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Multifamily
Troutman Street Apartments
Multiple Locations
Funded
100% funded
...
Troutman Street Apartments
Multiple Locations
All Investments > Troutman Street Apartments
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Overview
Troutman Street Apartments
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Details
For more information, view the Sponsor's Investment Memorandum.
Estimated Hold Period 5 years
Investment Strategy Value-Add
Investment Type Equity
Sponsor Documents
The offering documents above have been prepared and are being delivered by the Sponsor of this investment opportunity, and not by RM Securities, LLC. RM Securities, LLC and its associated persons did not assist in preparing, do not explicitly or implicitly adopt or endorse, and are not otherwise responsible for, the Sponsors offering documents posted below or any content therein.
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Management
For more information, view the Sponsor's Investment Memorandum.
Cayuga Capital Management

Cayuga Capital Management LLC (“CCM”) is a real estate operating partner, development manager and property manager based in New York City. CCM identifies properties not operated at best and highest potential and invests to maximize returns. This can be done through repositioning, renovation, or ground up construction. Jacob L. Sacks and James P. Wiseman formed CCM in April 2004. The Principals have worked together acquiring, developing and operating real estate for over seven years and have known each other for over 17 years. The Principals have backgrounds combining over 30 years of experience in private equity law, investment banking, hedge fund administration and private equity investment in real estate. Current clients of CCM include Clarion Partners LLC, the Toll Family, The Davis Companies, Latus Partners and various institutional funds as well as other high net worth individuals. CCM's core investment process is based on the acquisition, development and operation of deeply undervalued real estate assets in rapidly improving neighborhoods. CCM invests in real property and debt secured by real property across all commercial real estate categories, but typically targets multi-family and retail conversion opportunities in mixed-use walkable neighborhoods with excellent access to public transportation that demonstrate improving residential and retail demand as well as constrained supply characteristics.​ 

Sponsor New York Multifamily Track Record (does not include other properties owned by the Sponsor)*

* Past performance is not indicative of future performance.
Management Team
Management
Jacob L. Sacks
Principal

Mr. Sacks and co-founder, Mr. Wiseman, started CCM with their first small multifamily rental building purchase in Brooklyn, NY in 2004. After leveraging that purchase into several more properties, they began full time operations in 2007 and have grown into a firm with over $320 million of real estate in Brooklyn and Queens. From June 2001 to April 2007, Mr. Sacks was a Vice President of U.S. Realty Advisors, LLC, a private real estate investment firm with $3 billion of real estate under management. Mr. Sacks has over five years of experience in real estate financial modeling, credit analysis, transaction execution and asset management. Prior to joining USRA, Mr. Sacks worked as an investment banker, most recently in the Transportation & Logistics Corporate Finance Group of ING Barings. While at ING, Mr. Sacks, worked on a variety of transactions including debt and equity issuance, mergers and acquisitions, and private placements.

Mr. Sacks holds NASD series 7 and 63 licenses. Mr. Sacks earned a B.A. in Economics and a Master of Engineering in Operations Research/Financial Engineering from Cornell University. 

Management
James P. Wiseman
Principal

Mr. Wiseman and co-founder Mr. Sacks started CCM with their first small multifamily rental building purchase in Brooklyn, NY in 2004. After leveraging that purchase into several more properties, they began full time operations in 2007 and have grown into a firm with over $320 million of real estate in Brooklyn and Queens. From 2006 to 2007, Mr. Wiseman was Associate Counsel at Strategic Value Partners, LLC, a Greenwich, CT-based investment adviser with over $6 billion under management that specializes in special situations and real estate investment, particularly in the U.S., Germany, Japan and India. While at SVP, Mr. Wiseman led the legal and operational roll-out of the private equity/real estate businesses where he worked on over $1 billion of real estate acquisitions globally. From 2003 to 2005, Mr. Wiseman was an associate at Debevoise & Plimpton LLP, a private law firm where he specialized in investment fund formation, administration and capital-raising activities where he advised leading private equity firms including Morgan Stanley Capital Partners, Oaktree Capital Management and Harbourvest. From 2000 to 2003, Mr. Wiseman was an associate at Gibson, Dunn & Crutcher LLP where he focused on private equity based mergers and acquisition transactions. Mr. Wiseman earned a B.A. in  Economics and Psychology from Cornell University and J.D., magna cum laude, from Cornell Law School where he was a John M. Olin Scholar in Law and Economics. 

