Shorewood, Prodigy land $105M loan package for FiDi project

17 John Street to include co-working space, short term rentals

TRD New York /
Sep.September 16, 2016 09:35 AM

Shorewood Real Estate Group and Prodigy Network landed $105 million in construction financing for their mixed-use development at 17 John Street.

The package consists of two loans — a $66 million mortgage from ACORE Capital and a $39 million mezzanine loan from the Vanbarton Group, the Commercial Observer reported.

The developers, in partnership with Nathan Berman’s Metro Loft Management, want to split the 15-story development into co-working space and furnished short-term rental apartments in the mold of Rudin Management’s 110 Wall Street.

Rodrigo Nino’s Prodigy Network has raised more than $50 million in equity for the project through its crowdfunding platform, according to S. Lawrence Davis, the head of Shorewood.  The project’s total expected cost is $160 million, with an opening scheduled for late 2017.

Vanbarton is among a handful of development firms to dabble in mezzanine lending, joining the likes of RXR Realty, Moinian Group and Kushner Companies. [CO]Konrad Putzier


Related Articles

arrow_forward_ios
Rodrigo Niño (Credit: Prodigy Network)

Real estate crowdfunding pioneer Rodrigo Niño dies

Real estate crowdfunding pioneer Rodrigo Niño dies
Rodrigo Niño, 17 John Street and 85 West Broadway (Credit: Prodigy Network, Google Maps)

Crowdfunding firm seeks $30M bailout for second commercial building

Crowdfunding firm seeks $30M bailout for second commercial building
From left: 84 William Street, Rodrigo Niño and Larry Davis of Shorewood Property Group (Credit: Google Maps)

Crowdfunding firm to investors: Cough up $40M or lose it all

Crowdfunding firm to investors: Cough up $40M or lose it all
Rodrigo Nino, 84 William Street in Lower Manhattan and 1400 N. Orleans Street in Chicago (Credit: Facebook, Google Maps)

Prodigy Network investors say millions in limbo as company shuts them out

Prodigy Network investors say millions in limbo as company shuts them out
Rodrigo Niño (Illustration by Nazario Graziano)

Panic at Prodigy

Panic at Prodigy
Rodrigo Niño (Illustration by Nazario Graziano)

Panic at Prodigy

Panic at Prodigy
October Issue is Live

The Real Deal‘s October issue is now available to subscribers!

The Real Deal‘s October issue is now available to subscribers!
Rodrigo Niño (Credit: Prodigy Network and iStock)

Embattled Prodigy Network CEO Rodrigo Niño to step down

Embattled Prodigy Network CEO Rodrigo Niño to step down
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...