Greystone EB-5 Expands Regional Center Reach, Obtains Project Approval and Opens New Offices in China
Greystone, a private real estate lending, investment and advisory company, today announced its EB-5 practice has received Regional Center approval for the Northeastern United States from the U. S. Citizenship and Immigration Services. The designation, granted under the Immigration Investor Program, expands Greystone’s presence to 15 states along the Eastern seaboard of the US.
/EIN News/ -- Greystone has USCIS-approved Regional Centers in New Hampshire; Massachusetts; Rhode Island; Connecticut; New York; New Jersey; Pennsylvania; Delaware; Maryland; Washington D.C.; Virginia; North Carolina; South Carolina; Georgia; and Florida. Greystone also has pending Regional Centers in California and Nevada. Underscoring the group’s expertise, Greystone received project approval on the first exemplar filing that it submitted to the USCIS. The approval was granted on the exemplar filing as submitted, without a Request For Evidence (RFE).
To support the growing and active foreign investor outreach of Greystone’s EB-5 lending efforts, Greystone also has expanded its presence in China to include offices in Shanghai, Shenzhen, and soon, Beijing.
Greystone’s EB-5 group is the industry’s first independent, institutional EB-5 sponsor with the capabilities and financial strength of a full-service real estate lender, investor, fiduciary, servicer, developer, and advisor. Greystone provides developers complete, customized and integrated financing solutions that may include construction financing, EB-5 financing and permanent financing for commercial real estate and healthcare development projects. On behalf of its clients, Greystone also manages the entire EB-5 capital-raising process, including deal structuring, document preparation, marketing, and loan and investor servicing.
Greystone is currently sourcing $62 million in EB-5 capital, and has an additional $195 million in EB-5 financing in its pipeline across key cities including New York City, Los Angeles and Seattle. Greystone’s deep experience in the property development sector, including over $2 billion in projects around the US, provides unique insight into the construction finance process from a developer’s perspective.
Greystone’s EB-5 project at 158 East 126th Street in Harlem, NYC is a 233-unit “80/20” mixed-income multifamily building being developed by an affiliate of Blumenfeld Development Group, Ltd. The new construction rental property is the first HFA bond-financed multifamily project with senior financing provided by a national insurance company, which was arranged by The Greystone Bassuk Group. Greystone EB-5 is currently raising $25 million in EB-5 mezzanine financing to replace a portion of the initial project equity. Upon completion, the property will help address the dire need for affordable housing in the greater New York City area.
“While the future of the EB-5 program may remain unknown, we are seeing incredible demand for this type of financing from property developers nationwide,” said Allison Berman, head of Greystone’s EB-5 group. “With construction financing increasingly difficult to secure, EB-5 serves as a critical vehicle to help fill the financing gap and enable a project to get off the ground, while helping to create jobs within the United States. With Greystone’s respected reputation as a full-service institutional real estate lender, investor and advisory company, foreign investors can feel secure in their investment choice and in the knowledge that they are creating jobs and contributing to the completion of a beautiful, operational piece of property that will come to completion and make an impact on local economies for decades.”
- Greystone EB5 Southeast Regional Center (former name Greystone Florida Regional Center)
- U.S. Citizenship and Immigration Services
- Allison Berman
- Greystone EB-5 Holdings Corp
- New York
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