Property
For more information, view the Sponsor's Investment Memorandum.
Address: 297 & 311 Troutman St
Brooklyn, NY 11237
Submarket: Bushwick
Year Built: 1931
Current Occupancy: 100%
Number of Units: 16 units
Net Rentable Area: 12,150 square feet
Buildings: two four-story buildings
Parking: None
In Place Rent Per Unit: $2,202
Effective Rent Per Square Foot: $3.04

Unit Mix and Rents

PROPERTY UNIT TYPE TOTAL
UNITS
UNIT SF TOTAL NRSF IN PLACE
AVG RENTS

PSF 

297 Troutman   2 x 1 8 725 5,800 $2,331 $3.22
311 Troutman   2 x 1 7 725 5,075 $2,297 $3.17
311 Troutman   2 x 1 - Rent Stabilized 1 725 725 $503 $0.69
TOTAL/AVG   16 725 11,600 $2,202 $3.04

Property Highlights

  • The Property is located in close proximity to the Brooklyn-Queens Expressway, Long Island Expressway/I-495 and Interborough Parkway in the gentrifying neighborhood of Bushwick.
  • The Property is situated one block of the New York Metropolitan Transit Authority ("MTA") "L" line that provides access to Manhattan and New York's outer boroughs.
  • The Property is also proximate to numerous bars, restaurants and coffee shops and is within a 10-minute walk from the Maria Hernandez Park, a 7-acre recreational park with newly renovated basketball courts, handball courts, fitness equipment, spray showers and a performance stage.  

Financials
For more information, view the Sponsor's Investment Memorandum.
Disclosures
RM Securities, LLC and its Affiliates Compensation

RM Securities, LLC, its registered representatives, affiliates, associated persons, and personnel of its affiliates who may also be associated with it, including our associated persons and personnel of our affiliates who are also be associated with RM Securities, LLC (it (“RM Securities,” “we,” “our,” or “us”) will receive fees, expense reimbursements, and other compensation (“Fees”) from the issuer of this investment offering, its sponsor, or an affiliate thereof (“Sponsor”), or otherwise in connection with Sponsor’s offering. The Fees paid to us are in addition to other fees you will pay to Sponsor or in connection with Sponsor’s investment offering. You will pay Fees to Sponsor, either directly or indirectly as an investor in the Sponsor’s offering. Sponsor will use the Fees you pay, as well as funds you invest in the relevant offering, to compensate us. The Fees paid to us will directly or indirectly be borne by you as the investor (typically, but not always, in the form of an expense of the Sponsor’s offering in which you invest) because such Fees will reduce the proceeds available for distribution to you and reduce the amount you earn over time.

For more information on the Fees paid to us, or any other Fees you will pay in connection with Sponsor’s offering, please carefully review the Sponsor’s Investment Documents. Please also carefully review RM Securities’ Form CRS, Regulation Best Interest Disclosures, and Limited Brokerage Services Agreement.

No Approval, Opinion or Representation, or Warranty by RM Securities, LLC

Sponsor has provided, approved, and is solely responsible in all aspects for the information on this webpage (“Page”), including Sponsor’s offering documentation, which may include without limitation the Private Placement Memorandum, Operating or Limited Partnership Agreement, Subscription Agreement, the Project Summary and all exhibits and other documents attached thereto or referenced therein (collectively, the “Investment Documents”). The Investment Documents linked on this page have been prepared and posted by Sponsor, and not by RM Securities. We did not assist in preparing, do not adopt or endorse, and we are not otherwise responsible for, the Sponsor’s Investment Documents. We make no representations or warranties as to the accuracy of information on this Page or in the Sponsor’s Investment Documents and we accept no liability therefor. No part of the information on this Page or in the Sponsor’s Investment Documents is intended to be binding on us.

Sponsor’s Information Qualified by Investment Documents

The information on this Page is qualified in its entirety by reference to the more complete information about the offering contained in the Sponsor’s Investment Documents. The information on this Page is not complete and subject to change at the Sponsor’s discretion at any time up to the closing date. The Sponsor’s Investment Documents and supplements thereto contain important information about the Sponsor’s offering including relevant investment objectives, the business plan, risks, charges, expenses, and other information, which you should consider carefully before investing. The information on this Page should not be used as a basis for an investor’s decision to invest.

