An Opportunity to Invest in a Historic Fort Point Arts Building:
Permanent Affordable Live/Work Studios for Boston Artists
Fundamental to the arts in Boston is a place for artists to live and work. That place is Midway Studios, 89 live/work studios, which have recently been put on the market for sale. We present you here with a very nice investment opportunity. With investment opportunities ranging from just $1,000 up to $1.7 million, you can be a part of this historic acquisition while gaining an attractive rate of return.
We have exceeded our initial fundraising goal of $1 million dollars due on February 5th: Within 14 business days we raised $1.1 million. Many people thought this was not possible - it was.
To close the sale we must raise an additional $1.1 million in investments by April 1.
As Boston’s largest affordable live/work building, Midway Studios was established in 2005 as a place for artists to live and work affordably in Boston, when the real estate boom swept through Fort Point and displaced hundreds of working artists. Midway Studios is unique and pivotal as the only remaining artist rental building in Fort Point, successfully operating for nine years at a very high occupancy.
The rental model allows emerging artists a place to stay and work in Boston, and artists from around the world to come and work in Boston. It encourages the free flow of ideas between disciplines and generations. We have artists from around the world currently living and working at Midway Studios.
The sale of Midway Studios threatens to destabilize the arts community that has developed in Fort Point if this live/work space is purchased by a developer who does not have a commitment to the arts. To secure the artistic accessibility and integrity of this important building, the Midway resident artists partnered with New Atlantic Development, a Boston real estate developer with a significant track record in arts-related projects, to present a successful bid to purchase Midway Studios and form a non-profit corporation, Midway Artist Collective, Inc, to own and operate the building. If we are successful, this will bring genuine ownership investment to the residents. Our story was featured in a front page article by the Boston Globe.
In order to secure the final piece of financing and make this purchase a reality, Midway Artist Collective, Inc. is offering an opportunity to invest in Ten-Year Term Subordinate Investment Notes, which will accrue interest on the principal amount at an annual rate of Eight Percent (8.0%), payable to investors each year by January 15. The principal amount of the Investment Notes will be payable ten years from the estimated April 2014 closing of the acquisition. Please refer to the detailed terms and conditions provided in the Confidential Offering at MidwayFund.com for more information.
The artists have already pledged $517 thousand of their own money towards this goal, raised an additional $583 thousand and are diligently seeking additional investors.
For more information please visit the subscription page and download the Confidential Offering.
Midway Artist Collective, Inc.
"Within days, the majority of artists living there had met, pledging to kick in $500,000 of their own money to help buy the building. They also banded together with New Atlantic, a development company that is working to recruit additional investors to help preserve the building as artist studios and housing."
Geoff Edgers | GLOBE STAFF DECEMBER 27, 2013 full article