Chinese EB-5 Investors in Major New York Developments Want Their Millions Back
When eager Chinese citizens invested in the Times Square Edition Hotel through the EB-5 visa program roughly four years ago, they expected to secure green cards within five years. Some Chinese investors, now facing waits as long as 15 years, have enlisted American attorneys to help them get their money back — a trend that could disrupt a source of financing that has become vital to developers.
Red Apple Lands $130M Construction Loan for Coney Island Resi Project
Bank of America lent the developer $130 million for the 425-unit project in Coney Island. An additional $50 million in financing through the EB-5 visa program is also coming into the project
Marx Development Gets $88M in Financing for Hudson Yards Hotel
A 42-story, 235,000-square-foot Marriott-branded hotel planned by Marx Development Group for the $20 billion mixed-use Hudson Yards project on Manhattan's Far West Side has received $88 million in financing from Mack Real Estate Credit Strategies. MDG is also raising $66 million in EB-5 funds through the Manhattan Regional Center for the hotel's vertical construction.
New York City Regional Center Announces Completed Construction In 15 of Its Project Offerings To Date
The New York City Regional Center ("NYCRC") is pleased to announce that construction of projects in fifteen (15) of its offerings is now complete. These completed projects have successfully utilized NYCRC EB-5 financing to assist in the construction of over 3.5 million square feet of new development and renovation as well as infrastructure upgrades resulting in thousands of new jobs for New Yorkers.
Epelboim Development Signs $21.5M Loan for New Orlando Tru By Hilton
Epelboim Development Group secured a $21.5-million loan to finance the development of a new Tru by Hilton hotel in Orlando. The loan is part of the company's capital stack, which also includes private equity and EB-5 capital totaling $39.5 million.
Guidance Revised on EB-5 Immigrant Investor Cases Involving Tenant Occupancy
USCIS announced, that it is revising guidance on immigrant investor (EB-5) cases involving tenant occupancy. Previously, the USCIS Policy Manual allowed for tenant-occupancy methodologies used by some petitioners to show that their capital created, or will create, 10 indirect jobs.
Recommendations Following Annual Rims II Update of Economic Multipliers
RIMS II is one of the most commonly used economic models in the EB-5 industry to estimate a project's job creation and total economic impact. While USCIS accepts job creation estimates based on RIMS II, The examples discussed in this article are based on our best practice recommendations and our past experience with USCIS adjudication of economic reports using RIMS II data.
NH Resort Seeks $28M Guarantee From NHBFA
The team hoping to redevelop The Balsams Resort is pursuing a $28 million state loan guarantee from the New Hampshire Business Finance Authority. The project already has $20 million in developer equity; about $35 million in other equity, including $15.4 million in funding through EB-5.
IIUSA Announces Leadership Change for EB-5 Industry Trade Association
The Board of Directors of Invest in the USA (IIUSA) announced on Thursday, May 17 the departure of Peter Joseph as Executive Director of IIUSA - the national trade association for the EB-5 Regional Center Program. Under his leadership, IIUSA grew to represent a vast majority of capital flowing through the EB-5 Program. As the industry's leading membership organization, IIUSA represents more than 260 federally designated EB-5 Regional Centers across the country, serving 47 states/territories.