AMERICAN REGIONAL CENTER FOR ENTREPRENEURS

ARCFE GROUP A

ARCFE GROUP A

I-526 Approved

INTRODUCTION

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.

PROJECT DEVELOPER

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.

News report

Green Lodging 

Business Wire 

PROJECT STRUCTURE

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).

Capital structure

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

Job creation

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.

Total Number of Investors

Required Number of Job Creations

Expected Number of Job Creations

PROJECT SURROUNDINGS