CanAm Enterprises (“CanAm”) is very proud to announce that a $60 million EB-5 investment that was used by Philly Shipyard to help fund the construction of four ocean-going product tanker vessels was repaid today, representing 120 EB-5 immigrant investors.
Philly Shipyard, formerly Aker Philadelphia Shipyard, is located on approximately 115 acres in Southeast Philadelphia on the site of a former U.S. Naval Shipyard decommissioned in 1994 and converted into a mixed-use industrial park by the City of Philadelphia known as “The Navy Yard.” Designed with the specific intent of reducing materials handling operations and based on experience from state-of-the-art shipyards in Europe, Philly Shipyard was constructed in 1998-2000. Philly Shipyard leases the shipyard from the Philadelphia Shipyard Development Corporation, a non-profit corporation controlled by the Commonwealth of Pennsylvania, City of Philadelphia and the Delaware River Port Authority.
CanAm previously funded a $20 million EB-5 investment that helped finance the expansion of the shipyard’s assembly and painting capacity, increasing its annual tanker production capacity, and which was repaid in March 2012. The $60 million EB-5 investment that was repaid today, helped finance the construction of four contracted ocean-going tanker vessels, which had an overall project cost of $432 million. The investment generated job creation which far exceeded the requirement of 10 jobs per investor, therefore meeting all EB-5 program requirements.
The project was offered in partnership with the Philadelphia Industrial Development Corporation (“PIDC”), Philadelphia’s city-wide economic development corporation, which has 60 years of experience. CanAm has partnered with PIDC in the EB-5 program for the past 16 years.
“I am very proud to announce yet another EB-5 investment repayment of a project in Philadelphia that was offered in partnership with PIDC”, commented Tom Rosenfeld, President and CEO of CanAm Enterprises. “We’ve introduced many EB-5 offerings in partnership with PIDC in Philadelphia over the years and I am very grateful for the opportunity to work with PIDC. Together we’ve brought more than 18,000 jobs to Philadelphia,” Mr. Rosenfeld added.
The EB-5 Immigrant Investor Program (EB-5 Program) is administered by the United States Citizenship and Immigration Services (USCIS). The EB-5 Program provides qualified foreign investors with the opportunity to earn a conditional, or temporary, two-year green card in return for investing $900,000 in projects located in high unemployment areas that create 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 60 projects and raised nearly $3 billion in EB-5 investments. More than $1.4 billion in EB-5 capital from over 2,800 families have been repaid by CanAm’s 41 projects to date. CanAm exclusively operates seven USCIS-designated regional centers that are located in the city of Philadelphia, the Commonwealth of Pennsylvania, the metropolitan regions of New York & New Jersey, the states of California, Hawaii, Florida, and Texas. For more information, please visit www.canamenterprises.com.