BREF Fund I, LLC BREF Debt Capital, LLC Black Real Estate Forum, LLC
"African-American households are making ‘middle-income money’ – but have the wealth of a white high-school dropout" (said Dedrick Asante-Muhammad, a Senior Fellow at Prosperity Now).
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163 Grafton Street Brooklyn, NY
39 High Avenue, Pembroke, MA
3129 Fenton Avenue, Bronx, NY
3129 Fenton Avenue, Bronx, New York 10469 is currently valued at $624,500 on Zillow.com (as of March 5, 2023).
In 2023, the Fund will raise debt capital from BREF Debt Capital, LLC at a 12% interest rate (secured with a 2nd position mortgage lien on the property to protect debt investors from capital loss) to pay for the renovations of the property.
The Property is currently a one-story, single-family residence with approximately 50x100 square feet of land area and 1,602 square feet of building area, containing three bedrooms and one bathroom. In the short term, BREF Fund I, LLC plans to gut-renovate the one-family property and rent it out to tenants for about 5 years (rental income will be used to service the mortgage debt).
After about 5 years and with interest rates and supply chain/construction costs stabilized, BREF Fund I, LLC plans to form a joint-venture partnership with a Black real estate developer to tear down the existing, one-floor structure and develop the property.
Although the exact details are still being developed, BREF Fund I, LLC anticipates that the redevelopment will contain approximately 50x100 square feet of land area and 5,200 square feet of building area, divided between two semi-attached townhouses; the planned townhouse will have two stories with two residential units, each containing three-bedrooms and two-bathrooms (four units).
After the completion of the redevelopment of the Property, BREF Fund I, LLC anticipates that the Project will have a value of $2,000,000 (each of the two townhouses is expected to sell for a minimum of $1,000,000).
As of March 5, 2023, 3115 Fenton Avenue, Bronx, New York, 10469 (located just a few houses away from the BREF Fund I, LLC's property) is two semi-attached townhouses, each valued at $877,100 by trulia.com.
(development plan as of March 5, 2023)