RealtyMogul has just closed a bridge loan in the amount of $49 million. The fast growing real estate crowdfunding platform states this is the largest loan ever for an online platform. The financing was to facilitate the acquisition of the Metropolitan at Buckhead, an apartment complex in suburban Atlanta.
“We were excited to partner with Elite Street Capital to originate the largest online marketplace bridge loan for a commercial real estate transaction,” said Jilliene Helman, CEO of RealtyMogul.
“As a marketplace leader, this deal demonstrates not only our ability to attract quality sponsors but also our capability to execute on large-balance loans. RealtyMogul saw this transaction as an opportunity to finance a property located in a Class A submarket with a defendable basis and a clear path to stabilization.”
According to RealtyMogul, Elite Street Capital has extensive rehabbing plans for the property. The property is a 431 unit class B apartment building across from the Lennox Mall in Atlanta.
RealtyMogul is one of the largest real estate crowdfunding platforms in the world. As of October, RealtyMogul has facilitated over $150 million in both debt and equity transactions. The $49 million means the site should be nearing, or above, $200 million in funding.
