The New York City Regional Center ("NYCRC") is pleased to announce the full repayment of $200 million to EB-5 investors in its City Point offering. This repayment brings the total amount of loan proceeds repaid in NYCRC offerings to $777.5 million.
A total of 1,121 individuals (EB-5 investors and family members) achieved permanent residency in the United States through the City Point offering. They are among the over 5,000 individuals participating in NYCRC offerings who have achieved permanent residency in the United States. A total of 1,826 I-829 petition approvals have enabled 5,290 individuals to secure permanent green cards via NYCRC offerings to date.
A NYCRC-managed fund provided a $200 million loan to an affiliate of Acadia Realty Trust to assist with the construction of an approximately 550,000 square feet retail complex known as City Point in downtown Brooklyn. The multi-level retail complex includes tenants such as Target, Trader Joe's, Lululemon, and Alamo Drafthouse Cinema. The City Point site is adjacent to one of the city's busiest transportation hubs and its development has greatly enhanced downtown Brooklyn's retail mix. Construction of the retail complex is complete.
"We are proud to announce the full repayment of $200 million of capital to EB-5 investors in this offering," said Paul Levinsohn, NYCRC Co-Managing Principal. "Our thanks to Acadia Realty Trust and Washington Square Partners for their professionalism and hard work, and the respect they've shown the EB-5 investors. We are happy to have played a role in the success of the City Point development and the 1,121 individuals who have achieved permanent residency in the U.S. through this offering."
The NYCRC was approved by the United States Citizenship and Immigration Services in 2008 to secure foreign investment for real estate and infrastructure projects under the EB-5 Immigrant Investor Program. Congress created the EB-5 program to stimulate economic development through foreign investment. The program's mandate is to use foreign investment to spur job creation while simultaneously affording eligible foreign investors the opportunity to become lawful permanent residents of the United States. The NYCRC was the first EB-5 regional center approved in New York City.
Over the past 14 years, NYCRC-managed funds have put $1.57 billion of EB-5 capital to work across a broad spectrum of infrastructure and real estate projects in New York City. Much of this capital has been invested in underserved areas in need of long-term economic growth. Examples include:
$811 million to finance ground-up, redevelopment, and infrastructure projects in Brooklyn, including seven projects totaling $383 million in the Brooklyn Navy Yard; $108.5 million to finance ground-up and redevelopment projects in Washington Heights, an Upper Manhattan Empowerment Zone; and, $220 million to finance ground-up construction in the Bronx."The NYCRC has been an important source of economic development financing in areas requiring significant investment," said NYCRC Co-Managing Principal George L. Olsen. "Capital from NYCRC offerings have created jobs for New Yorkers."
The NYCRC announced the completion of project construction in 19 of its offerings to date. These completed projects successfully utilized NYCRC EB-5 financing to assist in the construction of over 3.8 million square feet of new development and renovation as well as infrastructure upgrades.