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 has completed by December 2018. I-526 and I-829 has been Approved.
The location of this project is extremely advantageous. Flushing has a prosperous commercial area and a large-scale residential area, which gathers different ethnic groups from all over the world with an attitude of inclusive of all rivers. Thousands of businesses are concentrated in Flushing Center, surpassing New York. Manhattan Chinatown has become the largest Chinatown in the United States, and it is a unique place with every inch of land. The permanent residents of Flushing include Chinese, Korean, Hispanic, African, Indian, and long-lived whites.
The Flushing Center takes New World Shopping Center, Macy’s, Queen Feiyue, and Sky View as the main commercial centers. It gathers a full range of businesses including supermarkets, shopping, entertainment, restaurants, hotels, and transportation hubs in multiple commercial blocks. Large commercial center. The daily hustle and bustle of people and brightly lit businesses have built a unique overseas Chinese capital.
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 the Hotel de Point Website. Hotel De Point is owned by Raymond Chan and partners.
– ARCFE Group 2 offers 12 investment units to raise $6 million for the project. The EB-5 fund is structured as preferred investment and will be used toward construction cost. After the project is completed, income from the sales of units will be used to repay the EB-5 investment expected in 5 years.
– The project was approved for a construction loan of $15 million from BBCN, which is expected to sufficiently cover all the cost of construction. Since the cost of EB-5 capital is lower than that of the bank loan, the developer decided to use the EB-5 fund amounted to $6 million, thus reducing the loan amount borrowed from the bank construction loan to reduce the overall financing costs.
Total project investment
Required jobs to be created
Expected jobs created
ARCFE Group 2 will occupy the preferred equity of the project. After the project is completed and the bank loan is repaid, the amount of EB-5 preferred shares will be repaid first, and finally the capital of other shareholders (due to the current terms of the BBCN bank loan, the project can no longer be repaid. There are other loans, so EB-5 can only be invested as preferred stock. In this way, the priority stock is still ranked ahead of other shareholders).
In addition to the architectural designer Raymond Chan as the project’s managing partner, there are more than a dozen independent practicing doctors who are the general partners of the project. In fact, the original intention of the building was to provide doctors with office space. Due to the high scarcity of office clinic space in Flushing, the doctor as a partner participated in this project to ensure that enough office space can be purchased after completion. So far, all the offices of the project have been booked.
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