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NRI Raises $33M of Equity Via CrowdStreet for THesis Miami Recap
Nolan Reynolds International affiliate NRI Real Token, Inc., has recapitalized THesis Miami, a newly constructed $245-million, 770,000-square-foot mixed-used development across from the University of Miami in Coral Gables, FL. As part of the closing, NRI restructured a $150-million mortgage loan from Starwood Property Trust.
Approximately $95 million of total equity, including $62 million of General partner equity and $32.7 million from CrowdStreet investors – representing total new equity raised of about $78 million – was used to fully redeem the equity interest of former LP partner 54 Madison.
The online real estate investing platform CrowdStreet attracted nearly 700 individual investors. To provide optionality, investors will be able to maintain their interests within the operating partnership until the investment is realized or convert all or a portion of their interests into digitized REIT shares that may be further tokenized and later traded on select Alternate Trading Systems.
The Residences at THesis opened in July 2020, followed by THesis Hotel in August 2020 and the My Salon Suites retail space in September 2020. The multifamily component is 99.5% leased.
- ◦Financing
