CanAm Enterprises has further established its leading position within the EB-5 industry with repayment in full of a $175 million loan that had been provided to the Southeastern Pennsylvania Transportation Authority (SEPTA) – bringing the total repaid capital by CanAm’s EB-5 investments to $1.25 billion.
CanAm Enterprises (“CanAm”) is pleased to announce that another of its EB-5 project loans has been repaid in full, marking $1.25 billion of EB-5 capital fully repaid to 2,500 EB-5 investors in 38 CanAm-sponsored EB-5 projects. “This repayment is another important milestone for CanAm, and I am very proud of all the work we have put into establishing our long track record. We appreciate the trust of our current and future EB-5 investors as we continue to provide high-quality EB-5 projects and investor services,” CanAm’s President and CEO Tom Rosenfeld commented.
CanAm’s most recent EB-5 project repayment is a $175 million EB-5 loan to the Southeastern Pennsylvania Transportation Authority (SEPTA). The first tranche of the EB-5 loan in the amount of $35 million was repaid in full in May 2017 with the remaining tranches repaid on July 1, 2019. CanAm’s EB-5 loan to SEPTA was facilitated through the PIDC Regional Center, a partnership between CanAm and Philadelphia’s official economic development agency, the Philadelphia Industrial Development Corporation (“PIDC”). The EB-5 loan financed the “SEPTA Key,” a major infrastructure initiative to modernize SEPTA’s fare collection and ticketing technology systems and operations. The project exceeded the job creation requirements for all EB-5 investors, the majority of whom have already received their unconditional green cards.
“SEPTA has been a great partner and we are delighted that we could contribute to the modernization of its payment technologies and ticketing infrastructure while also helping our EB-5 investors receive permanent residency in the United States,” said Mr. Rosenfeld.
SEPTA is the major transit provider for nearly four million people in the City of Philadelphia and the surrounding counties of Chester, Bucks, Montgomery, and Delaware as well as providing select rail services to the states of New Jersey and Delaware. SEPTA Key is a transformative project which eliminated outdated fare products such as tokens and paper tickets with a single Key Card that customers can use to ride on all of SEPTA’s modes of travel, including bus, subway/subway elevated, trolley, and Regional Rail. It has enhanced the customer experience by eliminating the need to wait in line for passes or to have exact change for fares. Customers can manage their Key Card accounts online, while also having the option to purchase and reload cards at station kiosks and sales offices.
“For over a decade, the partnership between CanAm and PIDC has succeeded in attracting hundreds of millions of dollars to Philadelphia, and we look forward to working together to bring even more investment to the city for many years to come,” said PIDC President John Grady.
The EB-5 Immigrant Investor Program is administered by the United States Citizenship and Immigration Services (USCIS). The Program provides qualified foreign investors with the opportunity to earn “conditional” or temporary two-year visas in return for investing $500,000 in businesses located in high unemployment areas that create or retain at least ten permanent full-time jobs for U.S. workers.
With three decades of experience promoting immigration-linked investments in the United States and Canada, CanAm has a long and established track record. Basing its business on a reputation of credibility and trust, CanAm has financed more than 55 project loans and raised $2.8 billion in EB-5 investments. $1.25 Billion in EB-5 capital from 2,500 investor families has been repaid by CanAm’s EB-5 projects to date. CanAm exclusively operates seven USCIS-designated regional centers that are located in the city of Philadelphia, the Commonwealth of Pennsylvania, the states of California, Hawaii, Florida, Texas and the Metropolitan Region of New York. For more information, please visit canamenterprises.com.