ACORE Capital provided the debt
Shorewood Real Estate Group and Prodigy Network have secured $75 million from ACORE Capital to refinance 17 John Street in the Financial District, the CO reported.
Unique Concept: The property contains five floors of co-working space (45,000 square feet), 81 extended stay hotel rooms, and ground floor retail.
Financing Details: The five year loan consolidates and replaces $66 million in construction financing. Acore also provided a $9 million gap mortgage.
Worth Noting: Prodigy, a crowdfunding platform, raised around $25 million for the deal.