• Located in the Clinton Hill neighborhood of Brooklyn, New York City, north of Downtown Brooklyn and south of Prospect Heights, this premier residential project sits at the intersection of Fulton Street (north side) and Clinton Avenue (west side). The site has a 5-minute walk from the A/C subway lines at Clinton-Washington Aves, a 10-minute walk from the 2/3/4 lines at Bergen Street, and 20 minutes by taking subway to Lower Manhattan.
• The project is a completed 6-story mixed-use rental building totaling approximately 18,482 sq ft, featuring 17 rental apartments (13 units at market-rate and 4 for affordable housing) alongside 5 ground-floor commercial spaces totaling 2,156 sq ft. Developer purchased the site in July 2022 for $7,200,000 and started groundbreaking in May 2024. The construction was completed in June 2026 upon receiving the Certificate of Occupancy from the New York Department of Buildings. Currently, all market-rate apartments are fully leased, 3 of the 5 commercial spaces are leased, and negotiations are underway for the remaining 2 commercial units.

* Actual photo of the building.

• According to the appraisal report provided by the third-party appraisal firm CBRE, the current as-completed market value of the underlying property is approximately $17,600,000, with a projected market value after rental stabilized of approximately $18,000,000.
• The short-to-medium-term investment provided by CrowdFunz Fund 863 shall be secured by a 100% equity pledge in the project entity, valued at approximately $4,350,000, representing 1.74 times the loan amount originated by Fund 863 and 24.72% of total capital stack. The first lien mortgage provided by an institutional lender is in total of $10,750,000, accounting for 61.08% of total capital stack, while the investment provided by CrowdFunz Fund 863 is $2,500,000, representing 14.20% of total capital stack. Based on the property's current market value, the project's loan-to-value (LTV) ratio is approximately 75.28%, representing a standard leverage level within the industry.
• Additionally, the borrower's key person will provide an unlimited personal guaranty for the borrowing, supported by a net asset value exceeding $83,000,000. In the event of default, CrowdFunz may pursue legal remedies against the guarantor's personal assets.

Demographics in Zip Code Area

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

• According to Census Bureau data used by the NYU Furman Center, the Fort Greene/Brooklyn Heights administrative district in Brooklyn, New York has a diverse resident population. White residents make up the largest group in the area at 49.20%, followed by Black residents at 15.60%, Hispanic residents at 14.90%, and Asian residents at 12.40%. Native residents born in New York State account for most of the population at 43.60%, while foreign-born immigrants comprise 20.50%.
• The area's population consists primarily of young and middle-aged households with stable incomes, with an average age of approximately 35. Most residents are relatively young New York city professionals, and households with children under the age of 18 account for approximately 20.50% of the total.
• Due to its convenient transportation and comfortable living environment, the area has attracted many New York working professionals in recent years who have chosen to rent houses and settle down here.

Residential Market in Project Area

• According to NYU Furman Center Census data, as of the end of 2024, the homeownership rate in the Fort Greene/Brooklyn Heights district was 31.20%, with rental apartments dominating the 70,288 registered units and a rental vacancy rate of 4.40%.
• Condominiums lead the sales market, with 519 of the 708 units sold in 2025, followed by 116 two-to-four family houses. Overall home prices have surged 513% since 2000, bringing the median condominium price to approximately $1,525,000 at the end of 2025.
• Local rents remain high, with overall median monthly rent reaching $2,940 at the end of 2024 ($2,970 for studios/1-bedrooms and $3,190 for 2-to-3 bedrooms). Rent affordability is tight: only 15.60% of the area units are affordable to tenants at 80% AMI, and 53.10% at 120% AMI.
• In recent years, the area continues to see heavy development, hitting a peak of 4,759 new building permits issued in 2022 and a peak of 4,404 newly issued Certificates of Occupancy in 2025.

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

* Source: Data provided by third-party appraiser CBRE.

• According to the data provided by the third-party appraisal firm CBRE, adjusted average unit rent for comparable leased commercial spaces in the surrounding area currently stand at $148.34/sq. ft./year, with a median unit rent of approximately $147.00/sq. ft./year.
• According to the data provided by CBRE, the commercial spaces in the underlying project feature an average projected unit rent of approximately $150.00/sq. ft./year. Total projected rental income from the 5 commercial units is estimated at $26,873.00/month, or approximately $322,470.00/year.

