ARCFE GROUP 2
I-526 & I-829 Approved
The project is located at 136-68 Roosevelt Ave, center of downtown Flushing, Queens, New York, next to Macy’s and the New World Shopping Center. It will be a 10-story building, consisting of 33 medical office units, 9,000 square feet of retail store space and 120 parking spots. The project started in September 2012 and is expected to be completed by December 2015.
The developer of this project, Raymond Chan, is a well-known architect, who has designed many landmark buildings in New York City. Raymond Chan’s architecture is best known for its crisp & spatially clean contemporary style. More of his works are available at Raymond Chan’s Website.
In addition to being a licensed architect, Raymond Chan has also been involved in many real estate projects as a developer. His latest development is the Hotel De Point. For more information, please visit theHotel de Point Website. Hotel De Point is owned by Raymond Chan and partners.
|Developer investment||$10.8 million (41.9%)|
|EB-5 capital||$6 million (23.3%)|
|Bank loan||$9 million (34.8%)|
|Total project investment||$25.8 million|
- ARCFE Group 2 offers 12 investment units to raise $6 million for the project. The EB-5 fund is structured as preferred investment and will be used toward construction cost. After the project is completed, income from the sales of units will be used to repay the EB-5 investment expected in 5 years.
- The project was approved for a construction loan of $15 million from BBCN, which is expected to sufficiently cover all the cost of construction. Since the cost of EB-5 capital is lower than that of the bank loan, the developer decided to use the EB-5 fund amounted to $6 million, thus reducing the loan amount borrowed from the bank construction loan to reduce the overall financing costs.
An economic analysis from EB-5 economist Dr. Michael Evans shows that a total of 142 jobs will be created by the project, which is sufficient for the requirement of 120 jobs for 12 investors.