EB5 Project
What regional center in NY is this
- Funding Needed
- $108 (Mio)
- EB5 Funding
- $21 (Mio)
- Amount Subscribed
- $81 (Mio)
- EB-5 Investors
- 42
- Investment Amount
- $500,000
- Subscription Fee
- 55,000
- 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)
- 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
- 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
- State
- New York
- Location
- 250 Delaware Avenue, Buffalo NY
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250 Delaware Avenue Project
- 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
Details
please send full details of this project have you got approved I526 for both projects and how fat to completion?...
Reports
250 Delaware Avenue Project: Map
250 Delaware Avenue, Buffalo NY
250 Delaware Avenue Project: Contact Information
- Contact Person
- William Gresser
- 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 Factor | Description |
|---|---|
| Described in PPM | Risk 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
| Type | Name of Financial Institution | Amount | Terms | |
|---|---|---|---|---|
| Debt | M&T Bank | $36.5 million | Committed | Favorable 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. |
| Equity | Borrower | $51 million | Committed | Developer 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
250 Delaware Avenue Project: Media
Files & Documents
250 Delaware Avenue Project : Escrow
- Escrow: Yes
Investment held in escrow until released as described in Offering Documents.
Project: Videos
News & Updates
Patina 250, Jake's Cafe to open in August at 250 Delaware
June 15, 2016
Buffalo’s 250 Delaware a steel spectacle
June 07, 2016
Westin Hotel already taking reservations
May 31, 2016
Building Update: 250 Delaware Avenue in Buffalo
April 11, 2016
250 DELAWARE PROJECT INFORMATION
March 31, 2016
KeyBank unsure how long it will occupy new office at 250 Delaware
November 23, 2015
KeyBank cleared for move to 250 Delaware Avenue
September 10, 2015
News & Updates 7
Buffalo’s 250 Delaware a steel spectacle
June 07, 2016
KeyBank cleared for move to 250 Delaware Avenue
September 10, 2015
KeyBank unsure how long it will occupy new office at 250 Delaware
November 23, 2015
Westin Hotel already taking reservations
May 31, 2016
Regional Center
EB-5 New York State
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