In the next step toward evolving from an online marketplace to a financial institution CrowdStreet, the online real estate investing platform, announced plans to launch a new broker-dealer model in the coming weeks. As a FINRA-registered securities broker, CrowdStreet Capital LLC will offer new products and services to directly benefit investors. Since its inception, CrowdStreet has provided access to a range of investment opportunities and online tools needed to manage those investments, which traditionally have only been attainable for institutional investors and ultra-high-net-worth individuals.
In conjunction with this multi-year effort, CrowdStreet has released several new enhancements: escrow account funding to secure oversight and control over investor funds, individual accreditation verification and operational improvements including providing additional review, vetting and approval processes for sponsors and deals.
Along with this new broker-dealer designation, Jack Chandler will join the board of directors and serve as interim CEO to oversee the company’s transition and growth into a financial institution. Chandler was formerly a managing director, global head and chairman of real estate at BlackRock, after a 25-year career with LaSalle Investment Management. Current CEO Tore Steen will continue to serve on CrowdStreet’s board of directors.
