Small Change Enables Capital Raise of More than $3 Million in Six Months for Seven Real Estate Developments Focused on Social Impact
Closed Offerings on Crowdfunding Platform Include Projects Led by People of Color and Women
July 6, 2022, Pittsburgh PA – Small Change, a mission-driven crowdfunding platform for real estate development, has helped developers raise more than $3 million in aggregate for seven projects across the U.S. since December 31, 2021. Each earned high scores on the firm’s proprietary Small Change Index™, which rates projects according to social impact.
The seven closings bring the total amount of equity or debt raised on the platform to date to over $10 million.
The closed offerings are:
- Kemble Berkshires, Lenox, Massachusetts: Raised $1,434,000 from 143 investors for the renovation of a historic mansion into a carbon-neutral vacation rental and events facility.
- BIPOC Homeownership, San Francisco: Raised $149,400 from 41 investors to redevelop a multifamily property into a permanently affordable BIPOC-owned cooperative.
- Venture on Country Club, Phoenix: Raised $527,000 from 88 investors for the conversion of a hotel property into a multifamily residence where housing is in short supply.
- 1463 Dot Avenue, Dorchester, Massachusetts: Raised $142,500 from 81 investors for the construction of a sustainable, transit-oriented mixed-use building with workforce housing.
- Aruka Midway, Baltimore: Raised $229,000 from 79 investors for the first phase of a revitalization project led by a Black woman developer, who is turning vacant buildings into contemporary affordable homes.
- Retreat at Lake Noire, Oakwood, Texas: Raised $356,000 from 98 investors for the construction of a sustainable short-term-stay retreat planned by a Black developer.
- Platform, Washington, D.C.: Raised $199,750 from 57 investors to support the growth of a Black-owned Proptech company that seeks to reduce the cost and increase the speed of a building’s construction.
“Variety characterized the first part of 2022,” says Eve Picker, founder of Small Change. “The seven closed offerings represent a range of geographies, property types, and team demographics. But they are all supporting positive change in or among communities.
“Real estate development has long been notorious for its lack of diversity,” she adds. “But the introductions of the JOBS Act in 2012 and Regulation Crowdfunding in 2016 enabled us to welcome investors and developers from a much wider variety of backgrounds. It means a lot to us that the projects on the Small Change platform reflect this newfound diversity.”
About Small Change
Small Change is a crowdfunding platform that enables developers to raise capital for real estate projects with social impact. Since its inception in 2016, Small Change has helped 36 developers raise over $10 million for projects in 20 cities, big and small, across the United States.
Small Change evaluates each project listed on its platform using its proprietary Small Change Index™, which employs a broad array of factors to determine social impact. Nearly 60% of the deals funded via the Small Change platform have either a minority and/or female sponsor, and all of them score above 60% on the Small Change Index. To date, 68% of the projects on the platform have included affordable housing and 74% have been located in underserved communities.
In 2020 U.S. News & World Report named Small Change one of the top seven real estate crowdfunding platforms.
Melanie Kuta, Small Change, [email protected], (412) 212-6310
Rachel Antman, Saygency, [email protected], (212) 362-5837
NSSC Crowd offers investments under Rule 506(c) of the Securities and Exchange Commission (SEC) to accredited investors only. NSSC Funding Portal, a SEC registered Funding Portal and member of FINRA, offers investments under Regulation Crowdfunding to anyone 18 and over.
This is not an offer to sell securities. All investing involves the risk of loss. If you are interested in learning more, please visit Small Change for educational material and detailed offering information. You can always say [email protected].