January 7, 2021
Barone Management is developing a four-story, 67,286-square-foot charter school in the Elmhurst section of Queens. Friends of the Renaissance Charter Schools, Inc. has signed a 31-year lease to occupy the property, which will be operated by Renaissance Charter School, one of the oldest and highest-ranked charter schools in New York City.
Financing for the $33.5-million project combines $6.8 million in sponsor equity, a $20.2-million construction loan from Metropolitan Commercial Bank and $6.5 million raised on CrowdStreet. One-hundred and fifty-three individual investors provided equity via CrowdStreet.
“This is a special project with a social impact investing component, which we thought would be appealing to individual investors on the CrowdStreet platform,” said Barone Management principal Scott Barone. “We tend to do complex and out of the box projects, where we need to be able to pivot and make decisions quickly. The CrowdStreet approach is amenable to that.”
For comments, questions or concerns, please contact Paul Bubny