NEW YORK & CHICAGO--(BUSINESS WIRE)--Prodigy Network (“Prodigy”), the decentralized global network of private capital, announced the closing of the first round of equity funding for its inaugural project in Chicago, IL, a 7-story multifamily building in the Old Town Neighborhood. The $22M raised will facilitate property acquisition and predevelopment costs for the project at 1400 North Orleans Street, Old Town Residences, which moves to begin construction in Second Quarter 2019. Funds were raised from Prodigy’s community of global investors across 43 countries, including 29 US states and territories.
“We are excited to announce this latest milestone,” said Rodrigo Niño, CEO and Founder of Prodigy Network. “Our expansion to Chicago is the next phase in Prodigy Network’s gateway city strategy, and proves the appetite within our ever-growing investor network for well-vetted opportunities beyond the New York market. This funding highlights Prodigy’s success at preparing and marketing unique institutional-quality single-asset backed opportunities to investors.”
The project is a joint venture between Prodigy, the majority capital partner, and Ruttenberg Gordon Investments (“RGI”), Marc Realty Capital LLC (“MRC”) and Joe McMillan of DDG, who will manage the development and milestones of the project. Total capitalization for the project will be $43M of equity and $52M of senior debt financing to be closed in Q2, for a total project cost of $95M.
With a 2020 targeted opening, the 255,000 SF luxury apartment building will have 254 units, a parking garage, 24-hour doorman, rooftop pool, sun deck, hot tub and green areas, business center and fitness center, among other amenities. It is located in Old Town, a fast-growing neighborhood just 10 minutes from downtown Chicago via two CTA stations covering three lines.
“The location is ideal for a Class A apartment building. Tenants can walk to multiple grocery stores, the many Wells Street and Old Town bars and restaurants, great fitness options, and the entertainment concepts including the world famous Second City” said RGI and MRC principal David Ruttenberg, a Chicago based investor.
About Prodigy Network
Prodigy Network (prodigynetwork.com) was founded in 2003 to transform access to alternative investments for individual investors through a collective financing model. It has since grown into a global network of private capital spanning 43 countries, including 29 US states and territories, offering access to institutional-quality, alternative investments in real estate and other equity opportunities. Through its private placements, the company has raised over $770M, and holds a portfolio of 6 buildings in Manhattan, with 2 under development in Chicago, IL. Prodigy Network is based in New York.
About Ruttenberg Gordon Investments
Ruttenberg Gordon Investments (RGI) is a private company specializing in real estate equity investments, loans secured by real estate, private equity and structured debt. RGI’s key principals have been involved in over $2 billion of transactions. RGI invests in real estate located in core locations including multifamily, retail, covered land, hospitality, flex industrial, loft office and condominium development. Visit www.ruttenberggordon.com.
About Marc Realty Capital
Marc Realty Capital (MRC) which is the apartment, condo and opportunistic investment arm of Marc Realty. MRC is a full-service real estate development and management company with in house property managers, asset managers, accountants, attorneys and general contractors. The principals of MRC include Gerald Nudo, Laurence Weiner, Elliot Weiner and David Ruttenberg. Marc Realty owns over 10 million square feet of commercial real estate with most of the assets being in downtown Chicago. Visit www.marcrealtycapital.com.
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