CanAm Announces Closing of Investment in Bayonne, New Jersey Apartment Project
CanAm Enterprises (CanAm), the leading full-service financial firm sponsoring EB-5 immigration-linked investment funds, is pleased to announce that its private equity affiliate, CanAm Capital Partners (CACP) has closed its latest real estate investment in Bayonne, NJ in partnership with The PRC Group.
The project, Lofts on Avenue E (“project”) is a 162-unit multifamily rental apartment complex. The $62.2 million project will utilize $2 million of CanAm's redeployment capital to fund construction. Site demolition commenced in early 2020 and the project is already going vertical. It is expected to be completed by the end of 2021. The project represents the second investment with The PRC Group, having previously closed on a $22.5 million multi-family development in Jersey City. John Reid, CACP's Director of Project Development commented, “We welcomed the opportunity to work with The PRC Group again and participate in capitalizing this well-located apartment asset. PRC is a quality sponsor with an excellent reputation with whom we've had success in the past.”
The $2 million capital was originally part of a $50 million EB-5 loan provided for the initial development of what is now Matrix Global Logistics Park, a major industrial hub in Staten Island, which includes three buildings totaling 2.25 million square feet (sqft) leased to Amazon and a fourth, 975,000 sqft facility, occupied by Ikea. The redeployed capital will remain invested in the Bayonne project to meet program requirements for EB-5 investors impacted by immigration backlogs. “We are pleased to reinvest this capital,” commented Mr. Reid, “which resulted in the development of over 3.2 million sqft of industrial space and thousands of full-time jobs.”
The PRC Group is a real estate company and service provider with experience in commercial real estate development, single family housing projects, multi-family community investments and equity investment in urban redevelopment. Through its individual member companies, The PRC Group has a track record of success and achievement and currently owns and manages over 2,000 residential apartment units and over 200,000 sqft of commercial properties.
CACP's investment strategy focuses on geographies and assets where CanAm has informational, operational, and other competitive advantages. In addition to its latest real estate investment, CACP and its affiliates have invested capital in two multi-family development properties in Texas, a hotel expansion in the heart of Philadelphia, a Class-A rental development in the center of Philadelphia and repositioning a creative office space in Atlanta, with combined asset values exceeding $335 million.
ABOUT CANAM ENTERPRISES
CanAm Enterprises (CanAm) is the leading full-service financial firm sponsoring EB-5 immigration-linked investment funds. Basing its business on a reputation of credibility and trust, CanAm has financed over 60 projects and raised nearly $3 billion in EB-5 investments. With three decades of experience promoting immigration-linked investments in the United States and Canada, more than $1.75 billion in EB-5 capital from over 3,500 investors on 45 projects has been repaid by CanAm to date. CanAm exclusively operates seven USCIS-designated regional centers that are located in the city of Philadelphia, the Commonwealth of Pennsylvania, the metropolitan regions of New York & New Jersey, the states of California, Hawaii, Florida, and Texas.
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