UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________

FORM 1-U

CURRENT REPORT

Pursuant to Regulation A of the Securities Act of 1933

April 23, 2021

(Date of Report (Date of earliest event reported) 

FUNDRISE EREIT XIV, LLC

(Exact name of registrant as specified in its charter)

Delaware	84-1993754
(State or other jurisdiction of incorporation)	(IRS Employer Identification No.)

11 Dupont Circle NW, 9th Floor, Washington, DC	20036
(Address of principal executive offices)	(ZIP Code)

(202) 584-0550

(Registrant’s telephone number, including area code)

Common Shares

(Title of each class of securities issued pursuant to Regulation A)

Item 9.             Other Events

Asset Acquisition

Acquisition of Controlled Subsidiary Investment – AA JV LP

On April 23, 2021, we directly acquired ownership of a “majority-owned subsidiary”, AA JV LP (the “Avion at Carrollwood Controlled Subsidiary”), in which we have the right to receive a preferred economic return, for a purchase price of $6,615,000, which is the initial stated value of our equity interest in the Avion at Carrollwood Controlled Subsidiary (the “Avion at Carrollwood Controlled Subsidiary Investment”). The Avion at Carrollwood Controlled Subsidiary used the proceeds of the Avion at Carrollwood Controlled Subsidiary Investment to recapitalize a stabilized garden-style multifamily property totaling 264 units located at 11500 North Dale Mabry Highway, Tampa, FL 33618 (the “Avion at Carrollwood Property”). The Avion at Carrollwood Controlled Subsidiary Investment was funded with proceeds from our Offering.

The Avion at Carrollwood Controlled Subsidiary is managed by American Landmark LLC (“ALA”). ALA originally closed on Avion at Carrollwood Property on November 15, 2017. ALA is an apartment owner and operator with over 23,000 units across the southern United States. ALA manages a diverse real estate portfolio valued in excess of $2 billion.

Pursuant to the agreements governing the Avion at Carrollwood Controlled Subsidiary Investment (the “Avion at Carrollwood Operative Agreements''), our consent is required for all major decisions regarding the Avion at Carrollwood Property. In addition, pursuant to the Avion at Carrollwood Operative Agreements we are entitled to receive an economic return of 8% on our Avion at Carrollwood Controlled Subsidiary Investment at sale or refinancing. While the Avion at Carrollwood Controlled Subsidiary Investment is outstanding, we will receive current payments on a monthly basis, which will be paid from operating cash flows. We will receive our pro rata share of operating cash flows based on our percentage ownership of the Avion at Carrollwood Controlled Subsidiary. In addition, an affiliate of our sponsor earned an origination fee of 1.50% of the Avion at Carrollwood Controlled Subsidiary Investment.

On November 15, 2017, ALA secured financing of $22,701,000 through a senior secured loan from Berkadia - Fannie Mae (the “Avion at Carrollwood Senior Loan”). The Avion at Carrollwood Senior Loan features a 10-year term and 7 years interest-only at a fixed rate of 3.9%. Aggregate with the Avion at Carrollwood Senior Loan, the Avion at Carrollwood Controlled Subsidiary Investment features a loan-to-value (“LTV”) of 70%. The combined LTV ratio is the amount of the Avion at Carrollwood Senior Loan plus the amount of the Avion at Carrollwood Controlled Subsidiary Investment, divided by the appraised value of the Avion at Carrollwood Property. LTV is the approximate amount of the total commitment amount plus any other debt on the asset, divided by the anticipated value based on the valuation of the property. We generally use LTV for properties that are generating cash flow.

The Avion at Carrollwood Property is a 264-unit, garden-style apartment property in Tampa, FL. As of April 16, 2021 rent roll, the property is 98.11% occupied. The property's twenty-one residential and one clubhouse buildings were constructed in 1981, and the build is of wood frame construction. The Avion at Carrollwood Property has been renovated by ALA since their acquisition in 2017.

Safe Harbor Statement

This Current Report on Form 1-U contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. You can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including those described under the section entitled “Risk Factors” in the most recently qualified Offering Statement on Form 1-A filed with the Securities and Exchange Commission (“SEC”), as such factors may be updated from time to time in our periodic filings and prospectus supplements filed with the SEC, which are accessible on the SEC’s website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in our filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

SIGNATURES

Pursuant to the requirements of Regulation A, the issuer has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

FUNDRISE EREIT XIV, LLC
By:	Fundrise Advisors, LLC
Its:	Manager
By:	/s/ Bjorn J. Hall
Name:	Bjorn J. Hall
Title:	General Counsel

Date:    April 29, 2021