iFunding Closes on $6.2MM of Total Financing for Apartment Recapitalization & Condo Conversion in Asbury Park, NJ

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iFunding, a real estate crowdfunding platform with a sole focus on commercial real estate, coordinates a total of $9.4MM ($6.2MM plus $3.2MM repaid), for a 26-unit apartment building in Asbury Park, NJ over the last nine months.

iFunding has closed on a total of $9.4MM ($6.2MM plus $3.2MM repaid) of subordinate, senior, and bridge financing for the recapitalization & renovation of a 26-unit, 6-story residential building in Asbury Park, NJ. Asbury Park is enjoying a dynamic revitalization, buoyed by over $1B of capital being invested by a large real estate investment trust, attracting record numbers of visitors and full-time residents.

iFunding originally provided acquisition financing totaling $2.85 million in the fourth quarter of 2015. They have now completed a comprehensive recapitalization, providing a $2 million subordinate mortgage via their online platform while assisting with a new $4.15 million senior loan from a nationwide commercial lender.

The Sponsor, a partnership between Regional Capital Group & a local development partner, is an experienced developer with particular expertise in Asbury Park. They have been orchestrating condominium conversions in Asbury Park for more than 15 years, and are poised to capitalize on an asset with ocean views in a market with remarkably limited residential supply.

The Principal of 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 & 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.”

Innovational Funding Holdings, Corp. (“iFunding”) is a leading commercial real estate investment platform aggregating investor capital to provide equity and debt financing to owners, developers, and fund managers, leveraging technology and a full-service online platform. Accredited investors can register on our website to review our curated online investment marketplace, which includes investment positions in all asset classes and throughout the capital stack.

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Michele Kelley
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