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.


Capital structure

Developer investment $10.8 million
EB-5 capital $6 million
Bank loan $9 million
Total project investment $25.8 million
  • ARCFE Group 2 offers 12 investment units to raise $6 million for the project. EB-5 fund is structured as preferred investment and will be used toward construction cost. After project completion, income from sales of units will be used to repay investors. The investment can be repaid after 5 years.
  • The project was approved for construction loans of $15 million from BBCN, which is enough to cover all the cost of construction. Since cost of EB-5 capital is lower than the bank loan interests, project developer decided to use the EB-5 fund of $6 million, thus bank construction financing will be reduced.

Job creation

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 more than the requirement of 120 jobs for 12 investors.

Total Number of Investors

Required Number of Job Creations

Expect Number of Job Creations



EB-5 investors own the preferred equity.

ARCFE Group 2 owns preferred equity of the project. After repaying the bank loan, the project must repay EB-5 preferred stock first, then other shareholders’ capital. (Because the clause in BBCN loan agreement stipulates that this project cannot have other loans, the EB-5 fund can only be invested as a preferred equity. As a result, the preferred equity still takes precedence over other shareholders).


Independent doctors also act as project general partners.

In addition to Raymond Chan acting as a project managing partner, more than a dozen independent practicing doctors have also joined in as general partners of this project. In fact, the original intention for this building is to provide enough office spaces for doctors. Because of the extreme scarcity of clinic offices in Flushing, doctors also act as to ensure that they are able to buy enough offices after completion. So far, all the offices have been fully booked.