Risk of Investment

This investment is speculative, highly illiquid, and involves substantial risk. There can be no assurances that all or any of Sponsor’s assumptions, expectations, estimates, goals, hypothetical illustrations, or other aspects of Sponsor’s business plans (“Assumptions”) will be true or that actual performance will bear any relation to Sponsor’s Assumptions, and no guarantee or representation is made that Sponsor’s Assumptions will be achieved. If Sponsor does not achieve its Assumptions, your investment could be materially and adversely affected. A loss of part or all of the principal value of your investment may occur. You should not invest unless you can readily bear the consequences of such loss. Sponsor’s Assumptions should not be relied upon as the primary basis for your decision to invest.

No Reliance on Forward-Looking Statements; Sponsor Assumptions

Sponsor is solely responsible for statements made concerning forward-looking statements and Assumptions, which apply only as of the date made, are preliminary and subject to change, and are expressly qualified in their entirety by the disclosures and cautionary statements included in Sponsor’s Investment Documents, which you should carefully review. Neither RM Securities nor Sponsor are obligated to update or revise such forward-looking statements or Assumptions to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Sponsor’s forward-looking statements and Assumptions are hypothetical, not based on actual investment achievements or events, and are presented solely for purposes of providing insight into the Sponsor’s investment objectives, detailing Sponsor’s anticipated risk and reward characteristics, and establishing a benchmark for future evaluation of actual results; therefore, they are not a predictor, projection, or guarantee of future results. You should not rely on Sponsor’s forward-looking statements as a basis to invest.

Importantly, we do not adopt, endorse, or provide any assurance of returns or as to the accuracy or reasonableness of Sponsor’s Assumptions or forward-looking statements.

No Reliance on Past Performance

Any description of past performance is not a reliable indicator of future performance and should not be relied upon as the primary basis to invest.

Sponsor’s Use of Debt

A substantial portion of the total cost of the real estate asset acquired by the Sponsor with investor funds (“Property”) will be paid with borrowed funds, i.e., debt. Sponsor’s estimated rates and terms of the debt financing are subject to lender approval, and there is no assurance that the Sponsor will secure debt at the rates and terms presented on this Page or in the Sponsor’s Investment Documents, or at all. The use of borrowed money to acquire real estate is referred to as leveraging, which can amplify losses and could result in lender foreclosure. In addition, if the debt includes a variable (or “floating”) interest rate, the total amount of interest paid over the term of the debt will fluctuate and can increase. As a result, Sponsor’s use of debt can result in a loss of some or all of your investment.

Sponsor’s Offering is Not Registered

Sponsor’s securities offering will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), in reliance upon the exemptions from registration pursuant to Rule 506(c) of Regulation D as promulgated under the Securities Act (“Private Placement”). In addition, the offering will not be registered under any state securities laws in reliance on exemptions from state registration. Such securities (your ownership interests) are subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under applicable state and federal securities laws pursuant to registration or an available exemption. All Private Placements on the Platform are intended solely for “Accredited Investors,” as that term is defined in Rule 501(a) under the Securities Act.

No Investment Advice

Nothing on this Page should be regarded as investment advice (either with respect to a particular security or regarding an overall investment strategy), a recommendation, an offer to sell, or a solicitation of or an offer to buy any security. Advice from a securities professional is strongly advised to understand and assess the risks associated with real estate or private placement investments. For additional information on RM Securities’ involvement in this offering, please carefully review the Sponsor’s Investment Documents, and RM Securities’ Form CRS, Regulation Best Interest Disclosures, and Limited Brokerage Services Agreement.

1031 Exchange Risk

Internal Revenue Code Section 1031 (“Section 1031”) contains complex tax concepts and certain tax consequences may vary depending on the individual circumstances of each investor. RM Securities and its affiliates make no representation or warranty of any kind with respect to the tax consequences of your investment or that the IRS will not challenge any such treatment. You should consult with and rely on your own tax advisor about the tax aspects with respect to your particular circumstances.

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