Valuation – Cap Rate Approach

• According to the appraisal provided by the third-party appraisal firm CBRE, the underlying property's current market value under the direct capitalization approach, based on its income-generating capacity, is approximately $17,600,000, with a projected market value after rental stabilized of approximately $18,000,000.
• Based on current project conditions, CrowdFunz believes that CBRE's current market valuation of $17,600,000 to be in line with industry standards. The detailed valuation breakdown is shown in the chart above and the figure on the right.

* Source: Data provided by third-party appraiser CBRE.

Location

The project is located in the intersection of Fulton Street and Clinton Avenue in Brooklyn, on the north side of Fulton Street and the west side of Clinton Avenue. It is a 5-minute walk to the Clinton-Washington Aves subway station serving the Metro A and C lines, and a 10-minute walk to the Bergen Street subway station for the 2, 3, and 4 lines. Lower Manhattan is accessible within 20 minutes by taking subway. Additionally, LGA is a 35-minute drive away, while JFK can be reached in 45 minutes by car.

Transit

• Subway: A / C / 2 / 3 / 4 (5-minute walk to station)
• To Lower Manhattan: 20-minute subway
• To JFK: 45-minute drive
• To LGA: 35-minute drive

Nearby Schools

The project is in New York School District #13, featuring strong educational resources with approximately 42 schools, including 18 Pre-K/kindergartens, 19 elementary schools, 11 middle schools, and 16 high schools. Top-rated schools in the district with a 10/10 rating on GreatSchools include Ps 11 Purvis J Behan. Schools rated 9/10 include PS 9 Sarah Smith Garnet School and Ps 133 William A Butler. Schools rated 8/10 include PS 54 Detective Rafael Ramos and Ps 282 Park Slope.

Dining & Living

The Clinton Hill neighborhood boasts a rich history, mature commercial districts, and convenient amenities to satisfy residents' daily dining and shopping needs. The area features various supermarkets and a wide selection of restaurants offering diverse ethnic flavors and international cuisines.

Leisure & Recreation

As a traditional residential community, Clinton Hill offers residents access to parks, sports centers, and museums in Downtown Brooklyn and surrounding areas. Walking north from the property leads to Fort Greene Park, Commodore Barry Park, and Greenway Botanical Garden; walking south leads to Grand Army Plaza and Prospect Park, Brooklyn's largest green space.

* From Google Map.

* From Google.

Developer: Waterfront Property Management

Website: www.waterfrontmanagementny.com

• Developer is a New York-based, family-owned real estate developer with a Jewish background, specializing in small-to-medium-sized projects. Developer has completed over 30 successful developments and has extensive local practice experience, solid credit background, and strong industrial expertise.
• Developer's portfolio of completed projects is primarily concentrated in Brooklyn, New York. Its core team brings over 30 years of experience in real estate development, investment, and property management. With deep market insights and well-established capabilities across the developments, from land acquisitions to property managements, Developer has a proven track record of delivering strong development and investment results.

* Actual Photos of Previous Completed Projects.

• CrowdFunz Fund 863 provides a short-to-medium-term investment to the project. Developer expects to use the financing proceeds to cover operational costs and financial expenses during the rental stabilization phase of the underlying project, supporting for the liquidity to ensure the property achieves its rental stabilization and successfully completes refinancing thereafter. At fund maturity, developer plans to repay the investment provided by CrowdFunz Fund 863 by using the loan proceeds refinanced by a commercial bank or the cash flows from other real properties it holds.
• The underlying project carries no construction risks. The property had received the Certificate of Occupancy from New York Department of Buildings. Currently, all market-rate residential apartments are fully leased (excluding the 4 affordable units), 3 of the 5 commercial spaces are leased, and lease negotiations are underway for the remaining 2 commercial units.
• The underlying project has a prime location in the heart of Brooklyn's Clinton Hill neighborhood. As a traditional residential community, Clinton Hill continues to attract young and new residents and has positive rental market potentials.
• Developer has extensive local development experience, strong industry capabilities, and an excellent credit background in commercial lending.
• Consequently, CrowdFunz believes that the investment of Fund 863 carries a low default risk, making it suitable for investors seeking fixed-income products.

* Actual photos of the project property.