BREF Fund II, LLC:
(Launching January 2, 2024)
BREF Debt Capital, LLC:
BREF Fund I, LLC:
17 Orchid Road, Levittown, NY
In 2024, BREF Fund I, LLC expects to be paid $50,000 in investment income and the return of its $100,000 in principal capital.
Larry Thomas and Askari Foy, MBA, CPA plan to build a new one-family property for sale.
6134 Washington Avenue, Philadelphia, PA (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)
In 2023, BREF Fund I, LLC was paid $60,000 (a 40% rate of return), and the return of $100,000 in principal investment capital from Venture Alliance - 39 High Avenue, LLC (the "Company"). The Company is an investment vehicle managed by Askari Foy, MBA, CPA, and Larry Thomas experienced Black real estate developers and Co-Founders of Venture Alliance Real Estate Enterprise, LLC. NOTE: The property was sold prior to development for profit in 2023.
3129 Fenton Avenue, Bronx, NY (BREF Fund I, LLC)
On April 26, 2023, Fund I invested an additional $116,891.11 in the property to bring the property's mortgage current and remove the property from the pre-foreclosure legal process.
3129 Fenton Avenue, Bronx, New York 10469 is currently valued at $687,000 on Redfin.com (as of September 25, 2023).
The property is currently a one-story, two-family residence with approximately 50x100 square feet of land and 1,602 square feet of building area, containing three bedrooms and one bathroom. In 2024, BREF Fund I, LLC (Black investors) plans to sell 25% of the property for $250,000 to BREF Fund II, LLC (Black investors) to reduce the property's debt load. Over the next 5 years, Fund I plans to rent the property out to tenants (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 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 (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 July 1, 2023)