GROUP A – Murray Condominium
INTRODUCTION
ARCFE Group A LLC provided 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 has raised $8 million from 16 EB-5 investors. I-526 Approved
PROJECT PICTURES
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).
PROJECT CAPITAL STRUCTURE
Total project investment
| $26,000,000 |
|---|---|
Developer investment
| $8,000,000 (31%) – Land costs and other upfront soft cost) |
Bank loan
| $10,000,000 (38%) – Used for Murray Park North construction |
EB-5 Loan
| $8,000,000 (31%) – Used for Murray Park South construction |
JOB CREATION
16 | 160 | 190 |
Total investor | Required jobs to be created | Expected jobs created |
HIGHLIGHTS
1
Successful completion of the project to ensure investment safety
In this project, EB-5 funds have the first-order mortgage. The north building of the project has been handed over and the south building was completed in May 2017. All investments are fully recovered to ensure the investment safety of investors.
2
Strategic location, great potential for appreciation
This project is located in a strategic location and is a prime location in New York City that strongly supports reconstruction and development. It has good commercial prospects and great potential for appreciation.
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