New York City Regional Center Announces Full Repayment Of $228 Million To EB-5 Investors In Atlantic Yards Development Offering
Resulting job creation from offering enabled 1,331 individuals to receive permanent residency in the United States
NEW YORK, Jan. 7, 2020 /PRNewswire/ -- The New York City Regional Center (NYCRC) is pleased to announce the full repayment of $228 million to EB-5 investors in its Brooklyn Arena and Transportation Infrastructure Project offering (Atlantic Yards). The resulting job creation from this offering enabled 1,331 individuals (EB-5 investors and family members) to receive permanent residency in the United States under the EB-5 Immigrant Investor Program. The individuals in this offering are among the 4,869 individuals worldwide (1,671 I-829 petition approvals) who have received permanent green cards through NYCRC offerings to date.
A NYCRC-managed fund provided a $228 million loan to assist with the construction of specific components of the Atlantic Yards development, examples of which included: the Barclays Center Arena, the first new sports and entertainment arena to be built in New York City in over 40 years; a new subway station entrance within 100 feet of the arena to serve as the main entrance to the arena from the Atlantic Terminal transportation complex; a 30,000 square foot outdoor public plaza outside the arena; the demolition and reconstruction of the Carlton Avenue Bridge; an on-grade parking facility; and the excavation, removal, rerouting, and upgrading of water and sewer lines. The project provided a state-of-the-art, multi-purpose sports arena needed to bring a professional sports team back to Brooklyn and also provided critical surrounding infrastructure work.
"We are proud to announce the full repayment of $228 million of capital to EB-5 investors in our Atlantic Yards offering," said Paul Levinsohn, NYCRC Managing Principal. "Our thanks to Greenland USA for their professionalism as well as the respect they've shown the EB-5 investors."
Over the past 11 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.
"Since 2009, 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."
The NYCRC recently announced the completion of project construction in 19 of its 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. Examples of completed projects utilizing EB-5 capital from NYCRC-managed funds include the following:
- A new wireless infrastructure network in New York City's subway stations;
- 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;
- Fresh Direct's new headquarters in the South Bronx;
- 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;
- A new Wegman's supermarket and industrial buildings in Brooklyn; and,
- Expansion of the Hutchinson Metro Center in the Bronx.
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