BREF Fund II, LLC:
BREF Debt Capital, LLC:
BREF Fund I, LLC:
6134 Washington Avenue, Philadelphia, PA 19143 (BREF Fund I, LLC)
In 2024, BREF Fund I, LLC expects to be paid $25,000 in investment income and the return of its $50,000 in principal capital.
Daphne McGee-Geathers is gut-renovating the one (1) family property for sale.
163 Grafton Street Brooklyn, NY (BREF Fund I, LLC)
On May 12, 2023, BREF Fund I, LLC was paid $50,000 in investment income and the return of $50,000 in principal capital ($50,000 in principal capital is outstanding).
Steven Ellis is gut-renovating the three-family property for rental income.
The developer plans to rent rooms at market rate to formerly homeless single women via a government affordable housing voucher program.
39 High Avenue, Pembroke, MA (BREF Fund I, LLC)
On March 30, 2023, BREF Fund I, LLC was paid $40,000 from Venture Alliance - 39 High Avenue, LLC (the "Company") in investment income ($100,000 in principal capital is outstanding).
In 2024, BREF Fund I, LLC expects to earn an additional $40,000 in investment income from the Company. The Company is an investment vehicle managed by Askari Foy, MBA, CPA, and Larry Thomas experienced Black real estate developers and the Co-Founders of Venture Alliance Real Estate Enterprise, LLC.
The Company was established for the sole purpose of acquiring and developing a single-family, three (3) bedrooms, one (1) bathroom, 1,040 square foot home built in 1920 located at 39 High Avenue, Pembroke, Massachusetts built on 10,000 square feet of land (the “Property”) as a "Fix and Flip" investment opportunity.
3129 Fenton Avenue, Bronx, NY (BREF Fund I, LLC)
In 2023, Fund I will borrow $150,000 in debt capital from BREF Debt Capital, LLC at a 15% 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, Fund I 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, Fund I 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, Fund I 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, Fund I 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 May 1, 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 $882,300 by trulia.com.
(development plan as of May 1, 2023)