Fundrise East Coast Opportunistic REIT, LLC (CIK 1660918)

The Williamsport/Hagerstown Acquisition (June 2022)

From Form 1-U filed June 17, 2022:

• Acquired through subsidiary FRIND-Hopewell, LLC
• Property: ~825,620 sq ft on 54 acres at 10900 Hopewell Road, Williamsport, MD
• Purchase price: ~$104,854,000 ($127/sq ft)
• 100% VACANT at acquisition — received Temporary Certificate of Occupancy June 2022
• Fundrise equity: ~$53.3M
• PIMCO bridge loan: ~$56.4M allocated (part of $95M two-property facility)
• Budgeted $9.05M for leasing commissions/tenant improvements
• Underwriting: 10-year projected hold, 6% rent growth, 4.50% exit cap rate

The Refinancing (June 2025)

From 1-SA filed September 18, 2025:

• On June 26, 2025, Fundrise refinanced with a syndicated warehouse loan of up to $352.7M
• The SEC filing does NOT name Goldman Sachs or TPG as lenders — only “syndicated warehouse loan”
• Goldman/TPG identity comes from JLL press release and Commercial Observer, not SEC filings
• Prior PIMCO facility ($95M) repaid in full
• New terms: SOFR + 3.15%, interest-only, matures June 26, 2027
• East Coast share: $87.03M (Hagerstown + E66 Springfield VA combined)

The DHS Sale Signal (Q1 2026)

From quarterly NAV filings:

The $49.5M drop in investment value between Dec 31 and April 1 is consistent with the Williamsport property sale to DHS (January 2026, $102.4M). The related-party note payable also dropped from $49M to $22.2M.

No filing explicitly mentions DHS, ICE, or a government buyer. The FY2025 1-K annual report (expected April-May 2026) should disclose the sale.

NAV Decline — Investor Losses

33% decline from peak. Fundrise investors lost a third of their value — the “liability” language in earlier filings was accurate.

Proposed Merger and Suspended Redemptions

From October 10, 2025 1-U: Fundrise closed its Regulation A offering and suspended redemptions “in advance of a proposed merger.” No merger party or terms disclosed.

RREEF Core Plus Industrial Fund L.P. (CIK 1707229)

The SLC Warehouse Parent Fund

Corporate structure confirmed from SEC filings:

DWS Group (Deutsche Bank 79.49%)
  → RREEF America L.L.C. (Investment Manager, CRD 109596)
     → RREEF Core Plus Industrial Fund L.P. (CIK 1707229)
        → RREEF Core Plus Industrial GP L.L.C.
           → RREEF Core Plus Industrial Lower Fund II L.P.
              → RREEF Core Plus Industrial REIT L.L.C. (CIK 1726248)
                 → RREEF CPIF 6020 W 300 S LLC (property-level, SLC)

Fund Size (Form D amendments):

Fund is NOT liquidated as of May 2025 — still filing D/A amendments. Growth stopped after 2022. Investor count plateaued at 61 since 2023. Fund appears to be in wind-down/harvest mode. PitchBook “liquidated” status may be incorrect.

Key Personnel (from filings)

• W. Todd Henderson (Manager/Director)
• Timothy K. Gonzalez
• Lenore M. Sullivan
• Ryan Schroeder
• Kevin Howlely (San Francisco — Portfolio Manager)
• Darrell Campos (San Francisco — Portfolio Manager)

What the SEC Filings Don’t Show

• No property-level transactions disclosed (Form D filings are offering notices only)
• No mention of SLC warehouse sale to DHS
• The DWS Group 20-F (foreign private issuer annual report) would be the place to find property-level disclosures

Key Filing URLs for Manual Review

Fundrise

• All filings: sec.gov/cgi-bin/browse-edgar?CIK=0001660918
• 2022 acquisition 1-U: sec.gov/Archives/edgar/data/1660918/000110465922074423/tm2219441d1_1u.htm
• 2025 1-SA (refinancing): sec.gov/Archives/edgar/data/1660918/000110465925091175/tm2525946d1_1sa.htm
• April 2026 1-U (most recent NAV): sec.gov/Archives/edgar/data/1660918/000110465926038630/tm2610961d1_1u.htm

RREEF

• RREEF Core Plus Industrial Fund LP: sec.gov Form D filings under CIK 1707229
• RREEF Core Plus Industrial REIT LLC: sec.gov Form D under CIK 1726248
• RREEF Property Trust (separate vehicle): rreefpropertytrust.com/Investor-Relations/SEC-Filings/