Mortar Capital Launches Fund II on Real Crowd
This is the New York-based real estate development firm’s second crowdfunded campaign.
NEW YORK CITY—Mortar Capital Management has launched its Mortar Growth Fund II on Real Crowd. The crowdfunding platform for the real estate industry provides sponsors with technology that makes it easier to connect with a much larger pool of investors, allowing for much lower minimum investments. Also as an online service it benefits from automated efficiency.
In this round, Mortar is raising equity investments beginning at $50,000, and is accepting commitments from accredited investors, including entrepreneurs and individuals looking to diversify their retirement portfolios with self-directed IRA or 401K investments.
Mortar anticipates the fund will acquire three to four assets over the next 12 to 18 months and estimates annual project returns for the Mortar Growth Fund II to exceed 16% over the hold period.
“Working with Real Crowd has been a great way for investors outside of the region to gain access to local New York deals,” says Anthony Morena, principal of Mortar Capital Management.
He tells GlobeSt.com, “It gives us access to a new group of investors we would not normally meet. Investors get to try us out and begin an investing relationship. The listing on Real Crowd will be live for a few months and during that time we will have live webinars and MeetUps with investors to promote the fund.” The first webinar is next week. The fund will have its first closing at the end of the year in December 2019, says Morena.
Mortar Growth Fund II is investing in New York City residential real estate through both ground-up development and value-add acquisitions. With development experience and on-the-ground market insight, the fund is focusing on underserved and growing residential markets in NYC.