BREF Debt Capital, LLC:
BREF Fund I, LLC:
The three (3) family property is being developed by Steven Ellis as a gut renovation.
The developer plans to rent rooms at market rate to formerly homeless single women via a government affordable housing voucher program.
Venture Alliance - 39 High Avenue, LLC (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.
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.
In 2023, the Fund will raise 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, 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 April 22, 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 April 22, 2023)