UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 1-U
CURRENT REPORT
Pursuant Regulation A of the Securities Act of 1933
October 5, 2018
(Date of Report (Date of earliest event reported))
FUNDRISE WEST COAST OPPORTUNISTIC REIT, LLC
(Exact name of registrant as specified in its charter)
Delaware | 35-2546939 |
(State or other jurisdiction of incorporation) | (IRS Employer Identification No.) |
1601 Connecticut Ave., Suite 300, Washington, DC | 20009 |
(Address of principal executive offices) | (ZIP Code) |
(202) 584-0550
(Registrant’s telephone number, including area code)
Common Shares
(Title of each class of securities issued pursuant to Regulation A)
Item 9. Other Events
Asset Update
Senior Mortgage Loan – New Pointe Investment 35, LLC
On May 11, 2017, we acquired from Fundrise Lending, LLC, a wholly-owned subsidiary of our sponsor (“Fundrise Lending”), a first mortgage construction loan with a maximum principal balance of $3,050,000, (the “New Pointe Carlsbad Senior Loan”). The borrower, New Pointe Investment 35, LLC, a California limited liability company (“New Pointe Carlsbad”), used the loan proceeds to purchase 31,823 SF of land and built five single-family homes at 6798 Paseo Del Norte, Carlsbad, CA (the “New Pointe Carlsbad Property”). As of the October 5, 2018 payoff date, three properties have been sold, collectively 25% above the original pro forma pricing.
On October 5, 2018, New Pointe Carlsbad paid off the New Pointe Carlsbad Senior Loan for the full amount of principal drawn to date plus interest. Principal drawn to date amounted to approximately $2,830,000 as of the payoff date. All interest payments were paid in full during the investment period, and the investment yielded an internal rate of return of approximately 10.0%.
Safe Harbor Statement
This Current Report on Form 1-U contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934. You can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including those described under the section entitled “Risk Factors” in our Offering Statement on Form 1-A dated August 10, 2018, filed with the Securities and Exchange Commission (“SEC”), as such factors may be updated from time to time in our periodic filings and prospectus supplements filed with the SEC, which are accessible on the SEC’s website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in our filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.
SIGNATURES
Pursuant to the requirements of Regulation A, the issuer has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
FUNDRISE WEST COAST OPPORTUNISTIC REIT, LLC | |||
By: | Fundrise Advisors, LLC | ||
Its: | Manager | ||
By: | /s/ Bjorn J. Hall | ||
Name: | Bjorn J. Hall | ||
Title: | General Counsel |
Date: | October 10, 2018 |