ARCFE GROUP A
ARCFE Group A LLC will provide financing for construction of two residential condo buildings located in Long Island City, Queens, New York. The project includes two 6-storey condo buildings, Murray Park North and Murray Park South. Murray Park North has a total of 41,522 buildable square feet. Murray Park South has a total buildable area of 31,666 square feet. The project is expected to create 190 indirect jobs, and will look for 16 EB-5 investors to raise $8 million.
The developer for this project is New York City based Century Development Group, founded by current president George Xu in 2002. Over the past decade, Century Development Group has been primarily engaged in the development of multi-story residential and hotel buildings in Queens county New York.
ARCFE Group A will provide $8 million in loan. After project completion, condo units will be sold to repay senior bank loan and EB-5 loan (total of $18 million).
|Developer investment||$8 million (31%) (Land costs and other upfront soft costs)|
|Bank loan||$10 million (38%) (Used for Murray Park North construction)|
|EB-5 capital||$8 million (31%) ($1 million for Murray Park North; $7 million for Murray Park South))|
|Total project investment||$26 million|
- Principle: $500,000
- Management Fee: $50,000
An economic analysis from EB-5 economist Dr. Michael Evans shows a total of 190 jobs will be created from spending a total of $15 million on hard construction, which is more than the requirement of 160 jobs for 16 investors.