Who’s the Dumbbell now? Burnside Bridgehead crowd-funding campaign is a win

Wendy Culverwell - Portlanders really want to get involved with Guerrilla Development’s striking office project at the Burnside Bridgehead.

Cathy Cheney | Portland Business Journal Kevin Cavenaugh of Guerrilla Development is teaming with Washington D.C.-based Fundrise to raise equity to construct The Dumbbell, a creative office building at the Burnside Bridgehead. The team beat its $1.5 million goal this week, raising $1.72 million in commitments.

Cathy Cheney | Portland Business Journal
Kevin Cavenaugh of Guerrilla Development is teaming with Washington D.C.-based Fundrise to raise equity to construct The Dumbbell, a creative office building at the Burnside Bridgehead. The team beat its $1.5 million goal this week, raising $1.72 million in commitments.

A crowdfunding campaign to raise equity for Kevin Cavenaugh’s $8.5 million Dumbbell project easily beat its $1.5 million goal this week.

The campaign is being conducted by Fundrise Inc., a Washington, D.C. firm that uses crowdfunding-like strategies to raise capital for unusual projects. It reached $1.72 million this week.

Wendy Culverwell - A spokesman for Fundrise said the campaign attracted 425 local investors committing an average of $4,000 each to the project.

Cavenaugh and his firm, Guerrilla, intends to construct a two-building project on a sliver of land at 333 E. Burnside St., at the Burnside Bridgehead.

Guerrilla has an agreement to buy the site from the Portland Development Commission as part of the long-held plan to redevelop the eastern end of the bridge.

Cavenaugh, whose credits include The Burnside Rocket, plans to construct 30,000 square feet of creative office space and about 5,500 square feet of retail.

Wendy Culverwell covers real estate, retail and hospitality.

 

Source: http://www.bizjournals.com/portland/blog/real-estate-daily/2013/11/whos-the-dumbbell-now-crowd-funding.html

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