On Tuesday, commercial real estate crowdfunding platform, iFunding, announced it has completed preferred equity financing for the construction of an 118-unit multifamily building, Eviva Midtown, in the Midtown District of downtown Sacramento, CA. The total project cost is $41 million.
According to the funding portal, investors helped fund the investment in just 11 days. The sponsor for this project is Integral Group, a national real estate development and investment firm based in Atlanta, Georgia. The project offers a projected annualized return of 20% to iFunding investors, 23.15% cash-on-cash return at stabilization, monthly returns, and an estimated term of 18-24 months. The investment was offered in twenty thousand dollar shares.
Christopher Martorella, president of Integral Commercial Real Estate, stated:
“Integral is excited to have worked with iFunding on EVIVA Midtown. The iFunding team asked the right questions and worked diligently to insure a smooth transaction.”
Founder and CEO of iFunding, William Skelley added:
“iFunding is pleased to bring a developer to the table with such a high rapport in the real estate community. iFunding strives to bring the best deals with seasoned developers to the platform. We are excited that this deal funded so quickly, and expect this to be a trend for upcoming deals with iFunding in 2016.”
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