ARCFE GROUP 7 – Williamsburg

ARCFE GROUP 7 – Oosten Condo

INTRODUCTION

Kent EB-5 LLC was formed in January, 2014 for the purpose of raising up to $50 million investment capital to a project permitted under the EB-5 Immigration Investor Program. The loan shall be advanced in five incremental tranches of $10 million each to XIN NY Holding, LLC (the Borrower). The borrower directly owns 421 Kent Development, LLC (the Project Owner) whose main purpose is to own and develop the real estate located at 421 Kent Avenue, Brooklyn, NY 11249. The development consists of 201 residential condos, 15 townhouses, a community facility unit, 81 parking spaces and 201 storage spaces plus other amenities including a swimming pool, sauna, fitness center, and a children’s play area. The development has a total finished area of approximately 426,000 square feet. The loan is secured by all shareholders’ pledges of equity and a corporation guarantee. The demolition started in November 2013 and construction has completed in May 2018. I-526 Approved.

PROJECT PICTURES

PROJECT DEVELOPER

421 Kent Development LLC will manage the Project via a team of very experienced individuals as indicated below:

Mr. John Liang (Managing Member) – Mr. Liang oversees the project with support of an in-house team of experienced individuals. Mr. Liang has broad experience in real estate development in the U.S. public and private real estate companies. He earned his MBA from the Wharton School of the University of Pennsylvania and Bachelor’s Degree in Architecture from University of Arkansas. He is also a U.S. licensed architect, having spent 8 years of his early career designing and managing large-scale residential, office and hospitality projects.

Mr. Ryan Black (Senior Director of Development) – Mr. Black began his career with Kriti Management, the U.S. office of the Vardinoyannis family, one of Europe’s wealthiest families. As vice president of Kriti Management, he oversaw multiple real estate projects on the behalf of the family, completed due diligence needs for assets in the Americas, and sourced deals.

Mr. Robert Gianatasio (Director of Construction) -Mr. Gianatasio is a knowledgeable and hands-on construction executive with a comprehensive understanding of all phases of construction and is responsible for leading construction efforts in planning, building, and completion of all projects for the firm.

The project will be developed in cooperation with the following professionals:

  • Architect Designer – Wank Adams Slavin Associate
  • Interior Designer – Piet Boon Studio B.V.
  • General Contractor – Wonder Works Construction Corp.
  • Façade Design and Consultant – Think Architecture and Design

GENERAL CONTRACTOR

PROJECT CAPITAL STRUCTURE

Total project investment

$294,708,376

Equity

$79,708,376 – 27% (land acquisition cost and early development costs)

Bank loan

$165,000,000 – 56% (mainly hard construction loan)

EB-5 Mezz Loan

$50,000,000 – 17% (100 EB-5 investors)

JOB CREATION

The subject project seeks 100 EB-5 investors, which must meet 1,000 jobs requirements from USCIS. The Oosten Condominium project’s job creation is expected to fetch 57% more jobs than USCIS required. The developer will provide corporate guarantee over the EB-5 loan repayment and is confident that I-526 applications should be approved by USCIS.

120

1,200

1,570

Total investor

Required jobs to be created

Expected jobs created

HIGHLIGHTS

1

ARCFE-the most professional investment immigration regional center in Greater New York

As a regional center designated by the U.S. Immigration Service, the U.S. Entrepreneurship Regional Center is the most professional investment immigration regional center in Greater New York. It has successfully operated 10 real estate development EB-5 investment immigration projects and obtained immigration qualifications for hundreds of high-net-worth clients. Committed to becoming a full-service provider for Chinese high-net-worth individuals emigrating to the United States, through dedicated, efficient, sophisticated, and orderly professional services, it opens an extraordinary journey for many high-end individuals who have the need to emigrate overseas to realize the American dream.

2

Reliable developer

Xinyuan Real Estate, the first Chinese real estate company listed on the New York Stock Exchange in the United States, selected well-known WASA and Piet Boon architectural design firms from around the world to carefully build 216 luxury residences. The project was completed by the experienced Wonder Works Construction. construction. The project is well funded and can be completed without relying on EB-5 funds.

3

EB-5 experienced project management team

Senior Wall Street investment management and EB-5 investment immigration lawyers form a first-class project management team.

4

The project site is hot, and the community demand is strong

In Williamsburg, one of the most active real estate markets in New York City, housing prices have been rising for several years. Comfortable residential facilities ensure the competitiveness of the real estate project.

5

Can fully meet the job creation requirements of the USCIS

The EB-5 project raised 100 investors, and the USCIS required the creation of 1,000 jobs. It is estimated that the number of jobs created is 1,570, with a surplus rate of 30%.

6

Clear and stable capital structure; clear exit mechanism

The capital structure is the actual cost estimate. After the developer sells the apartment and repays the bank loan, it will give priority to repay the EB-5 capital.