This Fund was set up to raise up to $20 MM EB-5 investment capital to finance two development projects in prime locations in Long Island City.
1. Preferred Equity Investment of $3 MM to Dutch Kills Associates, LLC to develop an 8-story condominium building. Located at 14-01 Broadway, Astoria, NY 11106, the building consists of 80 residential units with 45 parking spaces. The Broadway provides a stunning collection of 1, 2 and 3 bedroom apartments at 1401 Broadway. Stylishly designed, it stands out as an exceptional rental residence that combines gracious interiors with outstanding amenities and a lively social scene.
2. A loan of $15 MM to 27-51 Jackson Ave LLC toward the construction of a 14-story mixed-use condominium building, which consists of 74 residential units and one commercial unit. The building is located at 27-49/51 Jackson Avenue, LIC, NY 11101. The lot area is 8,000 SF and the gross construction floor area is 86,000 SF. The first and second floor will have about 13,500 prime retail spaces. From the third to the fourteenth floor are 74 condominiums units including studio, one-bedroom, two-bedroom, and three- bedroom units. The loan is secured by the first mortgage on the Jackson. I-526 Approved.
Broadway construction was developed by the Lions Group II LLC, founded by Mr. Albert Shirian and Mr. Ramin Shirian in 1984. Since then, they have been actively involved in real estate investment and development on Long Island and New York City. They have built luxury and/or high quality large suburban homes in prestigious areas in the North Shore of Long Island, as well as 1-4 family, multi-family, luxury condominiums projects in different parts of Queens, especially Long Island City, and Nassau County. The projects will be developed in cooperation with the following professionals:
Architect and Engineering Designs – Raymond Chan Architect PC:
Having formed Raymond Chan Architect in 2002, Mr. Chan is licensed to practice architecture in New York, New Jersey, Maryland and Pennsylvania. Over the years, he has designed numerous multi‐story and mid‐rise buildings including commercial, residence, mixed‐use, and hotels. Mr. Chan has won many design awards including design of the “China Buddhist Center” to jazzy “Beama Grill” in Manhattan, and “Asia Bank Loan Center”, “Asia Plaza”, “Queens Office Tower” and “New York Eye Center” among many other commercial projects.
This fund will provide $20 MM in loan for construction of two buildings. After project completion, condo units will be sold to repay senior bank loan and EB-5 loan.
Broadway construction started in 2017 and was fully completed in October 2019. Total jobs created from Broadway project is 256. EB-5 fund from Broadway is already fully paid off.
Jackson construction commenced January 2019, but paused due to Covid pandemic. Construction now resumed and substantial completion is expected to be in 2023. EB-5 fund is currently being deployed in Jackson Project.
Total project investment
Total expected jobs will be created
Expected jobs created
– 3 minutes walk to the subway station, you can choose E, M, R, 7, N, Q subway
– One stop to Manhattan 59th Street and Lexington
– The second stop is Central Park and Fifth Avenue
– It takes only 7 minutes to drive to Central Park via Queens Bridge
– Long Island City is a close neighbor of Manhattan-the hottest real estate market in downtown New York
The estimated value of the double apartment is US$89 million, and the project fund recovery is guaranteed.
EB-5 funds will be paid back from the condo sales. Total sales revenue estimated to be $85M in total, 1.5 times the sum of construction loan and EB-5 amount.
No offer to sell any security is made by this website. The information on this web site is not an offer to sell or solicitation of an offer to buy an interest in any investment or for the provision of any investment management or advisory services. Any such offer or solicitation will be pursuant to exemptions from registration requirements set out in applicable securities laws and made only by means of delivery of a confidential private offering memorandum relating to a particular investment to qualified investors in those jurisdictions where permitted by law.