Funding

Funding Needed
$108 (Mio)
EB5 Funding
$21 (Mio)
Amount Subscribed
$81 (Mio)
EB-5 Investors
42
Investment Amount
$500,000
Subscription Fee
55,000

Jobs

Job Creation per Investor
28.6
Job Creation (Total)
1200+ (over 29 per EB-5 investor)
Category
Real Estate and Rental and Leasing
Sub-Category
Lessors of Nonresidential Buildings (except Miniwarehouses)

Investment

Structure
Loan
Amount of EB-5 investors anticipated for this phase?
42
Expected Maturity
6 years from loan to Borrower
Expected Return
.75% annual to each EB-5 investor projected
Principal equity in project?
Yes

Immigration

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

Location

State
New York
Location
250 Delaware Avenue, Buffalo NY

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250 Delaware Avenue Project

Verified Project Crowd check verified seal small Impactdatasource verification logo small

Opened: February 15, 2016

Closed: December 04, 2016

Funded: 75.0%


Developer Name
Uniland Development Company

Project Description

250 Delaware Avenue will be an iconic 12-story glass walled structure on the corner of Delaware and Chippewa in the Central Business District (CBD). 250 Delaware will serve as the new world headquarters for Delaware North Companies (DNC), a global leader in hospitality and food service that was founded in Buffalo 100 years ago. This stunning new building will also contain a Westin hotel, Class A office space, retail, and an adjacent parking garage. The project’s design integrates the latest advances in environmental and energy conservation, producing a high LEED certification. The building also features a 7,000-square-foot courtyard and garden, providing an urban oasis in the middle of the city. The project is a win-win for the community – it adds a new world-class building to Buffalo’s cityscape, enhances community renewal, restores a contaminated brownfield, and provides a substantial economic impact for the city. 

Project At-A-Glance

Class A Office – 193,000 SF

  • Approximately 110,000 SF for primary tenant
  • Approximately 80,000 SF of additional Class A office space available for lease and to provide expansion for primary tenant  

Hotel – 104,000 SF

  • A hospitality training facility
  • A 120 room hotel having a major flag identity

Retail – 18,000 SF

  • Street level retail development along the Delaware, Chippewa and Elmwood frontages

Structured Parking

  • 593 car parks (including the DNC parking under the building)

Environmentally Sustainable Development

  • 15 distinct, sustainable design features leading to a LEED Silver award

Project Timeline

Project under construction. Construction expected to be completed in 2016. Initial tenants occupy the facility as of July 2016, with the remaining expected to occupy in 2016.


Conversations

user
EB5 Project
What regional center in NY is this
Joel, November 19, 2016 06:34 PM [Answered] 1
user
Details
please send full details of this project have you got approved I526 for both projects and how fat to completion?...
clarit wang — January 20, 2016 03:04 AM [Answered] 1

