Two New York developers are seeking to raise EB-5 money for the construction of the first Edition Hotel on the West Coast, The Real Deal has learned.
Howard Lorber and Steve Witkoff are trying to raise $75 million in mezzanine financing through the program, which grants foreign investors green cards in exchange for a minimum investment of $500,000 in job-creating projects in the U.S.
The program is one of the most popular — and most controversial — fundraising vehicles for developers in New York, L.A. and Miami. Other L.A. developers leveraging the program include MacFarlane Partners, which is seeking to raise $60 million for the construction of two residential buildings across from Pershing Square in DTLA., and hotelier Beny Alagem’s Oasis West Realty is looking to raise $150 million for the Waldorf Astoria.