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Online commercial real estate crowdfunding platform Prodigy Network may see one of its developments face foreclosure.
Real estate advisory firm Vanbarton Group has initiated the UCC foreclosure auction process for a $36 million junior mezzanine loan for its 17 John Street coworking/coliving facility.
Assemblage John Street was developed by Prodigy, with Vanbarton Group issuing the loan for the space in 2018.
The auction is scheduled for May 12 and will be marketed by Eastdil Secured on behalf of Vanbarton.
This news comes weeks after Prodigy filed for Chapter 7 bankruptcy and nearly one year after its founder Rodrigo Niño passed away. Now, Prodigy is facing mounting lawsuits by investors who invested over $690 million into the company.
According to investor materials, over $50 million of equity for Assemblage John Street derived from small investors who were promised higher returns. However, the project barely broke even for a year after it opened, with the balance sheet turning positive during the second quarter of 2019.
However, the pandemic has critically injured much of the coworking and coliving industries, including Assemblage.