Reports

250 Delaware Avenue Project: Contact Information

Contact Person
William Gresser
Email
bgresser@eb5nys.com
Web Site
www.eb5nys.com

250 Delaware Avenue Project: Investments

Reg. D?
Yes
Rule 506
506 (c)
Reg. S?
No
Investment type
Loan
Total amount of estimated funding required for all phases of development(in Millions)?
$21
Number of planned phases (projects) in development?
1
Expected time to complete this project or phase of overall development?
more than 12 months
Is this a new commercial enterprise or purchase of an existing troubled business?
New commercial enterprise
What ratio of equity to debt would best classify the source of overall funding for the project / development?
50% equity : 50% debt
What percentage of overall funding has been raised to date?
more than 75%
Does the investor need to be accredited to invest?
Yes
What are the expected financial returns for this project?
.75% annual to each EB-5 investor projected
On what premise are those projections made?
Financial projections
Are returns paid on the investment prior to maturity?
Yes
If Yes, when are they paid?
Annually
Can you describe in more detail how returns are paid, and under what conditions? For instance, are they only paid if the project is positive cash flow or profitable. What expenses must be accounted for and paid prior to distributions are paid to investors?
Described in full in PPM and designed to comply with USCIS, SEC and other requirements.
Can you please describe the expected exit strategy and what source(s) of debt or equity are expected to be used to repay the investor’s capital investment?
EB-5 Company to be repaid by Borrower. EB-5 Company has a 1st position mortgage on the property and guarantees of repayment, in the same position (pari passu) with the Commercial Bank. All EB-5 loan is to repaid by the borrower on a date certain, with no right to extend by the Borrower.
Can you please describe the procedure for allowing the investor to sell his interest in the investment and who the buyer might be?
Described in full in PPM
What is the expected term of the investment?
6 years from loan to Borrower
Can you describe what procedures are in place If the investor needs to liquidate his position before the contracted maturity date of the agreement, and what penalties may be imposed?
Described in full in PPM
How is the value of the investment, once the investment has been made, measured?
Described in full in PPM -- amount of the Investor's investment
Have these strategies been used by the Regional Center principals, or project managers in the past and what was the outcome?
Yes. Successfully completed in earliest project, with that project repaying investors.
Have all of the permits and permissions for project development been obtained?
Yes
Is there any patented intellectual property essential to this project?
No
Are there any other notes or comments to make regarding this investment that would be important for the Investor to know?
EB-5 investors who currently make an investment, are permitted, per USCIS policy, to count jobs which have already been created. Over 29 jobs per investor are projected to be created, with most from construction expenditures. Project is nearly completed and current EB-5 investors are permitted to take credit for the construction jobs which have already been created. The EB-5 Company's loan is secured by a 1st position mortgage and guarantees of repayment, pari passu (in the same position) as the Commercial Bank (the EB-5 loan is NOT behind the bank but rather is in the same position as the Commercial bank mortgage lender).

250 Delaware Avenue Project: Fees

What is the fee for subscribing to the investment (Subscription Fee)?
55,000
Do potential investors need to pay a fee to obtain the operating documents, PPM or other subscription documents?
No
If Yes, Is that refundable in the event the investor decides not to invest?
No
If so, what is that Document fee?
None
Could you please describe the procedure for the return of any fees, or fees that are withheld?
Described in full in PPM
Could you please describe the procedure for return of escrow in the event of denial of the I-526 by USCIS?
Described in full in PPM
Does that include the processing of the I-526, I-829 or any other legal fees associated with the immigration application?
No
What is required for escrow payment at the time of submission of the I-526?
Full payment to escrow by time of filing I-526 petition.
What is the policy for reimbursing the escrow payment in the event of denial?
No fee for establishing escrow.
What fees do you pay to 'finders' or agents?
Proprietary information
If there is no finder or agent, would you reimburse that fee to the investor?
No
Do you pay finder’s fees to attorneys?
No
Do you pay fees to unlicensed broker’s or agents?
No

250 Delaware Avenue Project: Risks

Risk Factors

Risk FactorDescription
Described in PPMRisk factors are described in PPM
Can you please describe what conditions could occur in the market that would negatively affect profitability and commercial operations or job creation?
Risk factors are described in PPM
What strategies are you employing to mitigate those risks?
Risk factors are described in PPM
Can you please describe what conditions could occur that would negatively affect the ability to repay the investors?
Risk factors are described in PPM

250 Delaware Avenue Project: Structure

Has the Principal invested their own equity in the project?
Yes
Can you identify the terms and conditions of the offering, including the interest and repayment details?
Detailed information is contained in the PPM
What will the funds be used for (ie. infrastructure development of existing military base, development of a film studio, etc)?
Construction and operations of the Borrower.
Are financial statements or records available from the borrower?
Yes
Is collateral on the investment or loan provided?
Yes
If Yes, can you specify what the collateral is?
1st mortgage plus guarantees of repayment to the EB-5 Company, pari passu (in the same position) as the Commercial Bank loan.
What would best describe the investment structure of the project?
Limited Liability Corporation (LLC)
What percentage of the investment will be made by the General Partners, Regional Center or Project Principals?
10%-25%
What would best describe the Principal's oversight of the project?
Other or combination of the above
If other, or a combination, can you provide details on who is overseeing the capital investment, job creation and ongoing operations?
Regular meetings with Developers, regular visits to the site under construction, review construction draws submitted to Commercial Bank (prepared by independent outside 3rd party experts), financial reports, and related information.

