New York, NY, March 29, 2019 (GLOBE NEWSWIRE) -- The New York City Regional Center (“NYCRC”) is pleased to announce that a total of $318 million in loan proceeds has now been repaid to EB-5 investors in previous NYCRC offerings. The resulting job creation from these previous offerings enabled 2,025 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 4,672 individuals worldwide who have received permanent residency through NYCRC offerings to date.
“With the recent repayment of an additional $94.3 million of EB-5 capital, we are proud to announce that over $300 million of capital has now been repaid to EB-5 investors in NYCRC offerings,” said Paul Levinsohn, NYCRC Managing Principal. “These repayments coupled with the issuance of permanent residency in the United States for thousands of individuals, are meaningful achievements for our EB-5 investors and their families.”
The NYCRC also recently announced the completion of project construction in 18 of its EB-5 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 resulting in significant job creation for New Yorkers.
Over the past 10 years, the NYCRC has put over $1.5 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:
- $767 million to finance ground-up, redevelopment, and infrastructure projects in Brooklyn, including seven projects totaling $339 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.
“Over the past decade, the NYCRC has been an important source of economic development financing in areas requiring significant investment,” said NYCRC Managing Principal George L. Olsen. “Capital from NYCRC offerings have created jobs for New Yorkers.”
Examples of projects utilizing EB-5 capital from NYCRC-managed funds include the following:
- Redevelopment of a new cargo and animal care facility at John F. Kennedy International Airport;
- New soundstages and production support space at Steiner Studios, New York City’s largest film and television studio;
- A new wireless infrastructure network in New York City’s subway stations;
- The redevelopment of the George Washington Bridge Bus Station in Washington Heights;
- Redevelopment of multiple unused buildings and surrounding infrastructure upgrades in the Brooklyn Navy Yard, New York City’s largest industrial park;
- City Point retail complex in Downtown Brooklyn;
- A new hotel and medical office complex in Washington Heights;
- Key components of the Atlantic Yards redevelopment in Brooklyn; and,
- Expansion of the Hutchinson Metro Center in the Bronx.
For more information about the NYCRC, please visit www.nycrc.com.
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