WASHINGTON, DC—Fundrise has launched its latest crowdfunding project: a vacant commercial building on 1539 7th Street NW, on behalf of WestMill Capital, a locally-based mixed-use and retail development. The company wants to develop the building into a retail site.

There is plenty to recommend the project, currently budgeted at $2 million of which $350,000 will be made available to the public. It is located in the Shaw neighborhood, for starters, with its up-and-coming demographics and rich cultural history thanks to Duke Ellington. Also, DC is notoriously under-retailed with demand high for well-located space.

This will be Fundrise's 18th project, co-founder Ben Miller, notes—but in one respect it is a very special one. For the first time Maryland residents will be able to participate in the funding. After working for several months with Maryland's securities regulator, Fundrise has secured the necessary approval to market the project in the state. Prior to this only residents of Virginia and DC could participate in these projects. "Maryland has been great in moving this along and making it happen," Miller tells GlobeSt.com.

The Securities and Exchange Commission is working on rules that would allow Fundrise to market its offering in all 50 states without prior approval of the state regulator, but that motion is still a work in progress.

Meanwhile, Fundrise is gaining notice among local developers seeking alternative ways to raise equity for their projects. Last year MRP Realty and Ellis Development Group used the platform to help fund a mixed-use project also in Shaw-The Griffith, located at 965 Florida Ave, NW. Some $974,100 was raised from 661 investors. According to Fundrise's website, the project promises an 8% to 10% annual ROI.

Instant Insights /

Fundrise Gets Maryland's OK; Launches New DC Project

Related Stories

Recommended For You