• The underlying project of the fund is located in Bensonhurst neighborhood in the southwestern part of Brooklyn, New York City, which has been the Brooklyn's second-largest Chinatown. The project is situated on the east side of 18th Avenue, the area's most bustling commercial street, between 65th Street and 65th Street. A 5-minute walk from the property provides access to the 18th Ave subway station serving the New York City Metro N and W lines, offering highly convenient transit options for residents.
• The underlying project is a completed 7-story mixed-use building. It features a total residential area of approximately 14,229 square feet, comprising 20 condominium units, and a total commercial space of approximately 9,746 square feet. Additionally, it includes 10 underground parking slots. The borrower obtained the work permit and started the construction in June 2022, completed the filing of the condominiums offering plan in early 2025, and obtained the Certificate of Occupancy for the property in August 2025. Currently, 8 out of the 20 condominium units have been sold, while the first-floor commercial space is retained by the borrower for rental income and is fully leased.

• According to the valuation report provided by the third-party appraisal firm BBG, the valuation of the project property is approximately $23,000,000. Based on the actual property data provided by the borrower, the current market value of the project property is approximately $23,950,350, which includes approximately $9,825,250 for the 12 unsold condominium units and approximately $14,125,100 for the commercial space.
• The medium-term inventory loan originated by CrowdFunz Fund 861 is secured by a 100% equity pledge in the project owning entity, with a net equity value of approximately $10,950,350, representing over 2.7 times the loan amount originated by Fund 861 and accounting for 45.72% of the total capital value. The loan provided by commercial bank is $9,000,000, accounting for 37.58%, while the loan originated by CrowdFunz Fund 861 is $4,000,000, accounting for 16.70% of the total capital value. Based on the current market value of the underlying property, the loan-to-value ratio is 54.28%, indicating that the current financial leverage is below the standard industry levels.
• Furthermore, the borrower's key principal will provide an unlimited personal guarantee for this loan. In the event of default, CrowdFunz may pursue legal remedies against the guarantor's personal assets.

• According to census data summarized by NYU Furman Center, the Bensonhurst neighborhood in Brooklyn, New York City, has a highly diverse resident population. The area is predominantly Asian, accounting for 40.50% of the population, followed by White residents at 33.60%. Hispanic residents make up the next largest group at 22.70%, while African American residents are relatively few, comprising 2.80%. Residents born in New York State account for 36.70% of the population, while foreign-born new immigrants make up 58.50%.
• The neighborhood is primarily composed of young to middle-age families with stable incomes, with an average age of approximately 38. The majority are local middle-class professionals, and households with children under the age of 18 account for 28.80%.
• Currently, the area has been the Brooklyn's second-largest Chinatown. The number of new Asian residents has continued to rise in recent years, leading to an increasingly mature and well-established commercial district.

* Source: NYU Furman Center, and U.S. Census Bureau, in June 2026.

• According to census data summarized by NYU Furman Center, as of the end of 2024, the owner-occupancy rate for housing in Bensonhurst administrative district, where the project is located, was approximately 33.40%. The residential market is primarily dominated by rental apartments. The number of registered housing units in the area stood at 64,911, while the rental vacancy rate was a mere 2.40%.
• The current residential sales market in the area is led by 2-to-4-family units. Throughout 2025, a total of 608 residential units were sold. Among these, 382 were 2-to-4-family units, followed by condominium units, which recorded 106 sales.
• Residential property prices in the region are currently showing healthy trends, with prices across all housing types surging by 380% compared to 2000. As of the end of 2025, the median price for condominium unit in this area was approximately $680,100.
• Over the past decade, the area has consistently attracted new residential development projects. It experienced a peak in new building permit approvals in 2020, with 273 new building permits granted, and saw a peak in newly issued Certificates of Occupancy in 2024, reaching 495 units within the year.

* Source: NYU Furman Center, and U.S. Census Bureau, in June 2026.

• According to the valuation report provided by the third-party appraisal firm BBG, the current valuation of the underlying property is approximately $23,000,000.
• Based on the actual property sales data provided by the borrower, the current market value of the project property is approximately $23,950,350, which includes approximately $9,825,250 for the 12 unsold condominium units and approximately $14,125,100 for the commercial space.
• Considering the status of the project, CrowdFunz believes that the sales data provided by the borrower aligns more closely with the project's actual valuation; therefore, the total value of $23,950,350 for all property units represents the current valuation of the project. Specific valuation details are shown in the image on the right.

