- Funding Needed
- $131 (Mio)
- EB5 Funding
- $40 (Mio)
- Amount Subscribed
- $131 (Mio)
- EB-5 Investors
- Investment Amount
- Subscription Fee
- Job Creation per Investor
- Job Creation (Total)
- Accommodation and Food Services
- Hotels (except Casino Hotels) and Motels
- Amount of EB-5 investors anticipated for this phase?
- Expected Maturity
- 5 years
- Principal equity in project?
- Does this project have approved I-526's?
- Does this Regional Center have approved I-526's?
- Does this Regional Center have approved I-829's?
- New York
- 213 Pearl Street, New York, NY
- Last Update: March 08, 2016 09:17 AM
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Lam Group 213 Pearl Street
- Developer Name
- Lam Group/Lam's Golden Pearl Hotel Plaza LLC
Lam’s Golden Pearl Hotel Plaza LLC, a Lam Group company (the “Lam Group”), is developing a three-hotel project located at the corner of Pearl Street and Platt Street in Manhattan, New York, which we call the “Pearl Street Plaza Hotel Project”. The project comprises of three hotels: (1) Four Points by Sheraton; (2) Courtyard by Marriott; and (3) Residence Inn by Marriott. The first hotel commenced construction beginning in 2012 (“Phase I”). The second and third hotels, which will be housed within one building, will commence construction in the beginning of fourth quarter 2013 (“Phase II” or “Pearl Street Hotel” or “Project”). Phase II is the project that Lam Group, through its regional center, is presenting for EB-5 investment. EB-5 Investor will invest into Pearl Street Investors Fund, LP (the “Partnership”), as limited partner, with Lam NYC EB-5 Fund Regional Center LLC (the “Regional Center” or “LAM EB-5”) acting as the general partner. The Partnership, through funds raised from EB-5 Investors, will make a loan to the developer to fund, along with developer’s cash and a construction loan, the development costs. The investment is structured as a loan and will be paid off within 5 years.
Phase II Project Description: Courtyard and Residence by Marriott Financial District; 320 Guest Rooms (including Penthouse Suite); 44 Stories; 166,000 SF
Owner Investment: $ 31.0 million
Construction Loan: $ 60.0 million
EB-5 Loan: $ 40.0 million
Total Budget: $131.0 million
Jobs Created by Project: 1030 jobs
EB-5 Investment Sought: $40 million (80 units)
Total jobs required for EB-5: 800 jobs
- $500,000 Investment
- No Money at Risk without Temporary Visa – Escrow
- Project to Start Without Delay
- Permanent Visa Approval More Likely
- Investment is Less Risky – Loan
- Low EB-5 Capital to Total Budget
- Premium Location
Construction Start: November 2013
Hotel Opening Date: Fall 2017
EB-5 Loan Payoff: 5-year Loan
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