First RealFund, a real estate crowdfunding service, has announced that it raised $500,000 of preferred equity financing for a 4-story brownstone in Brooklyn.
According to FRF, the project’s sponsor, XYZ Group, has pinpointed a series of eight Brooklyn properties to acquire, renovate, and sell. Aaron Jonson, CEO of XYZ Group, stated:
“We manage every aspect of the renovation process, including acquisition and design. Our rigorous standards and hands-on construction management allow us to consistently create best-in-class properties. We are pleased to have our first closing with First RealFund, with more to come.”
Josh Lewski, co-founder of First RealFund, also noted that XYZ does know the area and has been able to anticipate market trends. Jonson added:
“It’s been a pleasure to work with knowledgeable investors and operators like Dan and Josh. They are not only co-investors in these offerings, they make the initial investment directly with us, and we appreciate their confidence in our vision. Their co-investment structure clearly sets them apart, and we look forward to working with FRF as they grow into a leader in the crowdfunding space.”
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