April 12, 2019
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.
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