Real estate crowdfunding platform iFunding announced on Tuesday that it has raised a total of $4 million for two real estate projects located in Asbury Park, New Jersey from investors nationwide.
After the success of raising iFunding’s largest deal, $3.2 million for 301 Memorial Drive, Regional Capital Group entrusted iFunding to raise the $800,000 for 201 Memorial Drive. The latest listing was a senior debt investment for $800,000 utilized for an entitled site that will ultimately consist of 40 multifamily units over parking located at 201 Memorial Drive.
This property is the second of two deals this month that iFunding and their sponsor, Regional Capital Group, have brought to the crowdfunding investment community on iFunding’s online portal. The properties are each new developments and adjacent to each other on Memorial Drive.
Paul Braungart, President of Regional Capital Group, stated:
“I valued iFunding’s quick execution and excellent communication throughout the process to close both of these loans. The process was very straight forward and allowed our development company to acquire the capital needed to successfully complete the land assemblage required to develop these projects. We plan on working with iFunding again soon, and I’m confident we will get similar results.”
Regional Capital Group has funded over $15 billion in real estate investments over the past 25 years. Their development arm is AP Development Partners and the operating partner in the development firm is Trip Brooks who is a seasoned real estate developer.. Project approvals were obtained last year by Brooks and the $32 mil project has also received a tax credit from the NJEDA. The project known as 201. 301 Memorial Drive, will provide much needed housing in a town with a lack of market rate rental properties.
William Skelley, iFunding Founder and CEO, added:
“Developing strong relationships with our sponsors is a top priority. When we build strong relationships, we find our sponsors can’t wait to work with iFunding and our investors again. iFunding strives to provide diverse investments and high quality deals to our investors. We set high standards for the way we operate, and it is just one aspect of iFunding that sets us apart of the rest in the industry.”
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