EB-5 Investors Receive Full Repayment of $60 Million Loan in New York City Regional Center’s Brooklyn Navy Yard Offering
New York, NY , Jan. 04, 2017 (GLOBE NEWSWIRE) -- The New York City Regional Center is pleased to announce the repayment of its $60 million EB-5 loan used to assist the continued redevelopment of the Brooklyn Navy Yard, New York City’s largest industrial park. The borrower of the EB-5 capital was the Brooklyn Navy Yard Development Corporation. The $60 million investment and resulting job creation enabled 359 individuals (EB-5 investors and family members) to receive permanent residency in the United States under the EB-5 Immigrant Investor Program. They are among the more than 2,400 individuals who have achieved permanent residency in the United States through New York City Regional Center offerings to date.
The $60 million of EB-5 capital helped fund a key phase of redevelopment at the Brooklyn Navy Yard (“Navy Yard”), an industrial park owned by the City of New York. Over the past few years, the City of New York has embarked on the largest expansion of the Navy Yard in 65 years. The redevelopment of the Navy Yard is a key element of the City’s plan to refurbish its industrial manufacturing sector and create additional jobs.
The $60 million loan from the New York City Regional Center provided much needed capital for the renovation of a 215,000 square foot industrial building that was previously used as a machine shop for the United States Navy during World War II but had sat vacant for decades. The project transformed the building, now named the Green Manufacturing Center, into New York City’s leading hub for green manufacturing and sustainable design. EB-5 capital was also used to assist with surrounding infrastructure improvements in the Navy Yard such as the building of new roads, water and sewer lines, and pile foundations and bulkhead walls to allow for the continued use of dry docks and adjacent berths to support maritime activity in the New York harbor.
“The repayment of the $60 million loan is a major event for the 120 EB-5 investors in this offering,” said Paul Levinsohn, Managing Principal of the New York City Regional Center. “We take seriously our role in spurring job creation and economic development in New York City as well as our responsibility to assist our EB-5 investors and their families. We extend our best wishes to them on their continued journey.”
“We are pleased that our first loan in the Navy Yard has been repaid,” added George L. Olsen, Managing Principal of the New York City Regional Center. “This repayment is a milestone for our company and for our EB-5 investors and their families.”
The repaid $60 million loan is one of seven New York City Regional Center EB-5 loans totaling $339 million being used for critical projects in the Navy Yard. Since 2009, EB-5 capital from the New York City Regional Center has directly helped implement a broad range of new construction, infrastructure and building improvements, and the renovation of over 1.2 million square feet of vacant and dilapidated buildings in the Navy Yard.
“Over the past eight years, the New York City Regional Center has provided over $300 million of financing to fund a series of job-creating projects in the Navy Yard. We are pleased to play an integral role in the transformation of this industrial park.” said Mr. Levinsohn.
The New York City Regional Center was approved by the United States Citizenship and Immigration Services in 2008 to secure foreign investment for real estate and infrastructure projects within Brooklyn, Queens, Manhattan, and the Bronx under the EB-5 Immigrant Investor Program. It was the first EB-5 regional center approved in New York City and has secured over $1.3 billion of capital for 21 economic development projects throughout the city.
In addition to projects in the Navy Yard, the New York City Regional Center has provided capital to assist with the redevelopment of the George Washington Bridge Bus Station and the construction of a wireless infrastructure network in New York City’s subway stations. The New York City Regional Center is providing capital for the redevelopment of a new cargo facility at JFK International Airport and the construction of Fresh Direct’s new headquarters in the South Bronx. New York City Regional Center funding is also being used for construction of the City Point development in downtown Brooklyn, a new medical office/hotel complex in Washington Heights, and the expansion of the Hutchinson Metro Center in the Bronx. The New York City Regional Center is securing capital to help fund the construction of LinkNYC, the public-private initiative that is bringing the nation’s largest and fastest public Wi-Fi network to the streets of New York City.
- New York
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