* Source: Appraisal report provided by BBG.

* Source: Sales data provided by the borrower.

Location

• The underlying project is located in Bensonhurst neighborhood in the southwestern part of Brooklyn, which has been the Brooklyn's second-largest Chinatown. The project is situated on the east side of 18th Ave, between 65th Street and 65th Street. A 5-minute walk provides access to the 18th Ave subway station serving the Metro N and W lines, reaching Lower Manhattan in 25 minutes. From the project location, it takes 40 minutes to drive to LaGuardia Airport and 45 minutes to JFK International Airport.

Transportation

• Subway: N, W (5-minute walk to station)
• To Lower Manhattan: 25-minute subway
• To JFK: 45-minute drive
• To LGA: 35-minute drive

Schools

The site area is under the jurisdiction of New York City School District #21, which boasts excellent foundational educational resources with approximately 40 schools, including 17 kindergartens, 22 elementary schools, 16 middle schools, and 12 high schools. Among them, schools rated 10/10 by GreatSchools include Ps 90 Edna Cohen School. Schools with a 9/10 rating include Ps 100 The Coney Island School, and Ps 216 Arturo Toscanini. Schools with an 8/10 rating include Ps 97 The Highlawn, P.S. 101 the Verrazano, Ps 177 The Marlboro, Ps 209 Margaret Mead.

Living

The community is very close to a well-established Chinese commercial district, offering exceptional living convenience. The area features a wide variety of Chinese and Korean supermarkets, as well as an abundance of Chinese restaurants and fast-food options. Additionally, there are large shopping centers nearby to meet all daily dining, living, and shopping needs.

Entertainment

The surrounding area is rich in museums, sports arenas, and entertainment venues. The nearby Brooklyn Museum is one of the cultural landmarks of the borough and stands as the second-largest world-class museum in New York, surpassed only by the Metropolitan Museum of Art. Sunset Park, Dyker Beach Park, the New York Aquarium, and the Barclays Center are also located near the community.

Developer: FSA Capital

Website: https://fsacapital.com/

Project Website: https://www.bensonhousebrooklyn.com/

Past Co-op: CrowdFunz Fund 856

• The borrower of the underlying project is FSA Capital, a family-owned company deeply rooted in the local New York real estate market. The company's founder started with a real estate title company in Queens and earned their initial capital from the Flushing real estate development boom and expanded its business into real estate development. Its team possesses over 30 years of residential real estate development experience in the New York market, combining expertise in both property investment and development.
• The company's successfully completed and exited portfolio includes a landmark residential project and several small-to-medium size projects in Long Island City, Queens, a mixed-use residential project in Flushing, and residential developments in Brooklyn. The projects they develop maintain a high standard of quality and are typically situated in prime locations, reflecting a dedication to combining exquisite craftsmanship with a clear commercial vision in every endeavor.

* Photos of past projects from the developer.

• CrowdFunz Fund 861 provides a medium-term inventory loan to the borrower. The borrower expects to use the loan provided by Fund 861 for the carrying costs and other expenses during the sales of condominiums and intends to repay the loan originated by CrowdFunz Fund 861 by using the proceeds from the sales of project condominiums or cash returns from other properties it holds.
• The financial leverage of the underlying project is below standard industry levels. The loan-to-value ratio of the project is 54.28%, and the borrower's net equity value is approximately $10,950,350, which represents over 2.7 times the total loan amount originated by Fund 861, indicating a sufficient equity value.
• The underlying property is in the core area of Bensonhurst, Brooklyn, New York City, boasting a premier geographic location. This area has been the Brooklyn's second-largest Chinatown, and 18th Ave, where the project is situated, is the area's most bustling commercial street. A 5-minute walk from the property provides access to the N and W subway lines, offering convenient transit for residents.
• The borrower possesses extensive local development experience and an outstanding creditworthiness. The borrower has been deeply rooted in the New York real estate market for over 30 years, combining expertise in both property investment and development, and maintains a high standard of quality in its developments.
• Consequently, CrowdFunz believes that the medium-term debt investment of Fund 861 carries a low default risk, making it suitable for investors seeking fixed-income products.

* Actual photos of building interiors.