- Funding Needed
- $51.2 (Mio)
- EB5 Funding
- $4.5 (Mio)
- Amount Subscribed
- $24 (Mio)
- EB-5 Investors
- 9
- Investment Amount
- $500,000
- Job Creation per Investor
- 45.8
- Job Creation (Total)
- 412
- Category
- Accommodation and Food Services
- Sub-Category
- Hotels (except Casino Hotels) and Motels
- State
- New York
- Location
- 30 Fletcher Street New York NY 10038
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- Last Update: March 10, 2016 10:30 AM
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Fletcher Street Marriott Hotel
- Developer Name
- Seaport Heights LLC
Project Description
The sponsor for this EB-5 investor fund raising is LAM EB-5 LLC, a Lam Group company (the “Lam Group”). In conjunction with Lam NYC EB-5 Fund Regional Center LLC (the “Regional Center”), Lam Group is proud to present the Fairfield Inn & Suites by Marriott Financial District Hotel Project (the “Project”) for EB-5 investment.
Seaport Heights LLC, a subsidiary of Lam Generation (a second-generation company and supported by Lam Group), is the developer of the Project. The Project is a 176 guest room hotel located in the financial district (i.e., Wall Street) in Manhattan, New York City. The Project broke ground in the First Quarter of 2012 and it is anticipated to be completed and open for business in the First Quarter of 2015.
EB-5 Investor will invest into Fletcher Street Investment Funds, LP (the “Partnership”), as limited partner, with Lam EB-5 LLC acting as the general partner. The Partnership, through funds raised from EB-5 Investors, will make a loan to the developer to fund the development costs, along with developer’s cash and a construction loan.
The loan will be paid off within 5 years. Developer will payoff the loan from the Partnership by refinancing the hotel or by selling the hotel. Based on years of experience, Developer is confident that either exit strategy can be achieved.
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