On Wednesday, real estate crowdfunding platform iFunding announced it raised $600,000 of preferred equity financing for the completion of a multi-family apartment complex, EVIVA Midtown, which is located in Sacramento, California’s Midtown neighborhood.
The funding portal revealed that Integral Group, the partner of the financing raise, is an investment firm based in Atlanta, Georgia and is developing EVIVA Midtown. The building’s principals have notably developed more than $5 billion of assets over the past 25 years and are currently focused on high growth urban markets including Atlanta, Dallas, Denver, Los Angeles, New York and San Francisco.
iFunding reports it secured $3 million of preferred equity for EVIVA Midtown earlier this year, and the $600,000 will be used to fund common area and unit upgrades. The project offered 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. Speaking about the investment, Christopher Martorella, president of Integral Commercial Real Estate, stated:
“Integral is pleased to expand their relationship with iFunding on EVIVA Midtown. iFunding was quick to understand the impact of market trends on this asset and utilized great access to investors for an efficient investment.”
William Skelley, founder and CEO of iFunding then added:
“Part of iFunding’s mission is to offer investors compelling investments in good assets with strong sponsorship, and this opportunity clearly aligns with that goal. We look forward to continuing to transform this industry by providing individual investors clear access to historically exclusive investments.”