Founded in 2000 by R. Matt McDonald and W. Scott Boatman, with the addition of Jonathan Siegel in 2004, ProNet Capital, LLC, a Colorado Limited Liability Company with headquarters in Denver, is a boutique private equity and real estate development firm.
ProNet was initially created to serve the unique financial and investment needs of professional athletes, entertainers and other high-income individuals. ProNet has since branched out to develop luxury resort real estate and co-develop the acquisition and construction of major projects. ProNet has a long history of real estate development projects, from multi-family to hospitality with a primary focus in the Caribbean market.
ProNet’s history in Turks and Caicos started with their initial investment into the original Grace Bay Club, which at the time was a twenty-room hotel. After the success of the Grace Bay Club, ProNet was introduced to the original developers of West Caicos (Logwood Development Group, Ltd.).
ProNet made its investment into West Caicos in May 2003 with the purchase of 60 acres of land on the southwest side of the island, ultimately leading to a joint venture with Logwood Development Group, Ltd. In 2004, ProNet made an equity investment of $10 million into the West Caicos project (which evolved into Molasses Reef, a Ritz-Carlton Reserve).
It was at that point that ProNet joined its equity with The Provo Fund, LP’s $2 million investment in West Caicos and began its partnership with Mr. Siegel who ran The Provo Fund and was the Chief Financial Officer of the West Caicos project. The partnership with Mr. Siegel led to the advancement of the West Caicos project. Ritz-Carlton was secured as the operator, the marina and other significant infrastructure was completed, significant additional equity was raised, Lehman Brothers Holdings was secured as the senior lender and equity investor, and designs were completed and significant construction advanced.
ProNet, through Mr. Siegel and Mr. McDonald, ran the day-to-day operations of the development including negotiations with government, legal, business, financial controls, reporting, sales, and acquisitions.
ProNet recently completed a six-acre, five-villa, private residence neighborhood on the North Shore of Providenciales known as Babalua Beach and Mother’s House. The project was one of the only new residential construction developments in Turks and Caicos in the last five years. ProNet serves on various Boards of Directors for real estate development projects, whereby providing assistance and management of the day-to-day operations of real estate development.
