.60%. This area is a relatively affluent middle-class community with high disposable income.
By the end of 2022, the median household income was approximately $103,060, reflecting residents' strong purchasing power and consumer demand.
* Source: NYU Furman Center, and U.S. Census Bureau, in October 2024
According to data from real estate website PropertyShark, all year-over-year metrics for Little Neck showed growth in the third quarter of 2024. The median home price in the area increased by 12.2% year-over-year, reaching $438,000. The median price per square foot rose by 14.3% to $692, while the number of quarterly transactions increased by 26.7%, totaling 38 units.
Housing in Little Neck mainly consists of single-family detached homes, with a smaller number of townhouses and condominiums. The area is largely owner-occupied, with 69.2% of residents owning their homes for personal use.
* Source: PropertyShark
According to the Appraisal Report provided by Marshall & Stevens, the current valuation of the underlying property is approximately $2,820,000, with an estimated market value of around $2,910,000 upon completion.
Based on the current project progress, CrowdFunz believes that the property value of $2,820,000, as assessed by Marshall & Stevens using a combination of the Cost Approach and Sales Comparison Approach, fairly reflects the market value of the property.
* Source: Appraisal Report provided by Marshall & Stevens
The project is in a prime residential area of Little Neck, just a 5-minute walk from the M/R subway lines and a 5-minute drive from the LIRR, with a 25-minute train ride to Manhattan and a 20-minute drive to both LGA and JFK. Residents can walk to the core commercial district of Queens, with access to shopping, entertainment, and various amenities. Nearby, there are also hospitals, police stations, banks, schools, senior centers, and other essential services.
This community is part of a top-tier school district in New York City, making it highly competitive among local school districts. According to data from the Great Schools platform, PS94 and PS221 within the district are rated 10 and 9 out of 10, respectively.
The community surrounding the project has a vibrant commercial atmosphere and a lively lifestyle. The project is near the bustling area of Northern Boulevard, offering convenient shopping. As a well-developed community, it boasts banks, supermarkets, clinics, gyms, and shopping centers, providing residents with diverse options for dining and living.
The area around Little Neck includes access to libraries and is close to Flushing Meadows-Corona Park, the Queens Museum of Art, the New York Hall of Science, and the U.S. Open tennis stadium. These diverse recreational facilities make it an ideal location for families with children to settle.
Developer Company: New Empire Corp.
Developer Website: https://www.greatstoneny.com/