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 (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.

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 sufficient for the requirement of 120 jobs for 12 investors.

Total Investors

Required Jobs Created

Expected Jobs Created



EB-5 investors own the preferred equity.

ARCFE Group 2 holds the preferred equity piece of the project. After repaying the bank loan, the project shall repay EB-5 preferred stock first, then repay other shareholders’ capital. (Because the loan clause in the BBCN loan agreement does not allow other loans in the project, 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 taken part in as general partners of this project.  Due to the extreme scarcity of clinic offices in Flushing, these doctors have also actively involved in purchasing their own office spaces upon completion.  At present, all the offices have been fully booked to be purchased.