First three Indian citizens who invested in NYCRC's EB-5 offerings receive full repayment of their $500,000 investment
NEW YORK, Jan. 23, 2018 /PRNewswire/ -- The New York City Regional Center ("NYCRC") is pleased to announce repayment to its first group of Indian EB-5 investors. The first three Indian citizens who invested in NYCRC offerings have received full repayment of their $500,000 EB-5 investment. The Indian citizens were part of the 130 EB-5 investors in the NYCRC's Steiner Studios Expansion Project (Phase I) that received full repayment of the offering's $65 million loan. A total of $125 million has now been repaid to 250 EB-5 investors in NYCRC's initial two project offerings.
The offering's $65 million EB-5 investment and resulting job creation enabled 339 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 more than 4,600 individuals who have achieved permanent residency in the United States through NYCRC offerings to date. Approximately 1,600 I-829 petition approvals in NYCRC offerings have enabled 4,643 individuals to secure permanent green cards. I-829 petition approvals have now been issued in the NYCRC's first nine project offerings.
Permanent residency permits EB-5 investors to live and work anywhere in the United States and be protected by the laws of the United States. An EB-5 investor's spouse and children under age 21 are also authorized to live, work, and attend school anywhere in the United States.
"We are very pleased that the first three Indian citizens who invested in NYCRC offerings have received full repayment of their $500,000 EB-5 investment," said Paul Levinsohn, Managing Principal of the NYCRC. "The NYCRC takes seriously our role in spurring job creation and economic development as well as our responsibility to assist our EB-5 investors and their families achieve their immigration goals. This is an exciting achievement for the NYCRC and, of course, for our first Indian investors. We look forward to assisting many more Indian citizens in the future."
The Indian citizens who received full repayment of their EB-5 investment helped finance the expansion of Steiner Studios, the largest film and television studio complex in New York City. Steiner Studios is located in the New York City-government owned Brooklyn Navy Yard. The EB-5 capital was used to increase production capacity at Steiner Studios and further reinforce the Brooklyn Navy Yard as a central location for media production in New York City. In a city where space is at a premium, the construction of studio facilities is necessary for the film and television industry to continue to create new jobs. The NYCRC was selected to provide capital to assist with the continuation of this effort.
About New York City Regional Center
The NYCRC was approved by the United States Citizenship and Immigration Services in 2008 to secure foreign investment for real estate and infrastructure projects under the EB-5 Immigrant Investor Program. The company was the first EB-5 regional center approved in New York City. To date, the NYCRC has secured approximately $1.5 billion of capital for 21 economic development projects in Brooklyn, Queens, Manhattan, and the Bronx. Examples of projects utilizing loans provided by NYCRC-managed funds include the following:
- redevelopment of the George Washington Bridge Bus Station in Washington Heights;
- construction of a wireless infrastructure network in New York City's subway stations;
- redevelopment of a new cargo facility at JFK International Airport;
- redevelopment of the Brooklyn Navy Yard, New York City's largest industrial park;
- construction of Fresh Direct's new food processing and distribution facility in the South Bronx;
- expansion of Steiner Studios, New York City's largest film and television studio;
- construction of the City Point development in Downtown Brooklyn;
- construction of a hotel and medical office complex in Washington Heights;
- construction of key components of the Atlantic Yards redevelopment in Brooklyn;
- expansion of the Hutchinson Metro Center in the Bronx;
- construction of LinkNYC, the public-private initiative that is bringing the nation's largest and fastest public Wi-Fi infrastructure network to the streets of New York City.
In addition to fueling economic development, NYCRC offerings have enabled over 4,600 individuals to become permanent residents of the United States through the EB-5 Immigrant Investor Program.
For more information about the NYCRC, please visit www.nycrc.com.