LA Crowdfunder AssetAvenue Posts Big Week
AssetAvenue co-founder Chris Ganan (snapped at the company's launch party) tells Bisnow the real estate crowdfunding site closed $12.2M worth of deals just last week, with loans ranging in size from $475k to more than $5M. The platform, which was launched earlier this year, raised $3M in seed funding in September with Matrix Partners and NetEase. We explain real estate crowdfunding to you here.
The company was co-founded by David Manshoory, who told us earlier this year he sees the value of bringing deals to a broader scope of investors. The boom last week was from a variety of institutional and private investors, Chris says. The deals included a variety of commercial property types, including a rehab loan for a Class-A office in S.F. and an acquisition and rehab loan for a multi-tenant office building in LA, among others.