Capital Stack Table

TypeName of Financial InstitutionAmountTerms
DebtM&T Bank$36.5 millionCommittedFavorable terms due to strength of borrower and project. Note - this is the amount of Bank debt for post-construction phase of Bank debt. Balance ($21 million) is EB-5 Company's loan. Total 1st mortgage debt on the project, including EB-5 is $57.5 million.
EquityBorrower$51 millionCommittedDeveloper has invested nearly all of the required capital.

250 Delaware Avenue Project: EB-5

Is this a loan?
Yes
If the investment into the project is a loan, is the borrower a:
Commercial third party (not related to Regional Center principals)
Can you best describe your operating procedure for the filing of the I-526?
The foreign national's attorney can submit if they are approved or their work is reviewed by you
Does this project have approved I-526's?
No
Does this project have approved I-829's?
Yes
Does this Regional Center have approved I-526's?
Yes
Does this Regional Center have approved I-829's?
Yes
Is any of the subscription fee refundable in the event of a denial of the I-526 by USCIS?
No
Amount of EB-5 investors anticipated for this phase?
42
What percentage of overall funding is expected to be sourced from EB-5 investors?
translation missing: en.percentage_funding_from_investors.less_25
Are non EB-5 investor’s allowed to participate?
No
Can you please explain if EB-5 and non EB-5 investors treated equally in the distribution of dividends and profits?
No non-EB-5 investors

Project Exemplar Approval

Does this Project have Exemplar Approval?
No
Date of Exemplar Approval:

Requests for Evidence

Does this Project have Exemplar Approval?
No

I-526

Date of first I-526 Submission:
2015-09-01
Date of first I-526 Approval:
2016-08-01

I-829

I-829 Approved:
23
Date of first I-829 Submission:
2016-08-01
Date of first I-829 Approval:
2016-08-01

This data was last updated on:August 10, 2016 05:54 AM

250 Delaware Avenue Project: EB-5

Has this project been the subject of a USCIS/SEC/FBI/DOJ/AAO Review, Notice, Investigation or Action
No

This data was last updated on:August 10, 2016 05:54 AM

250 Delaware Avenue Project: Job Creation

Is Regional Center located within a Targeted Employment Area (TEA)?
Yes
Is this a Public / Private partnership?
No
Job creation methodology
RIMS II
Does the job creation rely on direct jobs, capital expenditure, or a combination?
Capital expenditure, Indirect & Induced
How many jobs are expected to be created in total? (Indirect & Induced)
1200+
How many jobs are expected to be created in per investor? (Indirect & Induced)
28+
How are jobs allocated to the pool of investors?
All
Can you describe the job creation model? For instance, is it based on capital injection, or on a direct job creation and indirect job multiplier, or other?
Construction expenditures account for 26+ jobs per investor, with the remaining 2 jobs per investor coming from Project operations

250 Delaware Avenue Project: Reporting

Do you offer periodic reports to investors on the status of the investment?
Yes
If so, what is the frequency of these reports?
Semi-Annually
Are these reports produced by you, or by an independent third party such as a auditing or accounting firm?
Yes
Do you have a third party firm that performs employee payroll & HR record keeping services for the project?
No
If Yes, can you provide the name of that firm?
Developer produces information for EB-5 Company and Commercial Bank per Bank requirements
Do you have a third party firm that performs I-9 verification?
No
If No, do you perform I-9 verification of the employees?
No
Would you have any objection to an accounting or law firm performing an audit on the payroll, employment or financial records of the project?
No
If Yes, could you explain why you would have an objection?
Yes. Developer produces information for EB-5 Company and Commercial Bank per Bank requirements.
If you lease space in your facility to third party firms, are they willing to allow an audit of their employment records for the purposes of verifying employment?
No
If Yes, could you describe what notice you or they would require as well as any procedures that would need to be followed for performing the audit?
N/A
If No, could you please describe the reasons why?
N/A

Files & Documents

250 Delaware Avenue Project : Escrow

Escrow: Yes

Investment held in escrow until released as described in Offering Documents.


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