Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Prodigy Closes Funding Round for Old Town Multifamily
Prodigy Network has closed on the first round of equity funding for its inaugural project in Chicago, a seven-story multifamily building in the North Side’s Old Town neighborhood. The $22 million raised will facilitate property acquisition and predevelopment costs for the project.
To be known as Old Town Residences, the project at 1400 N. Orleans St. is a joint venture of Prodigy as majority partner, Ruttenberg Gordon Investments, Marc Realty Capital LLC and Joe McMillan of DDG. Total capitalization for the 254-unit project will be $43 million of equity and $52 million of senior debt financing.
“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,” said Prodigy CEO Rodrigo Niño. Construction is scheduled to begin this spring, with a 2020 opening targeted.
Connect Chicago is coming up on May 14! Click here to register for the event.
Get Chicago News in 150 WordsFor comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development
