NEW YORK, Oct. 23, 2018 /PRNewswire/ -- CanAm Enterprises is disappointed that the corporate entity behind the New York Wheel project has informed it that they have decided to suspend all development. The company, which made a $206 million loan to the developers of the New York Wheel through the EB-5 Immigrant Investor Program, believes that the costs incurred to date support enough EB-5 Program-qualifying jobs to meet the USCIS job creation requirements for the unconditional permanent residency for all of our 412 investors in the project.
Tom Rosenfeld, President and CEO of CanAm Enterprises said, "CanAm, just as it always has in the past, will see our investors through their respective immigration processes. This project came very close to completion and had already fulfilled all requirements as defined by the EB-5 program. As a secured creditor, we also expect to enforce our rights and remedies including, among other things, in the collateral pledged to secure our loan."
About CanAm Enterprises
With three decades of experience promoting immigration-linked investments in the United States and Canada, CanAm has a long and established track record. Based on its reputation of credibility and trust, CanAm has financed more than 55 project loans and raised $2.6 billion in EB-5 investments. CanAm exclusively operates seven USCIS-designated Regional Centers that are located in the city of Philadelphia, the commonwealth of Pennsylvania, Los Angeles County, Hawaii, the New York Metropolitan Region, Florida, and Texas.
SOURCE CanAm Enterprises