New York, NY, Jan. 27, 2022 (GLOBE NEWSWIRE) -- The New York City Regional Center (“NYCRC”) is pleased to announce the full repayment of $80 million to EB-5 investors in its Bronx Hutchinson Metro Center offering. This repayment brings the total amount of loan proceeds repaid in NYCRC offerings to $577.5 million. The NYCRC previously announced that over 5,000 individuals (EB-5 investors and family members) participating in its offerings have achieved permanent residency in the United States. A total of 1,820 I-829 petition approvals in NYCRC offerings to date have enabled 5,250 individuals to secure permanent green cards.
A NYCRC-managed fund provided a $80 million loan to an affiliate of Simone Development Companies to assist with the second phase of development at the Hutchinson Metro Center, a 42-acre parcel in the Bronx that has undergone a multi-year conversion from low-use industrial space to market rate commercial and office space. The conversion brought much needed Class A office and medical space as well as extended stay hospitality to the Bronx. The loan assisted with the construction of an approximately 318,000 square foot office, retail, and hotel complex. The new complex features two floors of medical office and retail space and a seven-story extended stay Marriott hotel, one of the first extended stay hotels built in the Bronx in over a decade. EB-5 capital in this offering helped meet three ongoing demands in the Bronx: the need for additional Class A office space; the need for additional health care office space to support surrounding hospitals; and the need for new hospitality options. Construction of the project is complete.
“We are proud to announce the full repayment of $80 million of capital to EB-5 investors in this offering,” said Paul Levinsohn, NYCRC Co-Managing Principal. “Our thanks to Simone Development Companies for their professionalism, hard work, and the respect they’ve shown the EB-5 investors. We are happy to have played a role in the continued revitalization of the Bronx.”
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. Congress created the EB-5 program to stimulate economic development through foreign investment. The program’s mandate is to use foreign investment to spur job creation while simultaneously affording eligible foreign investors the opportunity to become lawful permanent residents of the United States. The NYCRC was the first EB-5 regional center approved in New York City.