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CDFA EB-5 Finance Update - April 24, 2018

EB-5 Finance Update
April 24, 2018
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EB-5 Finance Update


CanAm Secures $1.8B Construction Loan From Blackstone Mortgage Trust
The $1.8 billion construction financing from Blackstone Mortgage Trust represents their largest ever single asset origination and third construction financing for Tishman Speyer. $1.9B of equity was raised from various pension funds, individual investors and EB-5 fundraising.

Boston Properties to Join as Partner on Moinian's 3 Hudson Boulevard
Sources familiar with the negotiations said the Boston-based real estate investment trust signed a term sheet last month to provide nearly $500 million of equity. Moinian has gone after between $250 million and $350 million of EB-5 financing.  

Orlando Hyatt House Hotel Construction Proceeds With $7 Million in Fresh Financing
The construction of the Hyatt House hotel in Orlando will proceed after $7 million in preferred equity financing was secured to cover most of a construction cost increase. A joint venture of Whitestone International Drive Associates LLC and Robert Lubin, who secured foreign investment for the project through the EB-5 visa program.

Vote on $28M Loan Guarantee to Save Balsams Grand Hotel in Limbo
The New Hampshire Business Finance Authority said it didn't have all the answers yet to vote on a $28 million state loan guarantee to revitalize the Balsams resort. Other financing includes $20 million in developer equity; $35 million in other equity, including preferred equity from investors; $18 million in equipment lease financing for the ski area; $53 million in construction financing; and $15.4 million in funding through the EB-5.

Dollars from China Fuel a New Washington Vineyard and Resort
The 386-acre wheat farm near Walla Walla, Washington, purchased by winemaker Justin Wylie, has been transformed into a vineyard and resort with help from Chinese investors. Wylie's stalled hopes for a vineyard gained life when a group called American Lending Center (ALC) bought his land for $2.3 million, modified the business plan to better fit EB-5 requirements, and brought in needed capital.

Extell Sells $107M in Shares at its $4B Central Park Tower Condo Project
The condo project's capital stack includes EB-5 money, a $300 million investment from SMI USA, and more than $400 million from Nordstrom for the seven-story flagship at the base of the tower. Per the terms of financing, Extell must sell $500 million worth of apartments in three years, by December 2020, and must pay down $300 million of the JPMorgan Chase principal.

Film Makers Look To Foreign Investors To Fund Independent Films
The idea of using EB-5 financing for independent film financing idea has gained some attention from people in the independent film making community. David Epstein, a Nashville entertainment attorney, calls foreign investor immigration a "breakthrough strategy" and "a new and innovative way of using good film scripts both as part of an investor immigration strategy.

New Luxury Apartments Are Coming Soon to a New Part of Charlotte
The $52 million project was funded in part with money from EB-5 investors, EB-5 investors put $10.5 million into the project. Sycamore at Tyvola will include 288 one- and two-bedroom apartments and will range in size from 792 to 1,211 square feet.

Brazilians Are Getting in on the EB-5 Game
The United States welcomed 282 Brazilian immigrants last year through the EB-5 investor visa program, as the country rose to become the third largest user of EB-5 visas for the first time, a report from the U.S. Department of State shows. Mainland Chinese nationals still dominate the program.

Baker Tilly Expands EB-5 Source of Funds Specialization
The need for source of funds specialization within the EB-5 immigrant investor program continues to grow, and is a key piece in the investment process. Baker Tilly welcomes Stephen Pazan to its growing EB-5 services practice. 

Upcoming Events
Intro EB-5 Finance WebCourse

Learn More About CDFA's Free Technical Assistance for Brownfields
May 10, 2018 - 1:00 PM Eastern
The Council of Development Finance Agencies (CDFA) offers free technical assistance to State, Local, and Tribal brownfield financing efforts. CDFA and partners provide resources and expertise related to revolving loan funds, tax credits, tax increment finance and other effective financing tools. 


Skyland Town Center in Washington D.C. Gets Financing To Begin Construction
BisNow | Apr. 23 | EB-5 Visa | Tax Increment Finance (TIF)

EB-5 Program Extended in CR
Greenberg Traurig | Feb. 7 | Access to Capital | EB-5 Visa | Legislative

ME DECD to Create EB-5 Regional Center
Portland Press Herald | Jan. 24 | Access to Capital | EB-5 Visa

EB-5 Visa Usage Statistics
IIUSA | Dec. 29 | Access to Capital | EB-5 Visa | Member News

New Additions to the Online Resource Database

The Ark Project at JFK
Bond Finance | EB-5 Visa | Public-Private Partnership (P3) Financing
JFK International Airport's latest redevelopment project is a unique one: a $65 million, 178,000 square foot state of the art facility for pets. The Ark at JFK will offer pre-flight micro-chipping, kennels, an aviary, and more. This large-scale project employed a creative financing approach that required a number of years to execute.

Making the Most of EB-5 in Ohio
EB-5 Visa
The EB-5 Program is a federal foreign direct investment, immigration, and regional economic development program that provides access to capital to U.S. businesses and creates American jobs at no expense to the American taxpayer. Use of the program has rapidly gained momentum in the last few years throughout the country, and Ohio is no exception. Kostas Poulakidas of Taft Stettinius & Hollister LLP, David Black of Ulmber & Berne LLP, and Stephen Strnisha of Cleveland International Fund share basics of the program, case studies and considerations for using this valuable tool in Ohio.

The Council of Development Finance Agencies (CDFA) is a national association dedicated to the advancement of development finance concerns and interests. CDFA is comprised of the nation's leading and most knowledgeable members of the development finance community representing public, private, and non-profit entities alike. For more information, visit www.CDFA.net or email info@cdfa.net

Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300

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