ARCFE Group 11 LLC was formed in March 2018 to raise up to $11.8 million investment capital for a project qualified within the new TEA guidelines, which requires a $900,000 investment amount under the EB-5 Immigration Investor Program.
The project is located at 3-11 27th avenue, Astoria, New York City, a prime location just across the river from the Upper East Side. With a total enclosed area of approximately 12,660 square feet, the 7-story residential and commercial mixed-use rental building will include a retail space of 7,988 square feet on the first floor, a doctor’s clinic/community facility of 7,988 square feet on the second floor, and 50 residential units from the 3rd floor up to the 7th floor. The project is expected to be substantially completed by Spring 2022, with the Temporary Certificate of Occupancy (TCO) to be obtained in the Summer of 2022.
Developer – iX Construction Inc
iX Construction Inc is the developer of this real estate project. iX Construction Inc is an active full-service real estate development firm in New York City. The company has several new development projects underway in proliferating cities such as Long Island City, Astoria, Forest Hills and Flushing. The company’s vision is to cultivate vibrant communities, enhance neighborhoods, and contribute beautiful and unique properties to New York City’s architectural history.
DESIGN ARCHITECT – Angelo Ng & Anthony Ng Architects Studio
The total projected cost is approximately $38.5MM, including bank loans of $16.7MM, EB-5 loans of $11.8MM and equity of $10MM.
The project is managed by ARCFE and Hudson Garden EB-5 LLC has been established to recruit 18 investors, with a total amount up to $11.8MM to be raised (11 of which are based on $500,000 each and 7 of whose are based on $900,000 each). The subscription fee is $50,000 for each investor.
Each investor will obtain a fixed return of 4% per annum, distributed on a quarterly basis. The project currently satisfies the conditions for distressed urban areas as laid out in the new TEA regulation and qualifies for the subscription amount of $900,000.
The project will follow the new rules that allow investors to get a refund of their capital no later than 2 years after their conditional 2-year green card is obtained.
project total cost
The jobs that will be created during the construction process through expenditures. The Project shall satisfy the job creation requirements for all EB-5 investors. Econometric analysis by Dr. Michael Evans calculates that 221 jobs will be created, using RIMS II model, including jobs created indirectly. The total new jobs that will be created exceed the required 180 jobs for the 18 EB-5 investors to be recruited for this project.
Required Jobs to be Created
Expected Jobs Created
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