Real estate crowdfunding platform iFunding announced on Friday it has secured $700,000 for the acquisition and renovation of a 40-unit multifamily community located in Dania Beach, Florida, which is located between Miami and Fort Lauderdale. The sponsor of the project, KVR Properties, is known an experienced multifamily owner with particular expertise in South Florida.
The company stated:
“Working with iFunding was incredibly smooth. They are very professional and always work towards getting the job done in the most effective manner.”
William Skelley, founder and CEO of iFunding went on to add:
“Part of iFunding’s mission is to offer our investors exceptional investments backed by trustworthy, experienced sponsors. This deal was a great opportunity to accomplish this goal, and we look forward to continuing to transform this industry by providing individual investors access to historically exclusive investments.”
Earlier this year iFunding was hit with several lawsuits. Recently, the lawsuit filed against it by CapStack Partners was “discontinued with prejudice in all respects.” Crowdfund Insider reported in January that CapStack Partners had filed a grievance with the Supreme Court of the State of New York, in the county of New York, seeking damages of $585,000. CapStack had claimed a multitude of transgressions regarding a real estate transaction where CapStack had acted as a broker on the deal. CapStack felt it had been pressured to sign an agreement and then, apparently, had a change of heart.
Despite the legal woes, the funding portal reached a huge milestone by returning over $5 million to investors last year. The website also reported it completed ten $1MM or higher fundraises that are aligned with their new strategy of listing institutional quality commercial real estate investment offerings.
Have a crowdfunding offering you'd like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!