2022 Summer Issue - 26
Charu Singh, Anna Mackay, Joanna Bartholomew, Taidgh McClory
Focusing on the Good: The Merits of
Crowdfunding Equitable Development
Equity crowdfunding has emerged in
recent years as a viable alternative to more
traditional means of raising capital while also
allowing members of the community to have a
stake in the development.
At the " Crowdfunding Equitable Development:
Cutting Deals for Good " session at the
Spring Meeting, Charu Singh, director of portfolio
management at Emergent Capital Partners,
explained how the aim of such crowdfunding,
also known as " collective capital, " is often to
have a social impact such as encouraging community
engagement and buy-in for a specific
project. It can also be used as a tool to generate
wealth primarily for people from excluded
and marginalized communities and groups,
she said.
" Typically, we're talking about equity
tranches dedicated to small-dollar investments
by nonaccredited investors such as community
members, as you've heard about, potentially
project residents, and supporters of a project, "
Singh said.
Democratizing Development
Session panelist Anna Mackay, founder and
principal at Sister City in Portland, Oregon,
said the Fair-Haired Dumbbell project in that
city was the first crowd-invested development
nationwide that was ground-up construction.
(Mackay led the crowdfunding efforts on that
project as director of development at developer
Guerrilla Development.) Nonaccredited investors
from five states contributed.
" In an effort to democratize development
and to bring more equity to people who don't
just need to enjoy a space but potentially could
enjoy the upside of a real estate development
into the deal, we were very focused on bringing
nonaccredited investors into this project. So,
our minimum investment was just $3,000, "
Mackay said.
A quarter of the equity for the project came
from crowd investing, she said. A total of 121
investors were involved, and it took about a
year to raise the funds.
Building on that success, Guerrilla also used
crowdfunding for Jolene's First Cousin, an apartment
community in Portland that was leased to
a homelessness housing nonprofit. The offering
was opened up specifically to people living in
From left: moderator Charu Singh, director of portfolio management at
Emergent Capital Partners; Anna Mackay, founder and principal, Sister
City; Joanna Bartholomew, founder and CEO, O'Hara Development
Partners; and Taidgh McClory, founder and managing principal, T.H.
McClory LLC, discuss new funding models for equitable development.
26
URBAN LAND SUMMER 2022
2022 Summer Issue
Table of Contents for the Digital Edition of 2022 Summer Issue
2022 Summer Issue - Cover1
2022 Summer Issue - Cover2
2022 Summer Issue - 1
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