An expert panel will discuss the rapidly-growing market of ‘crowdfunding,’ leveraging online platforms to expand the number of investors in real estate.
Learn how crowdfunding will affect fundraising by developers/operators, alternative investment opportunities for individuals, and community development initiatives in cities. HBSCNY, with the Harvard Business School Alumni Angels of Greater New York, and the Harvard Real Estate Alumni Organization, invite alumni and all interested individuals to an evening panel and networking event, where real estate operators, entrepreneurs, an investor and attorney discuss the impact of real estate crowdfunding.
The federal Jumpstart Our Businesses (JOBS) Act has made it easier for web entrepreneurs to facilitate wider participation in private investments. As a result, over a dozen websites are in a race to become leaders in the RE crowdfunding space. Real estate is poised to join consumer lending, angel funding and other asset classes – which together generated over $5 billion in online transactions last year – that are that are undergoing fundamental changes in fund-raising.
Though promising, RE crowdfunding will no doubt face questions along the way. Do the newer investors appreciate the risks they are taking on? What will happen when a project first undergoes foreclosure? How do the projects’ operating agreements, as well as the corporate structure of the crowdfund websites, affect future performance? And, which sites will emerge on top? The evening is an entrée to meet those leading this field and understand opportunities for participation.
Mark Roderick, Flaster/Greenberg PC: Flaster/Greenberg (flastergreenberg.com) is a full-service commercial law firm with offices along the mid-Atlantic corridor. Markley Roderick concentrates on representing entrepreneurs in technology, real estate and other fields, and is an acknowledged expert in crowdfunding, with a blog at www.crowdfundattny.com.
Elvin Ames, Golden Eye Investments: Via roles as a broker, loan officer and most recently a real estate developer, Elvin has completed more than 300 real estate transactions. This includes over 60 house refurbishments he has led. He also owns leased properties, with a focus on New Jersey. The company does business via webuyraggedyhouses.com. Mr. Ames is a US Marine Corp. veteran.
Jason Fritton, co-founder and COO, Patch of Land: The company (patchofland.com) is a pioneer in the real estate crowdfunding industry, focused on highly-attractive debt investments. Jason oversees the company’s due diligence practices, legal compliance and client services. Previously, Jason ran digital marketing at a national retail company and managed a major technology project for the US army.
Scott Lichtman, Heartland Real Estate: Scott is a real estate investor and software entrepreneur. He has invested in five properties through crowdfunding, interviews crowdfund CEOs for a blog at realheartland.com, and serves in a user-feedback role for several of the sites. Scott has worked at Oracle, Deloitte and startups involving online collaboration and research. He graduated from Harvard Business School, the London School of Economics and MIT.
David Paterson, former Governor of New York, and Director of Community at iFunding: David A. Paterson became New York's 55th Governor in 2008, the state’s first African-American governor and only the second legally-blind governor in the nation’s history. Throughout his career, Governor Paterson has achieved bi-partisan change, leading the charge on issues ranging from renewable energy to championing minority and women-owned businesses. He currently works with the crowdfund company iFunding on matters of community outreach and development.
William Skelley, CEO of iFunding: The company (ifunding.co) is a crowdfund leader that focuses on institutional quality deals with commensurate returns, scalable investment amounts and asset types, and global access. Prior to founding iFunding, William was a principal at Rose Park Advisors, a hedge fund founded by Harvard Business School professor Dr. Clayton Christensen. He also has worked at General Electric and Bain Capital.
Alex Twining, CEO of Twining Properties: The company (twiningproperties.com) is a developer focused on urban use green projects at transit nodes of the Northeast Corridor. They have over 4 million sq. feet under development and are pursuing a first deal with crowdfund participation. Previously, Alex was CEO of MetroNexus, a Morgan Stanley real estate funds enterprise, and a director at AvalonBay Communities, a $4bn REIT.
Date: Wednesday, April 30th, 2014
8:00pm-8:15 audience Q&A
Venue: The Conference Center, 130 E. 59th St. (between Park & Lexington Avenues)
$15/Members of the HBSCNY, HBS Angels, Harvard Real Estate Alumni Organization
$15/Member guest (limit one)
Organizer: Scott Lichtman, ‘94
- Markley Roderick