Fundrise, a leading real estate crowd funding platform, is offering individual investors the opportunity to own a slice of 3 World Trade Center.
In what is described as a one-of-a-kind investment opportunity, small investors will be able to buy a share in the 80-storey New York office tower planned by Silverstein Properties, for as little as $5,000!
Investors in 3 World Trade Center are expected to receive a 5 per cent, tax-free annual return on their projected five-year investment.
Fundrise, which is based in Washington DC, said up to $5 million will be available for individual investment. Investors will be buying into a trust that holds debt backed by bonds sold in 2014 to finance the development.
In a release, Dan Miller, the co-founder and president of Fundrise, said that his firm’s goal has been to “expand access to quality real estate” and that providing access to 3 World Trade Center is “proof of the power of crowd funding at work.”
Silverstein Properties sold $1.6 billion of tax-exempt bonds last October to finance the $2.3 billion development of 3 World Trade Center.
The bonds were put up for sale after the Port Authority of New York and New Jersey, owner of the World Trade Center site, declined to guarantee a $1.2 billion loan for Silverstein Properties in June 2014.
The loan guarantee would have been part of a revised 2010 financial agreement between the agency and developer. Four years after the original agreement was signed, the Port Authority said that it wanted more private-sector investment so that the agency’s exposure would be reduced.
Under the new agreement, Silverstein was allowed to use $159 million in insurance proceeds from the original twin towers which were destroyed in the 9/11 terrorist attacks.
When 3 World Trade Center is completed in 2018, it will be the third-tallest building on the World Trade Center site. GroupM, a media and technology company, has pre- let 515,000 sq ft of office space in the building under a 20-year agreement.
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