Sunday, April 21, 2019

Prodigy Network and Partners Announce Closing of First Round of Equity Funding for Inaugural Chicago Development

BWW News Desk
April 11, 2019

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 7story 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 Prodigys community of global investors across 43 countries including 29 US states and territories pblockquotep idpullquotepblockquote p We are excited to announce this latest milestone said Rodrigo Nio CEO and Founder of Prodigy Network Our expansion to Chicago is the next phase in Prodigy Networks gateway city strategy and proves the appetite within our evergrowing investor network for wellvetted opportunities beyond the New York market This funding highlights Prodigys success at preparing and marketing unique institutionalquality singleasset backed opportunities to investors p p 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 p p With a 2020 targeted opening the 255000 SF luxury apartment building will have 254 units a parking garage 24hour 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 fastgrowing neighborhood just 10 minutes from downtown Chicago via two CTA stations covering three lines p p 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 p p bAbout Prodigy Networkb p p Prodigy Network prodigynetworkcom 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 institutionalquality 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 p p bAbout Ruttenberg Gordon Investmentsb p p Ruttenberg Gordon Investments RGI is a private company specializing in real estate equity investments loans secured by real estate private equity and structured debt RGIs 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 Visita referrerpolicyunsafeurl targetblank hrefhttpsctsbusinesswirecomctCTidsmartlinkampurlhttp3A2F2Fwwwruttenberggordoncom2Fampesheet51968571ampnewsitemid20190411005870amplanenUSampanchorwwwruttenberggordoncomampindex1ampmd52627315438ec6ab7570fcefcf3f1e34d relnofollowwwwruttenberggordoncoma p p bAbout Marc Realty Capitalb p p MarcRealtyCapital MRC which is the apartment condo and opportunistic investment arm ofMarcRealty MRC is a fullservicerealestatedevelopment 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 MarcRealtyowns over 10 million square feet of commercialrealestatewith most of the assets being in downtown ChicagoVisit wwwa referrerpolicyunsafeurl targetblank hrefhttpsctsbusinesswirecomctCTidsmartlinkampurlhttp3A2F2Fmarcrealtycapitalcom2Fampesheet51968571ampnewsitemid20190411005870amplanenUSampanchormarcrealtycapitalcomampindex2ampmd547298b032eb3d6e2cefa27dc54412476 relnofollowmarcrealtycapitalcoma p p iThis material is solely for informational purposes This document shall not constitute an offer to sell or the solicitation of an offer to buy any security which may be made only at the time a qualified offeree receives a Confidential Private Placement Memorandum or other offering material describing the offering Nothing contained herein constitutes investment legal tax or other advice nor is it to be relied on in making an investment or other decisioni iAll information contained herein is qualified in its entirety by information contained in a Confidential Private Placement Memorandum or other offering materiali p p iThe information in this material is only current as of the date hereof and may be superseded by subsequent market events or for other reasonsi p p classbwalignc p pimg referrerpolicyunsafeurl alt srchttpsctsbusinesswirecomctCTidbwnewsampsty20190411005870r1ampsidweb01ampdistronxamplangen stylewidth0height0span classbwct31415p

SOURCE: BUSINESS WIRE. ©2015 Business Wire

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