ARCFE GROUP 2
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.
|Developer investment||$10.8 million|
|EB-5 capital||$6 million|
|Bank loan||$9 million|
|Total project investment||$25.8 million|
- ARCFE Group 2 offers 12 investment units to raise $6 million for the project. EB-5 fund is structured as preferred investment and will be used toward construction cost. After project completion, income from sales of units will be used to repay investors. The investment can be repaid after 5 years.
- The project was approved for construction loans of $15 million from BBCN, which is enough to cover all the cost of construction. Since cost of EB-5 capital is lower than the bank loan interests, project developer decided to use the EB-5 fund of $6 million, thus bank construction financing will be reduced.
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 more than the requirement of 120 jobs for 12 investors.