iFunding Raises $600,000 for Multi-Family Development in Sacramento, CA
New York, New York (PRWEB) October 05, 2016 -- iFunding has raised $600,000 of preferred equity financing for the completion of a mixed-use apartment & retail building in Sacramento’s thriving Midtown neighborhood. Sacramento has emerged as a top-rated apartment market, and was rated the highest performing multifamily market in the US for year-to-date effective rent growth. Pre-leasing trends at the property substantiate this trend, with leasing velocity and lease rates exceeding forecasts.
Integral Group is a national development and investment firm based in Atlanta, Georgia, and is developing EVIVA Midtown. Its principals have developed over $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 raised $3 million of preferred equity for EVIVA Midtown in February 2016. This $600,000 follow-on raise, made in conjunction with an equity contribution from the Sponsor, will be used to fund common area and unit upgrades to fully capture the growth and demand in this submarket.
“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” said Christopher Martorella, President of Integral Commercial Real Estate.
William Skelley, Founder & CEO of iFunding 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.”
Innovational Funding LLC (“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 a variety of asset classes throughout the capital stack.
Integral Group (“Integral”) is a vertically integrated national real estate development and investment firm founded in 1993. Integral is focused on the revitalization and enhancement of urban communities in major markets throughout the United States. The firm has 4 offices and approximately 300 employees nationwide. The firm and its principals have completed transactions in excess of $5 billion. The firm is committed to creating and repositioning sustainable real estate projects across environmental, social and economic categories for the communities of today and well into the future.
Michele Kelley, iFunding, http://www.ifunding.com, +1 6466036859, [email protected]
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