30 Jul Project Update: 88 KUSHNER-KABR
U.S. Immigration Fund, a South Florida based company specializing in the EB-5 Regional Center program, is raising significant funds for the housing market in the New York metropolitan area, with Trump Bay Street (65 Bay Street), a 40+ story residential tower located in Jersey City, New Jersey being one of their latest projects.
Developers of the project, Kushner Companies and KABR Group, enlisted the expertise of Nick Mastroianni II and U.S. Immigration Fund, who arranged $50 million of the $218 million project, which will boast panoramic views of the New York City skyline, to come from international investors as part of the EB-5 program.
“This has been an exceptional year for development in the region,” said Nick Mastroianni II, President & CEO of U.S. Immigration Fund. “Together with our partners, we are successfully funding projects that are creating much needed jobs and economic stimulus in the industries that need it most.”
The EB-5 program was established by Congress as a method for stimulating the economy, generating job creation, and promoting community development. The program allows foreign investors to obtain green cards by investing $500,000 in ‘targeted employment areas.’ Such qualifying areas must have an unemployment rate 150% of the national average. Upon its completion, Trump Bay Street is slated to create 1,668 jobs for the Jersey City community and has provided 54 investors and their families with approved visas.
U.S. lawmakers are scheduled to discuss reform of the current EB-5 program this September, potentially increasing the minimum investment required and identifying specific geographic areas in need of an infusion of development dollars. U.S. Immigration Fund is a key force in fostering foreign investor relationships to develop added infrastructure opportunities in the United States, and its success speaks to the benefits this program has on both our home front and for the families of investors abroad.
Trump Bay Street amenity offerings will mimic those of a luxury residence in downtown Manhattan, making the condominium tower a valuable asset to Jersey City in its rise to becoming a legitimate contender in the luxury housing market surrounding the New York metropolitan area.
Completion of Trump Bay Street is slated for Summer 2016.