On Thursday, real estate crowdfunding platform iFunding announced it has secured $6.2 million in total financing for the recapitalization and renovation of a 26-unit, 6-story residential building in Asbury Park, New Jersey over the past nine months.
iFunding revealed it originally provided acquisition financing totaling $2.85 million in the fourth quarter of 2015 and has now completed a comprehensive recapitalization, providing a $2 million subordinate mortgage through its funding platform, while assisting with a new $4.15 million senior loan from a nationwide commercial lender.
The crowdfunding platform also stated that the sponsor of the project, which is a partnership between Regional Capital Group and a local Asbury Park development partner, has experience in the area. The principal of the Regional Capital Group stated:
“I was amazed at how quickly and efficiently iFunding was able to provide us with the capital for us to acquire the property last year, and they continued to exceed expectations by demonstrating incredible flexibility and persistence to get the recapitalization closed.”
William Skelley, founder and CEO of iFunding added,
“Part of iFunding’s mission is to offer our investors compelling 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 clear access to historically exclusive investments.”
iFunding previously raised $4 million for two real estate projects located in Asbury Park.
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