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Tuesday, 17 May 2016

Spirit Bascom Crowdfunded Some Equity for Chicago Apartment Purchase

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Commercial Real Estate Direct Staff Report

Spirit Bascom Ventures, which purchased 5200 Sheridan Road, a 223-unit apartment property in Chicago's Edgewater neighborhood late last year, turned to the crowdfunding marketplace to raise $1.3 million of common equity.

It was a first for the venture, and it would do it again in a heartbeat.

The venture bought the property, an eight-story building that was constructed in the 1920s, for $21.6 million from Kopley Group. Prior to closing its purchase, the venture had lined up equity commitments from its usual network of friends, family and other high net-worth investors. But it ran into a glitch when one investor balked.

The Spirit Bascom venture previously had been intrigued by the crowdfunding phenomenon and looked at the situation opportunistically. It closed the purchase, but decided to syndicate some of the equity, post-closing, through the crowdfunding space. It interviewed a number of platforms and picked Realty Mogul, in large part because of its experience raising common equity and its ability to line up investors for transitional assets.

Most other platforms prefer to syndicate preferred equity or mezzanine...


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Additional Info

  • Syndicate to Realpoint: No
  • Subject: Institutional Investment (INS), Property Acquisitions (ACQ)
  • Private: Yes
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Data Digest







Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44




cppichart FP



CMBS 2.0 Spreads


Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41





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