Prodigy Network closed the first round of equity funding for seven-story multifamily building in the Old Town neighborhood.
The $22-million raised capital will facilitate property acquisition and predevelopment costs for the project at 1400 North Orleans St. Called Old Town Residences, the project will begin construction in the second quarter 2019.
The project is a joint venture between Prodigy, the majority capital partner, and Ruttenberg Gordon Investments, Marc Realty Capital and Joe McMillan of DDG, who will manage the project’s development and milestones.
Total capitalization will be $43 million of equity and $52 million of senior debt financing to be closed in the second quarter for a total project cost of $95 million.
Targeted for a 2020 targeted opening, the 255,000 sq. ft. apartment building will offer 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.