It is the first time a university-backed real estate development of this scale has been tokenized on chain.

Backed by a $210 million redevelopment budget and leveraging Evergon’s infrastructure in partnership with Neem Capital, the “Immaculata Living” project redefines what real-world asset tokenization can look like when aligned with institutional and mission-driven partners.

Located in Chicago, the project combines historic preservation, intergenerational housing, and blockchain-native infrastructure to bring new capital access to urban real estate.

Let us get in the details of this unique upcoming project.

Project Genesis: What is Immaculata Living?

“The original plan was to sell our real estate to a developer, who would develop a housing project here.” explains Timothy Gianotti, President of the American Islamic College. “As complications arose, I looked for alternatives to retain partial ownership, involve investors ourselves, and retain a voice in the project so that we could be involved in the governance of the project. Then I met with Mohammed Marikar from Neem Capital. He advocated for the tokenization of the entire project and all the benefits it would bring to the asset management. A much forward looking vision that matches our University’s ambition. The only missing piece was a solid technical partner to match it, and this is when we got to meet the Evergon team.”

The Immaculata Living project began with a challenge familiar to many mission-driven institutions: how to unlock the full potential of a valuable urban property without losing control of its legacy or purpose. Originally built as St. Vincent School in 1891, on the shores of the Lake Michigan and later acquired by the American Islamic College, the site faced growing development pressure from private promoters. Instead of selling outright, the College sought a structure that could preserve long-term ownership, invite aligned investors, and embed community benefit into the asset’s future. Through its partnership with Neem Capital and tokenization infrastructure provider Evergon, that vision took shape, marking the beginning of the world’s first $210 million university-linked real estate tokenization.

Two phases, one unified community

The project is structured in two complementary phases.

1. Phase one involves the renovation of a 55-foot, four-story landmark building into 245 residential units. Historic features such as stained glass and a 1,000-seat auditorium will be restored and integrated into high-end amenities including lounges and coworking space. Floor plans include one-bedroom, one-bedroom plus, and two-bedroom units.
2. Phase two introduces a newly constructed 250-foot residential tower dedicated to senior housing. It will include catering, healthcare services, and barrier-free access, creating a purpose-built environment for long-term residents.

The two phases can be executed simultaneously. Construction begins approximately nine months after the raise closes. Renovation is expected to take 18 months. The tower construction will take 24 months. Phase one is targeted toward working professionals, and phase two is reserved for seniors.

Read more about the tokens dynamics here.

“The assets bundled into the overarching company forecast annual yields going from 6% to 14% depending on the units and their rental price. We are targeting an averaged APY passed the 10% mark as investors are jumping in early at a very operational stage of the project.” Mohammed Marikar.

On chain infrastructure with real yield

The financing model is built around IMMA SOT, a real-world asset backed ERC-20 token issued at 1 USD per token with a fixed supply of 210 million. Once the fundraising threshold is reached, title to the land and improvements transfers to a Wyoming DAO LLC. Token holders will then collectively own the full project and receive pro rata exposure to income and equity.

Residential units will be rented at market rate or slightly above. Services attached to the apartments such as catering or healthcare are also part of the total income redistributed to investors.

This income is distributed monthly to token holders in USDC or USDT, with the option to receive USD via ACH or Fedwire. Investors can manage preferences through the investor portal. Token holders also have the option to redirect a portion of their monthly yield to the American Islamic College scholarship treasury using a simple slider.

Staking unlocks additional rights.

Investors who hold 400,000 SOT or more can stake them to lease a unit. At 1 million tokens, investors can activate a residency package designed to support EB 5 visa filings. At 10 million tokens, investors can earn campus naming rights and observer seats. The College (AIC Endowment) itself commits to staking permanently 20 million tokens to secure governance.

Tokens can also be burned for title. After 60 months, verified holders may redeem tokens and receive a deed to a unit. All deeds are recorded with Cook County and mirrored on chain.

Compliance and security

All investors must be accredited, for which there will be a simple & straightforward verification through Evergon Labs and their native ComPilot integration. Only verified wallets can access staking, yield distribution, and governance. Unverified wallets still accrue yield, but it remains in escrow until verification is completed.

Investor eligibility depends on jurisdiction. United States investors must be accredited in accordance with Regulation D. A dedicated staking tier also supports EB-5 investors, enabling residency-linked benefits for qualifying participants.

Note: You can already register interest for the upcoming sale and proceed to KYC / KYB through Neem Capital’s marketplace before the actual start of the fundraise.

The infrastructure includes fully audited smart contracts, a twelve-month bug bounty program, optional regulated custody, and insurance coverage for potential incidents.

OTC friendly, Shariah aligned, and globally accessible

This raise is open to both institutional and individual investors.

Payments can be made via wire transfer, stablecoins, or directly through a regulated custodian wallet. Over the counter transactions are supported and encouraged.

The raise is entirely equity based. No debt and no offshore entities are involved. This structure was chosen to maintain alignment with ethical and Shariah principles.

Governance and legal structure

Ownership of the land and the improvements will reside in a Wyoming DAO LLC that will be formed in the week following the initial mint of the IMMA SOT token. The deed is already pre signed and held in escrow.

As soon as the capital threshold is met, it will be executed automatically.

All construction drawdowns are monitored by a Big Four auditor. Compliance and investor protections are enforced on chain. While the final quorum and voting mechanics are still being discussed, the goal is to ensure long term utility and avoid governance concentration.

Investors who do not stake their tokens to earn yield will see their share redirected to the college.

A precedent for institutional real estate tokenization

This project sets a global benchmark for how universities and real estate developers can use tokenization not only to raise capital, but also to anchor values like access, transparency, and mission alignment into financial infrastructure.

Immaculata Living is a collaboration between American Islamic College, KGiles LLC and Neem Capital. Token infrastructure and investment marketplace is powered by Evergon Labs. Compliance services are delivered by ComPilot directly integrated in the platform and customize by Neem Capital for the purpose of this project. Legal structuring is led by Croke Fairchild Duarte and Beres in Chicago.

How to participate?

The sale is now visible on the Neem Capital platform powered by Evergon: https://app.neem.capital/

Investors can already register interest, get verified, request OTC support, and access the investor portal to complete onboarding.

What comes next?

• Token subscriptions are expected to close before the end of 2025.
• OTC deals are being finalized with institutional partners.
• Scholarship and community programming announcements are in preparation.
• Listing applications may be filed with compliant exchanges after the raise.
• Title transfers and occupancy are expected to begin in 2028.

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