Real estate crowdfunding pioneer Rodrigo Niño dies

first_imgKnown for his energetic personality and interest in spirituality, Niño founded Prodigy as a brokerage in Miami in 2003, specializing in selling real estate to Latin American clients. In 2007 he moved to New York after the Sapir Organization asked him to market Trump Soho, a 391-unit hotel-condominium developed in partnership with Bayrock Group and the Trump Organization. (“The timing couldn’t have been worse,” he later recalled, referring to the housing crash and recession that was about to hit.)In 2011, Niño was diagnosed with stage three melanoma and had two rounds of surgery. His faith in traditional medicine waned, so he decided to travel to the Peruvian jungle to take ayahuasca, an ancient Amazonian brew known to induce hallucinations.In a 2018 interview, he recounted that over the course of two weeks in the jungle, he felt his fear disappear and experienced a “field of invisible energy that binds all living things together.”The experience proved transformative, and after returning to New York he pivoted his business to crowdfunding, hoping to democratize real estate by making it accessible to ordinary people.The idea was novel at the time: Niño was one of the earliest adopters of crowdfunding, which took off in the US around 2013 after a federal regulatory change, and he soon earned a reputation as a pioneer in the space.In addition to Prodigy’s U.S. projects, Niño worked on a major crowdfunding development in Colombia, dubbed BD Bacatá, which was billed as the tallest tower in the country but later ran into problems.Niño appeared to relish in his role as an outsider shaking things up.“Commercial real estate is a very boring asset class and I am very happy disrupting it,” he told TRD in a 2015 profile.The company later claimed to have raised nearly $650 million from 6,500 retail investors for a collection of projects in New York and Chicago, which included an extended-stay property in the Financial District, known as AKA Wall Street, and a high-end co-working space named The Assemblage.But many of the projects failed to meet expectations.Returns that had been forecast could not be met, and the company halted payments to investors in several buildings last June — asking for more time. Earlier this year, as investors grew restless, the firm asked those involved in two New York projects for money to keep the projects afloat. If the money couldn’t be secured, the letters warned, the investors would likely lose their payments in full.In a video posted online last month, Niño thanked investors for their patience and acknowledged the difficulties. “I know you have gone through a lot,” he said. It is unclear what Niño’s death means for Prodigy and its investors, many of whom are concerned about the health of the company and the status of their money.Throughout his troubles, Niño was committed to ideas about consciousness and community, hoping that his business — in particular The Assemblage, a co-working space that features meditation rooms and hosts social events focused on wellness — would help to foster a “collective consciousness evolution,” moving society away from individual interests and toward an emphasis on collective good.His last post to Instagram, dated April 23, featured a series of white words etched onto a starry night’s sky. “The old cycle has ended, something new has just begun,” it opened.“Trust that whatever happens next will take you where you’re supposed to be.”Write to Sylvia Varnham O’Regan at [email protected] This content is for subscribers only.Subscribe Now Rodrigo Niño (Credit: Prodigy Network)Rodrigo Niño, who went from selling condos at Trump Soho to founding a high-profile New York crowdfunding platform, has died at 50.Niño had been receiving treatment for cancer for several months. His death was first reported by La Republica, a publication in his native Colombia.The year leading up to his death had been a rocky one: Niño and his firm, Prodigy Network, had been hit with a string of lawsuits from investors in several commercial properties in New York and Chicago. The investors claimed they had lost money because of poor returns on the buildings and unpaid distributions. Many accused Prodigy of poor communication.In interviews with The Real Deal last year, Niño appeared both candid and defiant in the face of the claims. He acknowledged returns on the company’s investment offerings were not what he had hoped. Still, he said he was convinced that the company could turn around.But Prodigy’s woes only grew. Last September, as disquiet from investors and legal troubles mounted, Niño announced he was stepping down as CEO. In a statement to TRD, he said he had signed a memorandum of understanding with a group of investors who would take over the company and “rebuild the trust of our investors.”Days later, he announced that his cancer had returned.Read moreRodrigo Niño: Above the crowdProdigy Network CEO Rodrigo Niño to step downCrowdfunding firm seeks $30M bailout for second commercial buildinglast_img read more

