ARCFE GROUP 5&6
ARCFE Group 5 LLC and ARCFE Group 6 LLC were formed on May 7, 2014 for the purpose of raising up to $7 MM investment capital to a project permitted under the EB-5 Immigration Investor Program. ARCFE Group 5 will raise $3 MM from 6 investors and invest it as equity in the Project. ARCFE Group 6 will raise $4 MM from 8 investors and invest it as Mezz Loan in the Project. The project has a total finished area of approximately 60,000 square feet. It is a 7-store residential condominium building with 42 residential units and 22 parking spaces and located at 46-20 11th Street, LIC, NY 11101. The Mezz loan is secured by the assets of 11th Street Condominium LLC.
11th Street Condominium LLC was formed under the laws of New York State on May 30, 2014, to hold and develop the real estate at 46-20 11th Street, LIC, NY 11101. ARCFE Capital LLC is designated as the Manager for 11th Street Condominium LLC. ARCFE Capital LLC will oversee the Project’s development. Mr. John Mclnerney is the GM of the manager company.
Mr. Mclnerney has been working in real estate banking and development industry for over thirty years. His most recent position with a real estate developer was as Senior Vice President for Chatham Development Company (“CDC”), a multi-generational, family owned and operated real estate development company, with focus on residential and mixed-use properties in New York City and Long Island. Mr. McInerney has been in charge of reviewing, recommending and approving new acquisition sites and projects for development; Coordinate debt/equity contributions from institutional and private sources of capital; Oversight of the due diligence and closing documentation related to development projects.
The project will be developed in cooperation with the following professionals:
- Architect and Engineering Designs
Raymond Chan Architect PC
Raymond Chan Architect was formed by Mr. Raymond Chan in 2002. He is licensed to practice architecture in New York, New Jersey, Maryland and Pennsylvania. Over the years, he has built numerous multi‐story and mid‐rise buildings including commercial, residence, mixed‐use, and hotels. Raymond Chan has won many design awards including design of the “China Buddhist Center” to jazzy “Beama Grill” in Manhattan. The commercial projects which have won design awards include “Asia Bank Loan Center”, “Asia Plaza”, “Queens Office Tower” and “New York Eye Center” among many others.
- General Contractor
Mandarin Enterprises II Inc.
Established by its sole Principal, Mr. David Lo, in 2006, Mandarin Enterprises II Inc. has completed numerous multi-story and mid-rise commercial and residential buildings in New York City.
|Developer investment||$6,400,000 (23.1%)|
|EB-5 capital (Group 5)||$3,000,000 (10.8%)|
|EB-5 capital (Group 6)||$4,000,000 (14.4%)|
|Total project investment||$27,773,000(100%)
The jobs that will be created during the construction process through expenditures. The Project shall satisfy the job creation requirements for all EB-5 investors. Econometric analysis by Dr. Michael Evans calculates that 166 jobs will be created, including jobs created indirectly. The total new jobs that will be created exceed the required 140 jobs for the 14 EB-5 investors (6 from ARCFE Group 5, LLC and 8 from ARCFE Group 6, LLC).