Midwest Crowdfunding Platform Launches

GRAND RAPIDS, MI—Commercial real estate projects in the Midwest region sometimes have to fight to gain the attention of investors, while at the same time, it seems there is never a shortage of equity or debt available for projects on the coasts or in gateway cities. But Joe Elias tells GlobeSt.com that with the Midwestern economy beginning to take flight, opportunities abound, and that utilizing online crowdfunding platforms will help bring in the needed dollars.

Elias is the chief operating officer of Grand Rapids, MI—based Loquidity, a real estate crowdfunding platform that launches today with a $3.5 million equity deal for Leonard Oaks Apartments, a 72-unit multifamily property in its hometown. The company plans to raise about $1.5 million on the platform. Investors will have the chance to kick in as little as $5,000. Such platforms were legalized by the 2012 JOBS Act, but this is the first one in the Midwest.