It sits right across the street from Oakcrest Community Center, a community resource center with athletic programs, gymnasium, athletic fields, Boys and Girls Club programming, summer camps and education programs. It was constructed in the 1970s and is generally in good condition and is master-metered for all utilities so that utilities are included in the rent. The buildings share a parking lot, which contains 64 parking spaces. The total gross square footage is approximately 38,000 sq. The current unit mix is made up of four three-bedroom units, 22 one-bedroom units, and 18 two-bedroom units.
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The developer plans to upgrade the cash flow, efficiency and value of the property in a number of ways, including significant energy efficiency upgrades (covering all of the roofs with solar arrays) and by increasing the bedroom count of all the currently over-sized units. The property sits along a major, neighborhood-connecting arterial and consists of two buildings, with four separate addresses and entrances. Marlboro Pike is a 44-unit, multi-family residential apartment complex located in Capitol Heights, Prince George’s County, Maryland, less than a mile from the District of Columbia. The Loan will be secured by a mortgage on the Property and any improvements made on the Property but will have a lien position behind Enterprise Community Partners who hold two mortgages on the Property. Marlboro Pike may pay off the loan at any time before the balloon payment is due, in whole or in part, without premium or penalty. The mortgage and note are included in the Investor Packet. Payments on the Loan will be the sole source of income for Small Change. While the loan term is three years, it is the developer’s goal to refinance the property in approximately one year, at which time investor equity will be repaid. The terms of the loan require the developer to repay the loan upon refinance of the Property or upon completion of the three-year term of the loan. The developer will make annual, interest-only payments at an interest rate of 10% to investors. The loan will be in the form of a three-year balloon mortgage secured by the Property. Small Change intends to lend the entire proceeds from the offering to the developer, which will use them to increase the bedroom count of 21 of the units in a 44-unit, affordable residential project located at 5225 Marlboro Pike Capitol Heights, MD 20743, in hopes of increasing rental income and the value of the Property. The minimum investment amount for each investor is $5,000. Small Change is offering a total of 200,000 of Membership Units at a price per Unit of $1.00 to accredited investors for a fully subscribed offering of $200,000. Small Change Crowd 003, LLC, a Delaware limited liability company, (Small Change), is a single purpose entity formed to loan money to 5225 Marlboro Ventures, LLC, a Maryland limited liability company (developer).
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