EURO 2020: Graz welcomes Croatia again

first_imgShareTweetShareShareEmail Related Items:Men’s EHF EURO 2020 Graz ShareTweetShareShareEmailCommentsAustria already proved to be good ground for Croatia at the EURO 2010, where Croatia made it to the final. The preliminary round was played in Graz and the Styrian provincial capital will once again be home to Croatia in 2020, after a successful qualification. With Vienna and Graz, Austria will provide two preliminary round groups, as well as a main round group in Vienna. After successfully finishing the preliminary round in Graz the Croatian team would move to Vienna to play the main round. Serbia, Macedonia, Slovenia, Bosnia-Herzegovina and Montenegro could also play in Austria like Croatia would, if their qualification is successful. Tickets for the EURO 2020 will be available at from 24 October.It will be the European Championship of superlatives! For the first time a European Handball Championship will be held in three countries – Sweden, Austria and Norway. For the first time, 24 nations will fight for the title. And for the first time, the final will take place in a football stadium.The date of the 24th of October as the start for ticket sales is not been chosen entirely coincidental, as the qualification for the EURO 2020 also starts on this day. 32 nations fight in eight groups of four for the remaining 20 places in the final round. Sweden, Austria and Norway as hosts, as well as Spain as reigning European Champion are already set for the European Championships.DREAM.WIN.REMEMBERThis is the slogan/motto of the EURO 2020 and Croatia in particular will travel to Austria with the best memories. In 2010 they made it to the final, where they only had to admit defeat to France. Like back then, Croatia will again play its preliminary round matches in Graz in 2020. And the Styrian capital is looking forward to celebrating another true handball festival with its Croatian fans.And there is another parallel to 2010: From the preliminary round in Graz, the main round will continue to Vienna. Which is also linked to positive memories in Croatia for being honored with the silver medal at the EURO 2010.For the Croatian national team, the qualification for EURO 2020 starts on the 25th of October 2018 with the home match against Switzerland. One day before the ticket sale for the European Championship starts.While Croatia is fixed in Graz after a successful qualification, the EURO could also start in Austria for some of Croatia’s neighbouring countries: Macedonia, Slovenia, Bosnia-Herzegovina and Montenegro.Further ticket releasesFurther ticket releases are planned for the 9th of January 2019 (‘One year to go’), 17th of April 2019 (Easter release) and for the 1st of July 2019, as all 24 participating will be known by then.The first matches in Graz (group A) and Trondheim (group C) are played on the 9th of January. On the 10th of January the action will start in Vienna (group B), Trondheim (group D) and Gothenburg (group F); group E in Malmö joins last on the 11th of January.Final weekend over three daysThe main round will be played in Malmö and Vienna, while the final is played in Stockholm’s Tele2 Arena, a 20,000 capacity stadium. When it comes to the final weekend, fans will experience Sweden’s capital as it lives and breathes handball for three days.Following a unique change of the playing schedule, the EHF Executive Committee confirmed in September, that for the first time the match for third place and the final will be played separately from each other, with the bronze medal match to be played on Saturday, 25th of January 2020, and Sunday, 26th of January, being exclusively reserved for the final.With the semi-finals on Friday, 24th of January, as well as matches on Saturday and the final on Sunday, the final weekend has been extended to a three-day long handball party, which will be framed by a high-level entertainment concept.In the new schedule, the 5/6 placement match will be moved from Friday, 24th of January, ahead of the semi-finals, to Saturday, 25th of January, when it will take place ahead of the match for third place.PhotoCredit: OEHB/ Sebastian Pucher Click to comment Leave a Reply Cancel replyYour email address will not be published.Comment Name Email Website Save my name, email, and website in this browser for the next time I comment.last_img read more