CanAm Enterprises Announces its 34th EB-5 Partnership Loan Repayment – The Marriott Courtyard at the Navy Yard Project
CanAm Enterprises (“CanAm”) is delighted to announce that its Marriott Courtyard Project in Philadelphia has repaid its EB-5 loan in full and early. Investors in this project join more than 1,800 investors-families fully repaid by CanAm to date.
The $16.5 million EB-5 loan through CanAm’s PIDC Regional Center financed the development of the “Courtyard Philadelphia South at the Navy Yard” in Philadelphia’s Navy Yard corporate center by Ensemble Real Estate Investments. Since the opening of the hotel in January 2014, the project has created 409 full-time U.S. jobs meaning all 33 investor families have met the EB-5 requirements to receive unconditional permanent residency in the United States.
Ensemble worked closely with PIDC and Liberty Property Trust to ensure the hotel’s design and style had relevance within the context of the master planned Philadelphia Navy Yard. The hotel, known for its striking contemporary design and environmentally-friendly amenities, has been well received within the community since its opening and has received prestigious awards including the Marriott Design Excellence award for Best Custom Project.
The hotel is operated under the Marriott Hotel brand, which is the largest hotel group in the world with more than 6,500 properties in 127 countries. This 214-room development features 1,838 square foot of ground floor meeting space and a 2,500 square foot restaurant with full bar. The hotel also offers a fitness center, indoor pool and 115 parking spaces. As the Navy Yard continues to grow, now with more than 10,000 tenants, hotel demand within the campus can be expected to increase as well.
“We are honored to work with PIDC to provide financing for the first hotel built in The Philadelphia Navy Yard campus, which will continue to contribute to Philadelphia’s economy and employment growth.” said CanAm’s President and CEO Tom Rosenfeld.
Overseen by the United States Citizenship and Immigration Services (USCIS), the Immigrant Investor Program, also known as the Regional Center Program or EB-5 Program, provides qualified foreign investors with the opportunity to earn conditional visas in return for investing $500,000 in businesses located in high-unemployment areas that create or retain at least 10 permanent full-time jobs for U.S. workers. It is a win-win job-creation program that receives bipartisan support. A number of EB-5 visas are set aside each year for participants who invest in commercial enterprises associated with regional centers approved of by USCIS.
- About CanAm Enterprises
With three decades of experience promoting immigration-linked investments in the United States and Canada, CanAm has a long and established track record. Based its work on a reputation of credibility and trust, CanAm has financed 55 project loans and raised more than $2.7 billion in EB-5 investments. CanAm exclusively operates several USCIS-designated regional centers that are located in the city of Philadelphia, the Commonwealth of Pennsylvania, the county of Los Angeles, the metropolitan region of New York, the states of Hawaii, Florida and Texas.
- PHILADELPHIA NAVY YARD
- U.S. Citizenship and Immigration Services
- CanAm Enterprises, LLC
- Philadelphia Industrial Development Corporation (PIDC) Regional Center
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