NEW YORK, October 4, 2022 /PRNewswire/ — The New York City Regional Center (“NYCRC”) is pleased to announce the full repayment of another loan under its EB-5 private placement offerings. This repayment brings the total amount of EB-5 loan proceeds repaid to $852,500,000.
More than 5,000 people participating in NYCRC EB-5 offerings who have been granted permanent residency in United States. A total of 1,829 I-829 petition approvals have resulted in 5,291 people obtaining permanent green cards through NYCRC offers to date.
“We are proud to announce that $852.5 million has now been refunded in NYCRC offers,” said Paul Levinsohn, co-CEO of NYCRC. “This capital has made it possible to finance major infrastructure and real estate developments in manhattan, brooklyn, queensand the Bronx. We are also very happy to have helped more than 5,000 people from all over the world obtain permanent residence in United States. We look forward to helping many more families in the years to come.”
The NYCRC was approved by the United States Citizenship and Immigration Services in 2008 to secure foreign investment in real estate and infrastructure projects under the EB-5 Immigrant Investor Program. Congress created the EB-5 program to stimulate economic development through foreign investment. The mandate of the program is to use foreign investment to spur job creation while simultaneously providing eligible foreign investors with the opportunity to become lawful permanent residents of United States. NYCRC was the first approved EB-5 Regional Center in New York City.
Over the past 14 years, funds managed by NYCRC have $1.57 billion of capital to work on a wide range of infrastructure and real estate projects in New York City. Much of this capital has been invested in underserved areas that need long-term economic growth. Examples include:
- $811 million to finance construction, redevelopment and infrastructure projects in brooklynincluding seven projects totaling $383 million in the Brooklyn shipyard;
- $108.5 million to finance reconstruction and redevelopment projects in Washington Heights (an empowerment area of Upper Manhattan); and,
- $220 million to fund construction from scratch in the Bronx.
“NYCRC has been an important source of economic development funding in areas requiring significant investment,” said NYCRC Co-CEO. George L. Olsen. “NYCRC capital offerings have created jobs for New Yorkers and enabled thousands of people to gain permanent residency in the United States”
The NYCRC has announced construction completion of the project in 19 of its bids to date. These completed projects have successfully used NYCRC EB-5 funding to help construct more than 3.8 million square feet of new developments and renovations as well as critical infrastructure initiatives. Here are examples of projects using EB-5 capital from NYCRC-managed funds:
- A new Wi-Fi infrastructure network at New York City metro stations;
- Redevelopment of a new cargo and animal care facility at John F. kennedy international airport;
- New sound stages and production support space at Steiner Studios, New York City largest film and television studio;
- Fresh Direct’s new headquarters in the South Bronx;
- Redevelopment of several unused buildings and improvements to surrounding infrastructure in the Brooklyn Navy Yard, New York City the largest industrial park;
- A new complex of hotels and doctors’ offices in Washington Heights;
- A new Wegman’s supermarket and industrial buildings in brooklyn;
- Expansion of the Hutchinson Metro Center in the Bronx; and,
- Construction of the citywide LinkNYC street-level Wi-Fi network.
Since 2016, the U.S. Treasury Department has awarded four separate awards totaling $165 million in new market tax credit allocations to an entity operated by NYCRC. To receive a New Market Tax Credit allocation, NYCRC had to demonstrate a long-term mission and track record of investing in low-income communities.