It’s not efficient to finance a $430 million project with small tranches of capital. And yet Small Change is.
In early April 2024, Small Change, launched an investment opportunity into 22 Drydock Avenue in Boston’s Seaport district. The property is slated to be the city’s first life sciences building to achieve LEED Platinum and net-zero carbon emissions and has very lofty DEI goals.
Related Companies (led by a woman) was selected a few years ago by the City of Boston to develop 22 Drydock, an R & D building to be fully occupied by Vertex Pharmaceuticals (led by a woman). And Boston Real Estate Inclusion Fund (BREIF), negotiated a small position ($3.75 million) in the $130 million equity stack required for the project.
Put another way, they further diversified the capital stack from a single, big, diverse investor to now include multiple investors—over 40 women and people of color. While the offering is not exclusively available to that group, BREIF is using its network to target diverse capital.
This is an opportunity to invest alongside the big boys. While (disappointingly) it is not open to non-accredited investors (you can take that up with the SEC), it is a very big step forward to providing opportunity where normally there is none.
Read the Q & A here. But be quick. BREIF is closing in rapidly on it’s maximum funding goal.
Image courtesy of BREIF