ARCFE GROUP 7
I-526 Approved
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 will consist 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 will have a total finished area of approximately 492,000 square feet. The loan is secured by all shareholders’ pledge of equity and a corporation guarantee. The demolition started in November 2013 and construction is expected to be completed in May 2016.