NEW YORK CITY—Prodigy Network has acquired thedowntown commercial building 17John St. here for$85.3 million, utilizing more than $25 million it raised incrowdfunded equity.

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The New York City-based investment firm that specializes incrowdfunding financing, also secured senior financing fromDeutsche Bank and subordinate financing from a NewYork based institutional investor. Accredited investors from morethan 12 different states and 10 countries invested inparticipations starting at $50,000 in 17John St.

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"We are thrilled to have closed on 17John. Its location is atthe core of the emerging Financial District and represents anunprecedented opportunity for those who have always wanted toinvest in Manhattan real estate. Securing financing fromtraditional lenders such as CIBC and Deutsche Bank furthervalidates our crowdfunding model," says RodrigoNino, CEO of Prodigy Network.

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Upon completion of construction, the 23-story extended stayproperty will feature 191 furnished units, including full kitchensand workspaces and state-of-the-art technology, company officialssay.

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"17John further establishes crowdfunding in commercial realestate as an efficient way to provide access to smaller accreditedinvestors to institutional quality projects that were previouslyunavailable to them," says S. Lawrence Davis,principal of Prodigy Capital Group, parent company of ProdigyNetwork.

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Prodigy Network's Manhattan portfolio exceeds an estimated $450million in commercial real estate properties that includes morethan $70 million of crowdfunded equity.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.