Funding

Funding Needed
$131 (Mio)
EB5 Funding
$40 (Mio)
Amount Subscribed
$131 (Mio)
EB-5 Investors
80
Investment Amount
$500,000
Subscription Fee
50,000

Jobs

Job Creation per Investor
11.1
Job Creation (Total)
889
Category
Accommodation and Food Services
Sub-Category
Hotels (except Casino Hotels) and Motels

Investment

Structure
Loan
Amount of EB-5 investors anticipated for this phase?
60-80
Expected Maturity
5 years
Principal equity in project?
Yes

Immigration

Does this project have approved I-526's?
No
Does this Regional Center have approved I-526's?
No
Does this Regional Center have approved I-829's?
No

Location

State
New York
Location
213 Pearl Street, New York, NY

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Lam Group 213 Pearl Street

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Opened: November 01, 2013

Closed: June 30, 2017

Funded: 100.0%


Developer Name
Lam Group/Lam's Golden Pearl Hotel Plaza LLC

Project Description

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

 

 Investment Highlights:                

  • $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

Project Timeline

Construction Start: November 2013
Hotel Opening Date: Fall 2017
EB-5 Loan Payoff: 5-year Loan


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