Crowdfunding for Real Estate: The Impact of Local Investment on Economic Development
| Tuesday, May 20 | 3:15 p.m. - 4:00 p.m. | Room: Brule A | Session Tracks: U, RE, EI
Recent changes is federal securities laws will soon allow EVERYONE to invest directly in commercial real estate projects, opening up an asset class previously reserved for institutional investors. This session will describe how these changes begin a new era of decentralized finance, allowing distributed networks of small investors to replace the outdated centralized funding model. How will these changes result in a fundamental shift in economic development possibilities and the built environment? And how can you take advantage of the new regulations to apply real estate crowdfunding to local development projects?
Daniel Miller, Fundrise
Daniel is the co-founder of Fundrise, a real estate crowdfunding that platform that lets anyone invest directly in commercial real estate projects for as little as $100. Founded in Washington, DC in 2010, Fundrise was the first company in the nation to crowdfund real estate for non-accredited investors, raising $325,000 from 175 residents of Washington, DC and Virginia for the company’s first project. The Fundrise concept was born during Daniel’s time as a real estate developer, frustrated by the broken connection between a neighborhood’s desires and institutional investors' bottom line. By allowing local citizens to be investors in real estate projects, development could more in tune with a neighborhood’s needs. Fundrise has since expanded nationally as a platform for real estate companies to raise capital in small amounts from thousands of investors. Daniel remains involved in his family’s real estate company, Western Development Corp, which has developed more than 20 million square feet in its forty-seven year history. Daniel graduated from The Wharton School of the University of Pennsylvania as a submatriculant with a dual B.S. and M.B.A.