Mainstreet Sees More Crowdfunding Potential for Senior Living Development

Following the record-setting success of a crowdfunding campaign that raised $1.8 million within a single month toward the development of a new “medical resort,” Mainstreet plans to follow-up with similar initiatives later this year to fund future projects.

In April, the Carmel, Indiana-based Mainstreet teamed up with CrowdStreet, a crowdfunding platform that connects accredited investors with professionally-managed real estate opportunities, to develop a new short-stay transitional care and assisted living facility in Bloomington, Indiana.

The $13.38 million development, which is one of the latest projects from Mainstreet’s medical resort pipeline, exceeded its CrowdStreet goal of $1.5 million by $300,000 within less than a month’s time.


The “record-setting” response from investors led the company to open up a further investment opportunity of this excess amount for the 100-bed Bloomington facility, Mainstreet stated in a release. A day after opening the fund, the company had raised $155,000 of the $1.5 million goal.

“We couldn’t be more pleased with the rapid success of this fundraise,” stated Mainstreet Founder and CEO Zeke Turner. “Because we believe there is additional interest in this opportunity, we are upsizing the offering to make a small amount of additional capacity available.”

Mainstreet executed the crowdfunding campaign as an experiment to assess investor demand—an initiative the company believes has “democratized” the process by allowing a broader range of investors to have access to a project like Bloomington, said Mainstreet Chief Operating Officer Scott White to SHN.


“Many times, investment opportunities like this are only open to a select few investors,” White said. “We opened this to all Accredited Investors and used a web portal to share all the info, so everyone had the same opportunity to invest. In the end, it came down to who committed first.”

Given the success of the fundraise, Mainstreet expects to return to the market later this year or early next to invest in other projects following a similar fashion.

“This is a very efficient and fair way to raise capital,” said White. “We believe it will transform the industry by eliminating some of the existing distribution that developers and investors have relied on in the past.”

Written by Jason Oliva

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