EB-5 Expands New York Metropolitan Area

EB-5 Expands New York Metropolitan Area

U.S. Immigration Fund (USIF), a South Florida-based company specializing in the EB-5 Regional Center program, continues to diversify its reach and raise significant funds for real estate development in Florida and the New York metropolitan area. Under the direction of Nicholas A. Mastroianni II, the company has enjoyed a highly successful year, closing EB-5 deals totaling more than $1 billion.

The EB-5 program allows developers the ability to reduce the amount of equity required in a project, thus enabling additional investments to progress simultaneously at a more rapid speed. This compounds when translated into economic stimulus and job creation. With rates typically more favorable than those of traditional lending institutions, EB-5 financing is a viable option for developers to lower their overall project cost.

The EB-5 program criteria also provides the opportunity to qualify a variety of different industries and investment vehicles. USIF has helped to fund projects ranging from affordable housing and market rate rental or for sale products, to mixed-use commercial developments and hotels.

“This has been an exceptional year for development in the region,” said Mastroianni II, “Together with our partners, we are successfully funding projects that are creating much needed jobs and economic stimulus in the industries and geographic areas that need it most.”
Trump Bay Street (65 Bay Street), a 48-story residential tower located in Jersey City, is one of U.S. Immigration Fund’s most recent and high profile projects. Developers of the project, Kushner Companies and KABR Group, enlisted the expertise of USIF to secure $50 million of the $218 million project, which will boast unparalleled, panoramic views of the New York City skyline.

Just across the Hudson River in New York City, USIF has secured loans for multiple projects currently under construction. Two loans totaling $350 million were secured for Pacific Park Brooklyn, a mixed-use development in the heart of Brooklyn just walking distance from Barclays Center.

Already topped out and offering distinct architectural exteriors are West 57th and The Charles, two residential projects set to be hallmarks of the housing market, and offering an unsurpassed selection of resident amenities.

West 57th ‘s dramatic pyramid shaped tower along the Hudson River is one of Manhattan’s largest rental buildings, and will include a courtyard on the interior of the building mimicking that of European design, along with an indoor swimming pool, basketball court, golf simulator, and a 25,000 square foot indoor recreation park.

The Charles, which launched sales in late 2013, is a 31-story building consisting of 30 luxury condominiums, a four-floor penthouse, fitness center, game room, and a sleek mirrored exterior, making it recognizable among neighboring buildings. The Charles has been in the news most recently for commanding the highest price ever for a home on the Upper East Side east of Third Avenue, selling at a price of $37.94 million for one unit.

Due to the availability of EB-5 financing, the aforementioned projects combined have resulted in nearly $3 billion of real estate financed, and more than 20,000 jobs to be created collectively.

For more information on U.S. Immigration Fund, visit usifund.com; facebook.com/USImmigrationFund; and @EB5 on Twitter.