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

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

"We are thrilled to have closed on 17John. Its location is at the core of the emerging Financial District and represents an unprecedented opportunity for those who have always wanted to invest in Manhattan real estate. Securing financing from traditional lenders such as CIBC and Deutsche Bank further validates our crowdfunding model," says Rodrigo Nino, CEO of Prodigy Network.

Upon completion of construction, the 23-story extended stay property will feature 191 furnished units, including full kitchens and workspaces and state-of-the-art technology, company officials say.

"17John further establishes crowdfunding in commercial real estate as an efficient way to provide access to smaller accredited investors to institutional quality projects that were previously unavailable to them," says S. Lawrence Davis, principal of Prodigy Capital Group, parent company of Prodigy Network.

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