Artist rendering of the Cambrian Rise campus
Vermont Business Magazine Vermont real estate developer Eric Farrell today announced that 375 North Avenue, LLC has raised $5.3 million in equity funding from accredited investors and closed on approximately $15.2 million in secured debt for the Cambrian Rise mixed use development in Burlington. VENTURE.co Brokerage Services, LLC, a FINRA-member broker-dealer based in Burlington, is engaged by the company to raise capital from accredited investors and institutions and to provide strategic advisory services to the Company.
The financing allows Farrell to continue development of Cambrian Rise, the approximately 22-acre lakeside community on North Avenue, through the purchase of former Burlington College building (the former Catholic diocese headquarters and orphanage) and additional development rights. The property acquisition and subsequent development will add 90 apartments and 20,000 square feet of commercial space to the Cambrian Rise community.
"Cambrian Rise is a beacon to residents, businesses and investment capital, both in and out of Vermont," says Farrell. "The name Cambrian Rise harkens back to a geological period that witnessed an explosion of life, which can stand as an apt metaphor for the diverse living and working opportunities in this mixed-use community, which combines high-quality residential living, recreation and business innovation."
"We are pleased to provide accredited investors with an opportunity to invest in a landmark project in Burlington, one which incorporates innovation, sustainability, and affordability initiatives, helping to meet the high demand for housing in the region," said Aaron Pollak, CEO of VENTURE.co Brokerage Services LLC.
About Cambrian Rise: Cambrian Rise is a newly planned community that incorporates inclusive living spaces and inspiring work environments, anchoring the north end of Burlington's waterfront. Cambrian Rise is where sustainable living, community engagement, and business innovation come together. Cambrian Rise stands adjacent to acres of open space for public recreational use that was purchased by the Vermont Land Trust and the Burlington City Parks and Recreation Department.
About VENTURE.co: Headquartered in Burlington, Vermont and with offices in Midtown Manhattan, VENTURE.co Holdings Inc. ("Venture.co") is a financial services company focused on providing alternative investment solutions. VENTURE.co includes subsidiaries that specialize in facilitating private placements, mergers and acquisitions and in providing technology solutions. Among VENTURE.co subsidiaries are VENTURE.co Brokerage Services LLC, a registered broker-dealer (member, FINRA) and VENTURE.co Services LLC, a technology services provider. For more information, visit www.venture.co.